The Management cannot overlook the environment, whether market or non-market

The Management cannot overlook the environment, whether market or non-market. In the light of the above statement, explain the link between social developments, the industrialisation process and the management culture.

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The term "environment" refers to the totality of all the factors which are external to and beyond the control of individual business enterprises and their managements. Environment furnishes the macro-context, the business firm is the micro unit. Hence, the business enterprises and their managements cannot overlook the environment. Now what do we mean environment here?

Environment:
The environment factors are essentially the "givens" within which firms and their managements must operate. For example, the value system of society, the rules and regulations laid down by the government, the monetary policies of the central bank, the institutional setup of the country, the attitude towards...