BUSS1002 Final Summary Notes

2 Found helpful • 16 Pages • Topic Notes • Year: Pre-2021 • Previously uploaded under: CLAW2201 - Corporations Law

Socio-cultural environment  The importance of culture/cultural differences: Customers: understanding motivations, needs and wants. Stakeholders: understanding expectations. Being aware of cultural differences within a society is important to: Business transactions: contracts, payments/incentives, agreements, negotiations. Product sales: types products sold as well as how they are sold-marketing communications.  Key concepts: 1. How is culture shaped? Culture-building: 1) Institutional factors: Family, religion, education, state, mass communication media and multinational companies. 2) States’ role in society: Political regime: Democracy, Communism, Socialism, Republic, Dictatorship专政. Economic decisions: Monetary policy, Fiscal policy, Small Government, Big government. Social decisions: Healthcare, Welfare spending, Education levels, Immigration policy. Welfare provision: no one society the same National culture industrial relations and trade unions: Legal practices, Capital, markets. National culture Superanational institutions e.g. European Union, WTO. National culture: 1) Visible: could be changed/easy to change. behaviour- Generally: food, music, language, visual arts, games, dresses, performing arts Business: Architecture and design, Greeting rituals, Forms of address, Making contact, Dress codes, Written versus verbal contracts. 2) Not Visible: Perceptions, attitudes, values, beliefs, assumptions Shared and learned by a group and transmitted from generation to generation Stages of individuals learning culture: Enculturation- non intentional learning; Primary socialisation- more intentional learning process; Secondary socialisation- Follows primary socialisation.  Societal differences and the socio-cultural environment (non-institutional): Demographics; Welfare; Education; Population gowth  The socio-cultural environment of business: Australia 1. Social Progress Index: Basic Human needs: Nutrition and basic medical care; Water and sanitation; Shelter; Personal safety. Fundations of Wellbeing: Access to basic knowledge; Access to information and communications; Health and wellness; Ecosystem Sustainability. Opportunity: Personal rights; Personal Freedom; Choice Tolerance and inclusion; Access to Advance education. Female workforce participation-impact on business Recruiters tarfet woman to attact more talent; Businesses offer products to women That were previously targeted at men only. 2. Impact of economic & and social change” Developing (non-OECD) states: Rise of middle class; Changing attitudes and behaviours (culture) of the wider society; Changing consumer behaviour-from needs to wants; Increased consumerism.

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