Global Factors Affecting Business - 1002 Words

Global factors affecting business The way of running the business differs from country to country. The marketing, sales and technical skills are required to increase the productivity of business. Business in general is enhanced when people from different cultures find new approaches to old problems, creating solutions by combining cultural perspectives and learning to see issues from the viewpoint of others. Business Environment consists of factors influential to the business operations. These factors are classified into two broad categories. These are: a) External or Uncontrollable factors of Business environment. b) Internal or Controllable factors of Business environment. External Factors: The factors those are not†¦show more content†¦Consumer religion, language, lifestyle patterns are all important information for successful business management. -Religious Considerations – appropriateness of some business ventures – e.g. selling condoms in staunchly Catholic countries -Impact on local communities of business development – availability of jobs, training, environmental impact for these communities -Impact on the environment – can impact on the businesses image -Ethical considerations -Cultural issues Impact on the environment b. Legal factors - These factors that influence business strategies are related to changes in government laws and regulations. For a successful business operation it is important that the businesses consider the legal issues involved in a particular situation and should have the capability to anticipate ways in which changes in laws will affect the way they must behave. Laws keep changing over a period of time. From the point of view of business it is important that they are aware of these changes in the areas of consumer protection legislation, environmental legislation, health safety and employment law, etc. c. Economic factors - These factors involve changes in the global economy. A rise in living standards would ultimately imply an increase in demand for products thereby, providing greater opportunities for businesses to make profits. An economy witnesses fluctuations in economic activities. This would imply that inShow MoreRelatedFactors Affecting Global Business Environment1589 Words   |  7 Pagesorganisational forms in global business environment, family businesses have been drawing attention among management scholars with a strong focus especially on â€Å"succession, performance, and governance† of these companies (Astrachan Shanker, 2003; Zahra Sharma, 2004). Although the first attempt to conduct research on family businesses can be traced back to Trow’s (1961) empirical study entitled â€Å"Executive succession in small companies† in which he investigated the factors that affect successionRead MoreGlobal Business Environment Factors Affecting Myanmar115 3 Words   |  5 Pagesof this report is to evaluate how a range of global business environment factors affect Myanmar, also known as Burma. The report will give insight into the demographics and political, economic and legal systems of Myanmar. It will explore in depth the economic growth of the country in recent years, as well as how foreign direct investment has affected the country. It aims to explain the nature and interconnectedness of factors within the global business environment with reference to theoretical conceptsRead MoreCompany Overview: Flight Centre in Australia1720 Words   |  7 PagesCompany in Australia (external and internal environment). Analyse how the environment might influence the companys management style. Introduction Flight Centre Limited engages in travel agency business activities. The organization focuses on the provision of complete travel service for leisure and business travellers in various countries across the globe. These nations include Australia, New Zealand, Canada, United States, Africa, United Kingdom, Europe, and Asia. In the context of Australia, theRead MoreEssay about PESTEL Analysis986 Words   |  4 PagesSelling goods in the global marketing is extremely challenging. Discuss the major political, economic, socio-cultural, technological, legal and ecological challenges that a global marketing manager may have to contend with? The following analysis known as the PESTEL analysis is a framework used to scan the organization’s external macro environment which refers to forces that are part of the larger society and affect the micro environment. Selling and marketing goods in the global market intensifiesRead MorePolitical And Business Risks By Withglobal Business1310 Words   |  6 PagesRunning head: POLITICAL AND BUSINESS RISKS Last Name 1Prepare a paper that addresses the political and business risks and the rewards associated withglobal business operations.Include a discussion of the impact of monetary exchange rates oncorporate profits. Your NameAmerican Military UniversityFINC300 POLITICAL AND BUSINESS RISKS Last Name 2Political and Business RisksMost corporationsRead MoreMicrosoft Internal And External Factors1652 Words   |  7 Pages Trends Business Environment: Successful companies practice a disciplined management strategy which encompasses the four functions of management: planning, organizing, leading, and controlling. The application of these management practices is evident in further analyzing the management construct of Microsoft Corporation. A global corporation who specializes in providing technology solutions for five different business segments ranging from personal computers to gaming devices, Microsoft has demonstratedRead MoreEssay on Model questions for Global Marketing1523 Words   |  7 Pagesï » ¿Model questions for Global Marketing Outline and discuss the principal causal factors that encourage firms to undertake the international marketing of their products and services. Cultural and political forces influence international marketing activity. Discuss the impact of these forces and illustrate your answers with examples. â€Å"The global competitor will seek to standardise his offering everywhere† (Levitt). Critically evaluate this view with specific reference to a firm’s internationalRead MoreWal-Mart Case Study1097 Words   |  5 Pageschallenging to identify and are affecting both the corporation and the industries in which it competes. Because they are indirect forces, which for the most part are out of management’s control, they may present threats and expose weaknesses. Some examples of environmental forces, which may present threats to Wal-Mart, are economic, political and legal forces. Being the world’s largest retailer means you’re the target of competition, locally and globally. As a global retailer, Wal-Mart is exposedRead MoreSwot Analysis Of Singapore Airlines1060 Words   |  5 Pagesinclude: The Global Traveller Award 2016 (US), TripAdvisor Travellers’ Choice Award 2017 (US), World Travel Award 2015 (UK), Business Traveller Award 2016 (Russ ia) (Singapore Airlines, 2017). The SIA is consistently ranked top 20 globally in terms of proceeds and market value (Burton, 2009). In 2010, the airline was ranked second globally as regards to market capitalization (IATA , 2011). 3.0 Macro Analysis 3.1 PESTEL Analysis This section analyses the external environmental factors that influenceRead MoreThe Competitive Forces Challenging Hertz1642 Words   |  7 Pagesproduct differentiation. With the company’s excellent economy of scale the new entrants might find difficult to survive. By aiming at the product differentiate Hertz gained very good customer loyalty which new entrants might lack. To initiate a rental business one needs to have good financial resources. The likelihood of achieving profit in the rental industry may serve as a low barrier to the new entrants. Secondly, Hertz also faces the threat of substitutes. There are other platforms such as train, taxi