Legal Environment in Business and Factors

What is Legal Environment? In practice, Government regulates all important components of the economy. Government generally tries to control the entry, working, selection of resources and their uses in business situations. On these lines, government prepares legal environment of the business. However, it is the duty of the government to develop regulatory framework in such

Political Environment in Business and Factors

What is Political Environment? Political environment is concerned with general stability of the country in which an enterprise is expected to perform and the political philosophy of party in power towards business. Political forces define the business climate by the constraints they impose and by the activities they permit. They also affect the way business

Scope of Business Communication

Scope of Business Communication

Scope of Business Communication Apart from different forms and types of communication (non-verbal, verbal, written, audio-visual) one can also look at the scope of business communication. In modern business, the quantum nature of communication is changing. Business communication is utility oriented. Today business is being influenced and influencing various segments, such as its clientele, society,

Economic Systems: Meaning, Types

What is Economic System? An economic system can be referred to as a system that encompasses the methods of production, distribution and exchange of goods and services (excluding their consumption). The different economic systems differ on the basis of means of establishment of ownership. An economic system is an organized way wherein a country allocates

Business Ethics and Values: Features, Objectives, Advantages, Important Values

What is Business Ethics? Ethics are a set of principles that help in differentiating between what is morally right and what is morally wrong. Business ethics and values are the moral principles that a business uses in daily transactions. They help to prevent ethical issues that may arise in the day-to-day running of operations, such

Service Sector in Business Environment

What is Service Sector? The service sector is the producer of services (intangible goods) instead of goods. It includes various types of services are as follows: The service sector is also known as the third tier or tertiary sector in an economy. Allan Fisher, Colin Clark, and Jean Fourastié proposed three sectors of an economy.

Workers Participation in Management: Levels of Workers, Industrial Relations and Disputes

What is the need of workers participation in management? In this article, we will be going through the basic concept of worker participation and industrial relations and disputes that is only possible when labourers are experienced and educated to understand the changing technological comes; dynamics and complex business systems. And we will also be going

Socio-cultural Environment: Meaning, and Factors Affecting Socio-cultural Environment

What is a Socio-cultural Environment? The socio-cultural environment is referred to as the social system as well as the culture of the people. the socio-cultural environment includes social customs, values, codes of conduct, beliefs, traditions, etc. Every business is influenced by the socio-cultural environment; therefore, it is essential to examine the environment and make strategies

Corporate Governance: Definition, Guidelines, Needs, Principles

What is Corporate Governance? Corporate Governance refers to the accountability of the Board of Directors to all stakeholders of the corporation i.e. shareholders, employees, suppliers, customers, and society in general; towards giving the corporation a fair, efficient, and transparent administration. Definition of Corporate Governance These are the simple definitions of corporate governance: Corporate governance means

Legal Environment: Meaning, and Acts Influencing the Legal Environment of Business

What is Legal Environment in Business? The legal environment in business is a code of conduct that defines the boundaries of business within a legal jurisdiction. The law has been meant to mean different things at different periods. Acts Influencing the Legal Environment of Business These are the following acts influencing the legal environment of