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In business analysis, PEST analysis (political, economic, social and technological) is a framework of external macro-environmental factors used in strategic management and market research. PEST analysis was developed in 1967 by Francis Aguilar as an environmental scanning framework for businesses to understand the external conditions and ...
Market environment and business environment are marketing terms that refer to factors and forces that affect a firm's ability to build and maintain successful customer relationships. The business environment has been defined as "the totality of physical and social factors that are taken directly into consideration in the decision-making ...
Furthermore, innovativeness, productivity through people, and other cultural factors cited by Peters and Waterman in In Search of Excellence also have positive economic consequences. Denison, Haaland, and Goelzer reported that culture contributes to the success of the organization, but not all dimensions contribute equally.
In inner directed culture, people believe in controlling outcomes and have a dominant attitude toward environment. In outer-directed culture, people believe in letting things take their own course and have a more flexible attitude, characterized by a willingness to compromise and maintain harmony with nature.
Culture shapes the prevalence of cultural factors: decision content, decision motives, and situational demands and affordances. For instance, consider the mundane action of opening the refrigerator; Americans are said to labelled this action as a "decision" more than the Indian counterparts.
[32] Culture plays an important role in this as it can determine how people view preparing for these future generations. Delayed gratification is a cultural economic issue that developed countries are currently dealing with. Economists argue that to ensure that the future is better than today, certain measures must be taken such as collecting ...
The quantification of cultural dimensions enables people to make cross-regional comparisons and form an image of the differences between not just countries but entire regions. For example, the cultural model of the Mediterranean countries is dominated by high levels of acceptance of inequalities, with uncertainty aversion influencing their ...
Social influence comprises the ways in which individuals adjust their behavior to meet the demands of a social environment. It takes many forms and can be seen in conformity, socialization, peer pressure, obedience, leadership, persuasion, sales, and marketing. Typically social influence results from a specific action, command, or request, but ...