what is the effect of political environment on business?
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The political situation of a country affects its economic setting. The economic environment affects the business performance. For example, there are major differences in Democratic and Republican policies in the US. This influences factors like taxes and government spending, which ultimately affect the economy.
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The three parts of the external environment which affect a firm's strategic actions are: (i) General Environment: The social, political and economic changes that affect the strategic processes. (ii) Industry Environment: The condition of the industry determines the strategy of the firm.
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Components of Business Environment – Economic Environment, Technological Environment, Social Environment, Demographic Environment and a Few Others. The general environment of an organisation is made up of vital components such as economic, technological, social, demographic, political and legal and global forces.
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There are 5 dimensions to business environment. These are economic, social, legal, political and technological.
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These are factors beyond the control of businesses. ... Economic influences, such as inflation, exchange rates, interest rates, taxation, government expenditure and the business cycle can have many effects on a business. The government is responsible for the management of the economy.
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Therefore (IBE) International Business Environment comprises the political, economic, regulatory, tax, social & cultural, legal, & technological environments. An international business environment is the surrounding in which international companies run their businesses.
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The government can change the way businesses work and influence the economy either by passing laws, or by changing its own spending or taxes. For example: extra government spending or lower taxes can result in more demand in the economy and lead to higher output and employment.
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Many types of tourism are weather dependent and by extension, climate dependent. It is therefore very likely that climate change will affect your business area sooner or later. Climate change can reduce snow cover, increase and prolong heat waves or change the patterns of annual rainfall for example.
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Politics and geography are inter-twined because geographical images and relationships enter into political la nation's geography affects its view of itself and its view of the world. Politicians and political decisions must not only of people, but also technology and natural resources.
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['Technological environment is a component of macro or indirect action environment.', 'Technological environment changes very fast.', 'Technological environment affects the manner in which the resources of the economy are converted into output.']
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15. Q: What are the four parts of the international business environment? A: Geography, cultural and social factors, economic conditions, and political and legal factors are the four parts of the international business environment. 16.
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Generally, it is agreed that there are five dimensions to the business environment that influence performance. These dimensions are: a) Economic b) Social c) Technological d) Political and e) Legal.
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['Greed of money, desires.', 'Higher levels of market and political monopolization.', 'Low levels of democracy, weak civil participation and low political transparency.', 'Higher levels of bureaucracy and inefficient administrative structures.', 'Low press freedom.', 'Low economic freedom.']
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Business activity has an impact on the natural environment: resources such as timber, oil and metals are used to manufacture goods. manufacturing can have unintended spillover effects on others in the form of noise and pollution.
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Sum of these factors influences the companies or business organisations environment and situation. Business environment helps in identifying business opportunities, tapping useful resources, assists in planning, and improves the overall performance, growth, and profitability of the business.
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The macro-environment is more general - it is the environment in the economy itself. It has an effect on how all business groups operate, perform, make decisions, and form strategies simultaneously. It is quite dynamic, which means that a business has to constantly track its changes.
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['Knowledge and innovation:', 'Social, political and economic context:', 'Legal framework:', 'Specific events, especially traumatic events that demand a political response. ... ', 'Institutional influences:', 'External influences:']