The combination of internal and external factors that influence a company's operating situation. The business environment can include factors such as: clients and suppliers; its competition and owners; improvements in technology; laws and government activities; and market, social and economic trends. Overview of business environment in Bangladesh:
This refers what is happening politically in the environment in which government runs the country including areas such as tax policy, employment laws, attitude of government officials, types of government in power, environmental regulations, trade restrictions and reform, tariffs and political stability. Marketing decision is strongly affected by developments in political environment. This environment is composed of laws, government agencies, and pressure groups that influence and limit various organization and industries. Sometimes these laws create new opportunities for businesses. For example, mandatory recycling laws have given the recycling industry a major boost and spurred the creation of dozens of new companies making new products from recycled materials. In Bangladesh, overall political environment is not good. Because there political government is not stable, frequently change the government. Strike, corruption is common affair in Bangladesh. Only one thing is favourable for business that is tax policy. In Bangladesh tax rate is very low. Economic Environment:
This refers what is happening within the economy, for example; economic growth/ decline, interest rates, demand, exchange rates and inflation rate, wage rates, minimum wage, working hours, unemployment (local and national), credit availability, cost of living, etc. In UK, before one and half year their economy was very strong. But at this time their economic condition is not good, because of financial hardship. So many people have lost their job as wells lost their purchasing power. Here, also minimum wage rate is also high. So this condition isn’t good for business. But in UK, demand of coffee & sandwich and other fast food is very high. Bank interest rate also favourable for business. In Bangladesh overall economic condition growing up but so slowly. There are also having demand of coffee, sandwich & other fast food. But in generally, income level of Bangladeshi people is very low. So, in spite of demand, Bangladeshi people cannot purchase these types of food. On the other hand, minimum wage rate is very low in Bangladesh. Bank interest rate also not very high. It is very good for business. Socio-cultural Environment:
Every society has different social norms and characteristics that explain the way people in that society live. Socio-cultural Environment refers that what is occurring socially in the markets, cultural norms and expectations, health consciousness, population growth rate, age distribution, career attitudes, emphasis on safety, global warming, language, education levels etc. In Bangladesh have a huge population. It is a very good for business, especially food sector. Because more population, more consumer. There, education level is not bad. English is the second language of Bangladesh. It is a good for foreign investor. In Bangladesh most of the people are Muslims. They are strictly avoiding the “Haram”food. Technological Environment:
Technology is a major environmental influence upon the marketing firm. It affects not only the firm’s operations and products but also consumers’ lifestyles and consumption patterns. Management must be aware of the impact of technological changes. The impact of new information technology has been particularly marked in the marketing research area. Technology also affects the way in which goods are distributed and promoted. The economy’s growth rate is affected by how many major new technologies are discovered. New technologies are continually being developed and the rate of change itself is increasing. There are...
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