Can you please help me with choosing a topic for this paper for the class "Social, Cultural, Legal, Political Influence". This is new to me and I do not how to go about it. Thanks in advance for all your assistance.
SOCIAL, CULTURAL, LEGAL, POLITICAL INFLUENCE
Introduction for Final Paper
For this assignment, you will submit the introduction for your final paper. Your introduction should be about 1-2 pages long.© BrainMass Inc. brainmass.com December 24, 2021, 11:08 pm ad1c9bdddf
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A successful business is molded not only by its owner or its board, but also by social, cultural, legal, and political influences. These influences represent the business environment.
To be successful, the business must satisfy the needs of its customers, only then will revenues and profits flow in. Social influence is exercised by someone whose opinion has an impact on someone else's action. This influence can be based on long-standing relationship, recognition as an authority, or simply being an elder. Currently, in business one of fastest influences takes place through social networking sites. These sites have a strong impact on the purchase of goods or services.
Similarly, to be successful, especially in global business, business must consider cultural influences. Religion, education, economic philosophy, and social structure have an impact on the behavior of customers. Hofstede's cultural dimensions show that the scores for each dimension are different for each country. Global businesses have to adjust their business practices, their method of doing business, marketing their products, and even modifying their products to match the requirements of each country.
The legal requirements have a strong influence on business. There is a large number of laws relating to labor, registration, reporting, and taxation that businesses have to follow. These laws influence the manner in which businesses operate. For example, public corporations in US are influenced in the manner in which they report their financial results by the Sarbanes Oxley Act. Similarly, the behavior of US companies when doing business abroad is influenced by Foreign Corrupt Practices Act.
There are several political influences on businesses. Tax rate guides the actions of businesses. Businesses try to avoid expenses that are not allowed to be expensed by the tax law. The political stability has an important influence. Countries where there is low political stability attract little foreign direct investment. If there is a risk of military invasion, businesses sell off their property and leave the country. Environmental regulations also affect the manner in which businesses operate. Compliance with environmental laws influences the choice of production process, the use of raw materials, and the disposal of waste from manufacturing.
Each of these social, cultural, legal, and political influence shape businesses. These also represent opportunities and threats to business. For example, if the product of the business is supported by social factors, the product sells. For example, many companies make wholesome nutritious food. They are aligning themselves with the positive social attitudes towards wholesome food. An owner may start a business but to survive and thrive it must consider social, cultural, legal, and political influences.
Business Environment: Test & Cases 2E, Justin Paul, E2, Tata McGraw-Hill Education, 2008