Pressure groups tend to change government policies. This external element of business includes the effects of pressure groups. A repeated political environment develops, as democratic governments have to practice re-election every few years. This is particularly true for the companies which control globally. Lack of political constancy in a country effects business operations. The political environment is perhaps among the least expected elements in the business environment. Rapid Technological progression has changed/improved the manufacturing procedure as a result of which utmost production is probably at smallest amount cost but it leads to tough challenges in front of little firms. Rapid Changing Technological Environment.Physical geographical gap or political boundaries no longer stay behind barriers for a business venture to serve in an isolated geographical market. It is the method of communication among countries of the world in order to develop the global financial system. ![]() It refers to integrating our financial system with the world’s financial system. A VAT is essentially accepted behind the line to the ultimate customer but the management of the VAT method is a cost for business. landfill tax), and VAT (value added tax). Other business taxes are environmental taxes (e.g. Businesses can exceed some of this tax on to customers in higher prices, but it will also influence the bottom line. ![]() For example, a rise in company tax (on business profits) has a similar outcome as an increase in costs. ![]() In other words, they had production oriented marketing operations. Hence the need for developing human resources.Įarlier firms used to produce first and go to the market for sale later. The new market conditions require people with higher competence and greater commitment. Indian enterprises have suffered for long with inadequately trained personnel. The rapidly changing technological environment creates tough challenges before smaller firms. New technologies make it possible to improve machines, process, products, and services. Increased competition forces the firms to develop new ways to survive and grow in the market.
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