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Business Environment
Business environment consist of a number of activities that affect the operations of a business. For a business to survive, it must monitor what is going on in the environment. The business environment can be classified as follows;
- Technological environment
- Political environment
- Financial environment
- Economic environment
- Infrastructural environment
- Cultural environment
- Legal environment
- Demographical environment
- Natural condition and ecological environment.
EVALUATION
- Mention and explain five business environments known to you.
SUB TOPIC 5: SOCIAL RESPONSIBILITY OF A BUSINESS
A business enterprise is not profit oriented alone. It is also set up to contribute to the welfare of the people in its environment. The social responsibilities of the business to the society are classified as follows;
Responsibilities to the community –
- Provision of quality goods and services
- Business provides funds for developmental programmes in the rural areas or community where they are located.
- Employment of members of the community
- Controlling pollution e.g. land, water, sound and air pollution resulting from their operation.
- Provision of social amenities like water, good roads, electricity to the community.
- Award of scholarship to students from the business community.
Responsibilities to the Government
- Payment of taxes
- Complying with rules and regulations governing their operations.
- Employment of citizens from the community.
- Acceptance of government role in business affairs.
Responsibilities to the consumers
- Truth in advertising –should avoid fake and misleading advertising.
- Provision of quality products to the consumers.
- Provision of after sale services like maintenance, transportation, and installation to customers in some areas.
- Provision of pre- sale services like credit facilities or storage facilities to store the product.
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