IMPACT SOCIO CULTURAL FACTORS ON BUSINESS

Business is an economic activity and decision making by the management is an economic process. It will be influenced by economic and non economic environment of business. You will appreciate that the business environment is quit complex, with heterogeneous elements in the environment. A manager must understand and analyse this process of interaction. In particular, you must note that all non-economic, environmental variables have economic implications, and that is why these variables singly or jointly, affect business activity.

Business must have a social purpose; business concern must discharge social responsibility and social obligations and have social commitment. Otherwise business cannot enjoy social sanction. We may identify the critical elements of the sociological environment of business. These elements are:
Social institutions and systems
Social values and attitudes
Education and culture
Role and responsibility of Government
Social groups and movements
Socio-economic order
Social problems and prospects Social institutions and systems

Social Institutions and systems develop through history, culture and heritage. The caste system, the fount family system, child marriage, sad and the patriarchal family are all examples of social institutions and systems. Until the recent past the caste system ensured a very simple occupational division of labour in our society. The place of the individual was very clearly defined in the social hierarchy of the joint family system where division making was centralized in the head of the family who commanded respect for his age and experience.
Social Values and Attitudes In India Today, most of these age-old social institutions are dying fast. It is because the social values and attitudes are changing very fast. The western