Business in the present times does not operate in a vacuum, the world and the people invariably influences its behavior, and at times in a negative constraining manner and at times giving it a chance to exploit an opportunity.
The influences that determine the course of business practices are Political and legal environment, ethical environment, social environment, and technological environment.
Business in the Modern WorldThe laws that govern the business are consumer protection law, competition law, employment laws, labor laws, environmental protection laws.
The present business climate is dominated by the technological environment and impacts upon virtually every aspect and function of the business with marketing tuned to generate maximum profits with internet playing a very important role in making a huge consumer base and opening new vistas for distribution and in the process eliminating many middle man and passing the benefits to the end buyer.
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Business WorldAutomation of production process has improved the quality and quantity of the goods and services at very cost effective methods and the process of communication has greatly enhanced the business process by making use of text messages, internet, live chats, power point presentations, online surveys, affiliate marketing.
The dynamics of financing the business have undergone a complete transformation with transparency being the main focus, and globalization of money and financial markets has increased competition amongst financial institutions which lowers the cost of borrowing for business, and with computerized accounting methods and online banking, financial planning for business has become speedy and safe.