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Explain the political and legal environment of business.
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Answer Posted / vinaykumar205
A ‘business' is commonly defined as an organisation which
provides goods or services in addition to transforming input
into output. Its objectives can either be profitable or non-
profitable. One of the main requirements that must be
fulfilled for a business to exist is that it must act and
react to activities and occurrences beyond that of the
organisation. These factors that happen outside of the
business are known as external influences or factors. They
have a major influence on a business with respect to the
main internal functions and occasionally their objectives
and strategies. However, the overriding factor that affects
most business is the degree of competition between
themselves and another business that provides the same
product or service. Other significant influences are social,
legal, economic, political and technological factors.
Technology is defined as ‘the sum of knowledge of the means
and methods of producing goods and services
The legal and political environments of global markets
differ by country and often by region within a country.
Global marketers must be aware of each environmental risk in
global markets and develop contingency plans to overcome
them.
Legal Environment
Clearly, the global legal environment is very dynamic and
complex. It is the result of three forces: international
law, U.S. domestic law, and legal requirements of host
nations. According to Czinkota and Ronkainen, (2004), when a
marketer conducts international marketing transactions with
a country, it is very imperative that managers know and
remain abreast of the policies and regulations of that
country. Whether a firm is located abroad or domestically,
it will be subject to government policies and the legal
system. However, even though many of these laws and
regulations do not pertain to international marketing
transactions, they can have a major impact on a firm’s
opportunities abroad.
Therefore, the best course to follow is to get legal help.
However, the astute, proactive marketer can do a great deal
to prevent legal conflicts from arising in the first place,
especially concerning the following legal issues such as
establishment, jurisdiction, environmental superfund,
intellectual property rights, counterfeiting, antitrust,
licensing and trade secrets, bribery, gray market, trade
sanctions, and embargoes. Further, the services of counsel
are essential for addressing these and other ...
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