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Question
Justify the following statement:
Business firms should be aware of the changes in society.
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Solution
- The success of every business depends on adapting itself to the environment in Which it functions.
- Modern business is rightly termed as a socio-economic activity.
- There is a reciprocal relationship between business and society.
- Business is affected by the class structure of the society which 'depends upon factors such as occupation its own culture, income, etc.
- Every society depends on its own culture, customs, tradition, values, ethics, etc. social trends are also changing fast. For e.g. a large number of people are eating fast food and go to gyms. So many fast food outlets and gyms are coming up in town and cities.
- Social values and traditions such as the celebration of Diwali, Eid, Christmas also affect business.
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