This is not to imply that many of our laws and regulations are unnecessary, even though, as noted above, many become obsolete. Many times, judiciary has ordered the closure of fume-emitting and other factories spreading pollution which became dangerous for society. There are so many firms making T.V., scooters, refrigerators, cooking ranges, stereo sets etc. (d) To set-up a socialist society based on equality and justice and absence of exploitation. Technological advancements increase both production and productivity, thereby raising the wages of the employees and declining the prices of some products. The two categories may be different, but both are essential to understand in order to truly see your business in its full context. Its competitors are not only the firms making and marketing T.V., but are all those firms who compete for the discretionary income of the customers. Find out how making these small edits can have a big impact on driving r… twitter.com/i/web/status/1…. The courts of justice protect the citizens from unlawful acts passed by the legislature and arbitrary acts done by the government. Technological changes demand a modification in organisation structure of the company, length of the line of command and the span of control. Even to obtain it there are difficulties in getting a right foreign collaborator and obtaining clearance from government. It is extremely important how your actions affect others because their opinion can be the one thing that either pushes you towards success or pulls you down from the pedestal. Nestle, a Swiss multinational company, today brews more than 40 varieties of instant coffee to satisfy different national tastes. (iv) In labour laws themselves, there is a lot of confusion. (c) To reduce inequalities of income and wealth. Product form competition implies, whether the customer should go for a black and white T.V. (ii) Possibility of wrong assessment of penalty. For more information about studying with Oxford College of Marketing, call our team today on (0)1865 515 255 or email enquiries@oxfordpeg.com. How many different categories of customers shall be there to buy a product, depends upon the product itself. Two basic political philosophies exist all over the world. New technology may bring some changes and pose new problems which may not be to the liking of the workers, clerks or officers of the company. This means that every business needs to be up to date with such forces worldwide in order to be able to make the right decisions. (i) To issue licenses to competent business establishments to carry on different activities. For example, government banned certain meat products which hurt the feeling of a community and public opposed construction of plants that eject harmful affluent or setting up of hydro-electric plants in certain hilly areas etc. For example, an invention (e.g. Some examples of economic factors affecting business: Each and every chunk of the market is affected by universal demographic forces. (c) To place their expert view points on business before the political leaders so that while taking decisions politically, the interests of business do not suffer unnecessarily. TQM replaces the traditional beliefs about quality which are: (ii) Quality can be improved by inspection.

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