Qwertyuiopasdfghjklzxcvbnmqw ertyuiopasdfghjklzxcvbnmqwert yuiopasdfghjklzxcvbnmqwertyui Social factors co-related to business opasdfghjklzxcvbnmqwertyuiopa Analysis of the impacts of changes in social factors on business

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Submitted to: Dr Shah Ehsan Habib Associate Professor Department of Sociology University of Dhaka. Submitted by: Ayesha Sabrina Roll- RQ 08 Sec- A Batch- 19th (BBA) Institute of Business Administration University of Dhaka. Date of submission: June 16, 2012.

Table of contents: Page 1.0 2.0 3.0 4.0 5.0 6.0 Introduction..2 Objectives. 2 Methodology.2 Findings....3 Conclusion5 References.6

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1.0 Introduction:
Business, by definition, is the exchange of resources (money and time for example) for profit. This exchange is done by tools developed by the human minds in an organized structure and the profit are to yield direct benefits for the business people while bringing something good for the society as well. This clarifies that both the cause and purpose of business is related to people and therefore, the creation of these social creatures, society and social factors are expected to influence business trends and patterns in a predictable fashion. Even a developing country like Bangladesh, with its not-so-developed business structure and industry, can not escape the twists and turns that take place in the social environment and the businesses have to adapt to the changes to sustain. The Quality of life management approach (in existence from 1960s consumerism to date) of business makes it even more important for business organizations to pay attention the changes in the social environment because changes of the critical elements (family pattern, social values and beliefs, morality and social culture for example) in this diverse and complex environment have significant effect over business movements and strategic decisions. A careful analysis of the transformation of business decisions and choices over the years has made it clear that the currently turbulent society of Bangladesh leaves its trail on the process, significantly.

2.0 Objectives:
The specific objectives of the analysis are To study the impacts of changes in the elements of the social environment of Bangladesh in business sector. To learn about the decision making process, its nature and contents, run by the business organizations to keep in touch with the rapid movements in the society. To focus on the social factors in specific, for a better understanding of the impacts and thus provide forecast for the future business scenario in light of the current social trends.

3.0 Methodology:
Information for the analysis has been collected secondary sources only. The sources for research findings include internet browsing, textbooks on sociology and business management, journals available online, articles from newspaper and online websites, class lectures etc.
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4.0 Findings
Social factors affect the business scenario both internally and externally. The critical components that have played and/or has been playing significant role in changing business strategies and workforce dimensions are the social systems and institutions of the country. On the other hand, external effects are brought by the influential pressure groups such as the govt. of Bangladesh and local, national and international groups for welfare etc. A thorough analysis of the different stakeholders and their impacts has been presented below for better understanding: Family Systems: With the rise of consumerism, the millennium generation has grown accustomed to the individualism way of thinking. This notion of I feeling, bundled with the influence of urbanization process, the joint families are being broken down to units of nuclear families. This opens a wide horizon of market opportunities for the business organizations. Demand for smart accommodation, mechanical household equipment, catering services and readymade foods are on the rise which is being addressed by the facilities provided by the different industries. Superstores like Agora, MeenaBazar etc., apartments offered by the real estate sector, increasing number of products in the ready food sector are some of the evidences of the impact of the changed family pattern on business. The business promotion strategies also reflect the changes to stress on the strategic shift. Besides, it makes it imperative for the organizations to provide work-life balance opportunities for the members of a nuclear society, where they are on their own to manage to family duties and responsibilities. Religion : Bangladesh being a Muslim dominated country has some religious issues for the businesses to consider. This segment of population has, as their religious belief, a strong concern for halal items, which is promoted in the advertisements and product descriptions of the manufacturing organizations when necessary. Particularly, the multi-national companies (MNCs) have to remain aware of these facts to avoid any sort of cultural shock. Values: The culture of Bangladesh has become a victim to cultural imperialism and therefore the western values are radically being mixed with our existing set of values. The high and middle class section of the population, with access to available resources and opportunities, prioritize personal care more than before. The emergence of beauty salons, spa centers, fitness centers is business strategy to derive benefits of the changing values. The previous notion for honesty, simplicity has given their places to material possessions
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and luxury as status symbols. So, a mobile phone no longer remains as a tool for communication or honest livelihood, it becomes a fashion statement for the same class of people. Beliefs and attitudes: Beliefs are perceptions people hold to be true. Some of the superstitious beliefs are still being carried out by the business houses, where they wont let go of the first customer of the day to avoid loss of sales for the rest of the day. The orthodox society condemned free discussion of sex and reproduction. However, with more spread of education, these sort of beliefs and attitudes are changing gradually. People treasure their health more than ever and this favorable attitude puts before food processor and restaurant business, the challenge of healthy food in a cost-effective way. The changing attitude makes it easier for businesses to promote birth control devices, even using the mass media for the promotion purpose. Gender perception and attitudes: Traditional perception of gender roles has moved further towards equality in Bangladesh. Successes of the womenfolk in outside activities have earned them the opportunity to education, work and choice of living. The workforce now experiences a larger participation of women in challenging jobs, which surely brings some changes in the scenario. Gender discrimination has become one of the pressing issues for the organizations functioning in this patriarch society to fight. Besides, flexible work hour, provisions of maternity leave are some of the generous considerations that business firms have agreed upon to help this inflow of women folk in the workforce. Ethnic diversity: The aboriginal section, after years of exploitation by us and their remaining inward, has finally found a way to enjoy the mainstream facilities. Their participation in the mainstream workforce has created diversity management concerns for business organizations. General demography: Business locations sometimes depend on the availability of labor force in the area. To avoid high costs of production, businesses in Bangladesh have till date placed most of their factories in the outskirts of Dhaka where, the concentration of lower class labor section is high and cost of living is consequently low which justifies the low rate of minimum policy.

