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Components of Business
Business does not operated in vacuum Business is a societal subsystem that interacts with society in its every sphere of operation. Business also contributes an influence society. Therefore it has reciprocal impact on each other
Business Environment
External Environment: i. General Environment is everything outside an organizations boundaries. ii. Task Environment is composed of specific groups and institutions the firm and its operation. Internal Environment is composed of specific and institutions/ organizations that affect the firm and its affairs.
General Environment:
Economic Dimension Technological dimension refers to the methods Socio-cultural dimension Political-legal dimension International dimension
Turbulence
Organization
Environment
Interface
Information Management
Strategic Response
Direct Influence
Business Ethics and CSR Ethics in Business Most confusing matter cannot define Study of learning what is right or what is wrong Guide the human behavior Concepts of Business ethics Business ethics involves applying general ethical principles and standards to business behavior or activities Ethical principles in business are not different from ethical principles in general Business actions are judged by general ethical standards of society Effects of Business decisions Individual level Organizational level Socio level Factors Influencing Managerial Ethics
Individual
Values Work background Family Status Personality
Organizational
Top level Management and philosophy The firms Reward system Job dimension
Environmental
Competition Economic condition Social/ cultural Institution