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“Trends refer to changes and inclination towards new products and services”. This statement describes significant effect of which environment on business?
  • a)
    Economic environment
  • b)
    Social environment
  • c)
    Political environment
  • d)
    None of the above
Correct answer is option 'B'. Can you explain this answer?
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“Trends refer to changes and inclination towards new products an...
New trends in society lead to inclination of people towards new products and services. For example, increasing trends of physical fitness in the society has increased demand for gyms, diet supplements, mineral water, etc.
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“Trends refer to changes and inclination towards new products an...
Impact of Social Environment on Business:
The social environment plays a crucial role in shaping trends and consumer behavior, which directly impacts businesses. Here's how:

1. Changing Consumer Preferences:
- Social trends influence consumer preferences, leading to a shift in demand for products and services.
- For example, the growing preference for eco-friendly products has led to an increase in sustainable businesses.

2. Cultural Influences:
- Cultural norms and values influence consumer behavior and purchasing decisions.
- Businesses need to align their products and marketing strategies with prevailing cultural trends to appeal to their target audience.

3. Technological Advancements:
- Social environment also encompasses technological changes that drive innovation and create new business opportunities.
- Businesses need to adapt to technological trends to stay competitive in the market.

4. Demographic Shifts:
- Changes in demographics, such as aging populations or the rise of millennials as a consumer group, impact businesses.
- Companies need to tailor their products and services to suit the needs and preferences of different demographic segments.

5. Social Media Influence:
- The rise of social media has transformed how businesses interact with consumers and market their products.
- Social media trends can quickly impact consumer behavior and shape brand perceptions.
In conclusion, the social environment significantly influences business trends by shaping consumer preferences, cultural influences, technological advancements, demographic shifts, and social media influence. Businesses need to closely monitor and adapt to these social trends to stay relevant and successful in the marketplace.
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Weaver sees hypocrisy in the World Bank as a predictable feature in a large international organization especially when viewed using resource dependency (viewing the competitive environment) and sociological institutionalism (the authorising environment). The Banks emphasis on organizational survival and legitimacy shows itself in its interactions with multiple actors in its competitive and authoritarian environments. Many critics of the Bank simply see the Bank as unable to achieve the goals it sets and help its client states. Weaver however launches into an in-depth description of two "worlds"-the Worlds Bank and the Banks World. The former indicates the complex structure of the Bank including its donor states, client states, its private capital markets and the watchdog Non-Governmental Organisations (NGOs). Weavers examination reveals the various pressures exerted on the Bank and the degree of American influence on the bank.In as much as the Bank is pressured from many sides, Weaver notes a strong degree of operational authority and autonomy in the "Banks World". This stems from the complexity of its operations, some which are not open to extensive review. Second the diversity of member states allows the Bank some autonomy and most importantly, the Bank holds a strong monopoly over development related knowledge. This control of ideas is coupled with a technocratic and economic rationality, reinforced with the influx of Western trained neo-classical economists. Bank ideological coherence is also maintained by the editing of reports to align with neoliberal beliefs. It is within these strong intellectual norms that Weaver examines World Bank reforms. Contrary to some critics, the Bank did engage in reforms in the 1990s. The Strategic Compact arose as a need to transform the Bank back as an effort to re-orientate itself as the premier development agency, after external criticism and an internal evaluation. The first aim of streamlining bureaucracy was easily reached however the aim of being more "poverty focused and accountable" came at odds with the technical, economic and apolitical rationality. New efforts such as listening to clients and conducting consultations clashed with the existing approval culture. Overall, changes occurred but still the approval culture remained strong.Similarly, the focus on good governance was not that effective with apolitical stances amongst staff.Furthermore, the dominating neo-liberal mindset resulted in governance issues framed with economic objectives in mind. Just as with the Strategic Compact, Weaver notes that governance reform challenged the Banks conventional method of conducting business.Weaver does qualify that the constant need to placate the demands of various external groups also hampered Bank reform. She however noted that the Bank deep culture will prevent any productive change. Weaver thus delves away from the normal criticism of the World Bank to explain the reasons of Bank actions and activities.She shed a new light noting that such hypocrisy is a tenet in any large international organisation. In order for any improvement to the World Bank, it is not simply the initiation of change but the need to re work the internal settings of one of the worlds most important development groups.Q. Under which environments does Weaver assess World Banks hypocrisy?

“Trends refer to changes and inclination towards new products and services”. This statement describes significant effect of which environment on business?a)Economic environmentb)Social environmentc)Political environmentd)None of the aboveCorrect answer is option 'B'. Can you explain this answer?
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