Context of Business - Assignment Sample PDF

CONTEXT OF BUSINESS

Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
Identification of the needs for individual to manage responsibly in relation to social, cultural,
economic and environmental issues............................................................................................3
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
Context of business can be defined as the analysis of environment in which the
organizations operate. It mainly includes the scanning of environment. It makes business realise
about the macro environmental factors that can affect them. But context analysis considers the
entire environment of a business, its internal and external environment. Report will highlight the
dynamic and changing nature of business. It will also Identify the need for individuals and
organisations to manage responsibly and sustainably and behave ethically in relation to social,
cultural, economic and environmental issues
MAIN BODY
Identification of the needs for individual to manage responsibly in relation to social, cultural,
economic and environmental issues
Dynamic and changing nature of business in global environment
As business environment keep changing at regular interval, business require to adapt the
change in the market to established a place in the market otherwise it can affect the business as
change in environment always result in change in demand of the product and if business is not
able to respond to that demand it may result in heavy loses for a business (Avcı and et.al., 2018).
Business need to take some prior step to adapt the changes step includes regular evaluation of the
competitor policy and strategy in the market in which business is operating and business can also
have a time to time evaluation of the environment to assess the opportunity if any presents in the
market at that point of time.
As technology and globalization is increasing the way to operate and manage business is
also changing. Business dynamics can help business in anticipating future change and
cooperating with modification which is arriving in organization. Various changes such as
technological, organization structure can be faced by global business. There can also occur
chances that business is going to merge or collaborate with any other organization. Nature of
business is always changing and dynamic. Also alterations can be occurring in business because
of laws, rules and regulations that is been given by government. Company needs to follow all the
policies that is been implemented by authorities. To fulfil all the amendments passed by law,
business needs to make use of ethical practices and should also possess idea of their
responsibility. They must be accountable to fulfil their civic duty and the whole society must be
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