Thursday, 5 March 2020

Socio-cultural Environment


Socio-cultural Environment

Society and culture primarily govern the lifestyle of an individual.
Poverty is one of the main issues, attracting the attention of sociologists and economists.
It indicates a condition in which a person fails to maintain a living standard adequate for
a comfortable lifestyle.
Out of India's total population of more than 1 billion, 350 to 400 million people are living
below the poverty line. Nearly 75% of the poor people are in rural areas, most of them are
daily wagers, landless laborers and self employed house holders.
The phenomenal increase in the city populations is the main reason for poverty in the
urban areas of India. A major portion of this additional population is due to the migration
of the rural families from villages to cities.
India as a nation is facing a massive problem of unemployment. Unemployment can be
defined as a state of no work for a man fit and willing to work. It is a condition of
involuntary and not voluntary idleness.
The problem of unemployment has becoming a colossal. Various problems have caused
this problem. There are individual factors like age, vocational unfitness and physical
disabilities which restrict the people.
The remedial measures for reducing unemployment may lay greater emphasis on creation
of opportunities for self -employment, augmentation of productivity and income levels.
Human development is a multifaceted and complex process. There are many dimensions
along which development occurs and there are complex interdependencies and linkages
between these dimensions.
Notes The Indian rural market with its vast size and demand base offers great opportunities to
marketers. Two-third of the country's consumers live in rural areas and almost half of the
national income is generated here.
Business ethics refers to the measurement of business behaviour on standards of right and
wrong, rather than relying entirely on principles of accounting and management. Ethics is
not merely desirable but is also essential for the smooth functioning of a business.
Ethical decisions are voluntary human actions. A person cannot escape his personal liability
by saying he committed an act because of a senior's pressure.
People prefer doing business with an honest person. This means ethical companies attract
more suppliers and business contracts.
Corporate governance has in recent years succeeded in attracting a good deal of public
interest because of its apparent importance for the economic health of corporations and
society in general.
Good corporate governance is good business because it inspires investors confidence,
which is essential in attracting capital. In India corporate governance is not a new concept.
The socio-economic obligation of business refers to its responsibility in preventing to
prevent economic consequences of business from adversely affecting public welfare.
The primary responsibility of business is to increase shareholders' wealth, to give good
returns on investment, to give dividends at the proper time, to protect the interests of
even small shareholders, to listen to and respect shareholders, to regularly invite
shareholders to participate in decision-making.
Industrialisation is doing much irreparable harm to the environment. It is therefore an
obligation on them to not only morally, but also legally undo the damage by taking
serious and responsible steps to protect the environment and to keep it healthy condition.

Business Ethics: Measurement of business behaviour on standards of right and wrong
CII: Confederation of Indian Industries
Corporate Governance: Framework of rules, relationships, systems and processes within and by
which fiduciary authority is exercised and controlled in corporations
Corporate Social Responsibility: Decision taken for reasons at least partially beyond the firm's
direct economic or technical interest
Cyclical Unemployment: Result of the trade cycle which is a part of the capitalist system
E Choupal: Initiative taken by ITC to smoothen the distribution network of agriculture produces
EVA: Economic Value Added
Involuntary Unemployment: When a person is willing to work, but is not getting work
Project Shakti: Rural self-help group initiative by HUL to push the penetration of its products
Seasonal Unemployment: When production season ends, the workers are rendered unemployed
Sudden Unemployment: Happens due to completion of work or some change in firm
Unemployment: State of no work for a man fit and willing to work
Voluntary Unemployment: Person is out of job of his own desire, doesn't work on the prevalent
or prescribed wages.

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