IDEAL BUSINESS CLIMATE Essay Example

  • Category:
    Business
  • Document type:
    Assignment
  • Level:
    Masters
  • Page:
    1
  • Words:
    338

Ideal Business Climate for the Manufacturing Sector

Ideal Business Climate for the Manufacturing Sector

The economic environment for the manufacturing sector should be characterised by an economic system in which there is a free market system with little government intervention to promote competition and innovation. In this environment, the banking sector should be structured in such a way that manufacturers can easily access finance in order to promote capital flows as well as innovation, research and development, which in the end will lead to more innovative products at competitive prices (Jain, Trehan & Trehan, 2009, p. 190).

The socio-cultural environment should be such that people’s attitudes, religion, beliefs and general way of life favour work and consumption. This is to ensure that the manufacturing sector can access the labour pool that it requires for its production activities. In addition, the consumption culture and positive societal attitudes towards consumption will ensure that there is a ready market for the products that are produced by manufacturers. In addition, the socio-cultural aspect of the business environment should be one that promotes business ethics in activities such as advertising, insurance and so on (Singla, 2009, p. 140).

The environmental aspect of the manufacturing sector should be one that promotes manufacturing businesses’ responsibility for nature. This includes individual biological creatures affected by production operations such as agriculture, natural ecosystems that are affected by activities such as pollution, building, mining and so forth, and the earth as a whole due to activities that contribute to climate change and pollution of different environments. The environmental aspects of manufacturing should also be focused on ecosystem ethics, where various manufacturing activities should only be considered right when they tend to preserve the beauty, integrity and stability of the ecosystem (Zsolnai, 2011, p. 896).

References

Jain, T. R., Trehan, M. & Trehan, R. (2009). Business environment. New Delhi: V. K. (India) Enterprises.

Singla, R. K. (2009). Business environment. New Delhi: FK Publications.

Zsolnai, L. (2011). Environmental ethics for business sustainability. International Journal of Social Economics, 38(11), 892-899.