There are many different factors within the global business environment which have a significant influence on the way a business operates. Some of these factors are economic, political, legal, cultural or environmental. In order to operate successfully, it is essential for a business to take these factors into consideration and plan their business practices accordingly.
Business practices are policies, procedures, processes, methods and rules established and followed by a business in order to be successful. Business practices are employed in all divisions of a business, for example: human resources management, sales, marketing, communications, finance, customer service, supply chain and logistics, legal, and information technology.
Choosing from economic, political, legal, cultural or environmental factors, discuss 2 factors which are impacting on the way business operates within your allocated economic region.
Make sure that you discuss each factor as it relates to business within your particular region, and also provide examples of how each factor is impacting on business practices within that region. What can you conclude from your research?
The question belongs to Corporate Strategy and it is about the various factors within the global business environment which have a significant influence on the way business operates. Some of these factors including economic, political, legal, cultural and environmental factors have been discussed in the solution in detail.
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