Class 12 Business Studies - Chapter Business Environment NCERT Solutions | How does the socio-cultural environment
How does the socio-cultural environment influence business decisions?
The socio-cultural environment plays a critical role in shaping business strategies, as it directly influences consumer behavior. Key considerations include:
- Cultural Norms and Values: Businesses must align their products and marketing strategies with the cultural values of the target market. For example, a product that aligns with local customs or traditions is more likely to succeed.
- Demographic Trends: Changes in population size, age distribution, and family structure affect demand for products and services. Businesses must track demographic shifts to cater to evolving needs.
- Consumer Preferences: Social trends, such as the growing focus on sustainability, health, and wellness, impact consumer buying decisions. Businesses that cater to these preferences can improve brand loyalty and customer retention.
- Social Responsibility: Businesses are increasingly expected to engage in ethical practices and contribute to social causes. Corporate Social Responsibility (CSR) initiatives help companies build positive brand images and strengthen their relationships with communities.
More Questions From Class 12 Business Studies - Chapter Business Environment
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How would you characterize the business environment? Explain with examples, the difference between general and specific environment.
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The government of India announced Demonetization of ₹ 500 and ₹ 1,000 currency notes with effect from the midnight of November 8, 2016. As a result, the existing ₹ 500 and ₹ 1,000 currency notes ceased to be legal tender from that date. New currency notes of the denomination of ₹ 500 and ₹ 2,000 were issued by Reserve Bank of India after the announcement.
This step resulted in a substantial increase in the awareness about and use of Point of Sale machines, e-wallets, digital cash and other modes of cashless transactions. Also, increased transparency in monetary transactions and disclosure led to a rise in government revenue in the form of tax collection.
a. Enumerate the dimensions of the business environment highlighted above.
b. State the features of Demonetization. - Q:-
National Digital Library of India (NDL India) is a pilot project initiated by the HRD ministry. It works towards developing a framework of virtual repository of learning resources with a single-window search facility. It provides support to all academic levels including researchers, life-long learners and differently-abled learners free of cost. State the dimensions of business environment highlighted above.
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Why it is important for business enterprises to understand their environment? Explain.
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How would you argue that the success of a business enterprise is significantly influenced by its environment?
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Briefly discuss the impact of Government policy changes on business and industry.
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What economic changes were initiated by the Government under the Industrial Policy, 1991? What impact have these changes made on business and industry?
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What are the essential features of:
a. Liberalisation,
b. Privatization and
c. Globalisation? - Q:-
How does understanding of business environment help in improving performance of a business?
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Give an example to show that a business firm operates within numerous inter related factors constituting the business environment.(Hint: example highlighting the inter relatedness of dimensions of business environment).
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