Explain How Social, Political and Economic Forces Have Influenced Organization and the Practice of Management

In: Business and Management

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RUNNING HEADER: Social, Political and Economic Forces

Explain how social, political and economic forces have influenced organization and the practice of management

Maxine Williams

Portmore Community College, Old Harbour

3 December 2009
Introduction
The social, political and economic forces do indeed influence how organizations operate as well as the practice of management. When an organization plans to conduct marketing activities or expand its market, it is recommended that they conduct SWOT analysis to find out its strengths, weakness, opportunities and threats in order to move forward. They do this by evaluating the social, political and economic forces in the environment. In addition, the practice of management is influenced by the social environment e.g. cultural climate in a country and an organization. It is further influenced by the political environment such as trade regulations, wage legislation, political instability et al. The economic factors will also influence the practice of management by the economic growth rate, labour costs, the skill level of workers et al. The author will discuss these factors in greater detail throughout the body of the paper.
Defining the Social, Political and Economic Forces The social environmental factors include the demographic and cultural aspects of the external macro-environment. These factors affect customer needs and the size of potential markets. Political factors include government regulations and legal issues and define both formal and informal rules under which the firm must operate and economic factors affect the purchasing power of potential customers and the firm's cost of capital. According to Daft and Lane (2009) the economic forces pertain to the availability, production, and distribution of resources in a society. Governments, military agencies, churches, schools, and…...

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