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 Education: Literacy rate of the country has been increasing with some hopeful news in the primary and secondary education levels. A more educated population is more conscious of the cost-benefit scenario of the businesses and the people of Bangladesh are no exception to that. To lure this educated customers, new means of resource exchange (BiKash for example), demonstration of ethical behavior, concern and action for environment protection (the usage of greener technology in construction business) are being carried out as major and/or additional services of business organizations.

Govt. policy: Government works as a controlling factor for businesses but it also issues some policies and acts, which in turns change the social scenario to affect business later. For example, the failure of the 7th minimum wage board of govt. to design a wage structure well-adjusted to the market rate. Severe pressure on the working class with little hope for upgrading living standard has forced them to create unrest in the factories. The upsurge of rage and frustration among the labors are surely a big challenge for the business houses to tackle right now. Legal Issues: Legal practices like Equal Employment Opportunity act, Anti-corruption laws put some bindings on business and the people involved. The drive to remain profitable with the opposing pressure for maintenance of laws and legislations create a dilemma for the business organizations.

5.0 Conclusion:
Social institutions and systems are in existence to protect the purpose of society, for human needs to be fulfilled. Businesses can not expect to profitable or perpetual without creating value for the race they are serving, the human kinds. The analysis of Bangladesh scenario justifies the above statements, while giving us some food for thought: Has the responses from the business sector been enough to cope up with the turbulent social environment? The time to answer that is yet to come for the country is only learning to consider these factors with their deserved importance.

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6.0 References:
GIDDENS, ANTHONY, 2006. Sociology. 5th ed., Cambridge, CB: Polity. Business Environment, available from http://www.nios.ac.in/srsec319new/319EL3.pdf[ accessed June 15,2012] Bangladeshi Society, Wikepedia, available from http://en.wikipedia.org/wiki/Bangladeshi_society [accessed June 15, 2012] JAFAR, S.A., 2011. Business environment. [lecture]. Principles of Management. University of Dhaka, Institute of Business Administration, room 319, 27 March. Business studies online, SLEPT Analysis, available from http://www.businessstudiesonline.co.uk/GcseBusiness/TheoryNotes/Modul e%206/PdfNoPrint/02_SLEPT_Analysis_Social.pdf[accessed June 15, 2012] Grameenphone: Success, Failure and Jealousy, available from http://en.wikipedia.org/wiki/Bangladeshi_society [accessed June 16, 2012]

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