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‘The social environment of business is important for a business enterprise.’ Explain.
‘The social environment of business is important for a business enterprise.’ Explain.
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A business is subordinate to an external social environment and also its own internal social environment. The external social environment gives both perils and opportunities for a business. Businesses that break to accommodate to social preferences associated with their goods and services will fail. The failure of any establishment in adapting to the changes in the social environment would certainly lead to dissatisfaction amongst its consumers and its products being rejected.