24 Sep The Social and Economic Impacts of an Organization
Week 2 Learning Resources
Capstone
The Social and Economic Impacts of an Organization
Imagine a small town in which a new factory is built. Then think about how that business might impact its local community. You may consider the possible job opportunities that the factory will provide to people living in the area, or perhaps you might think of the potential impact to the environment of gases or other chemicals introduced into the air or water supply as a result of production. Or perhaps, that factory, through its corporate social responsibility practices, can provide services that benefit the neighborhoods and families in its local or even global community. No business operates in a vacuum, and whether positive or negative, it is likely to have some kind of impact based on its business practices. Using these resources, you will consider the social and economic impacts of organizations.
· Lumen Learning. (n.d.). The business environmentLinks to an external site. . In Boundless business . https://courses.lumenlearning.com/boundless-business/chapter/the-business-environment/#:~:text=The%20Social%20Environment
· Impactgarden.org. (n.d.). Responsible business Links to an external site. . https://impactgarden.org/responsible-business/
· TED. (2013, October 7). Michael Porter: Why business can be good at solving social problems Links to an external site. [Video]. YouTube. https://www.youtube.com/watch?v=0iIh5YYDR2o&list=TLPQMjMwMjIwMjHLR4rbW-nYeA&index=2
Understanding the Business Environment
In addition to understanding how a business influences the environment in which it operates, it is critical to understand how that environment influences the stability and success of a business. The outside business climate includes financial, political, regulatory, social, and other environmental factors that can have a significant impact on how a business operates and engages with its customers and stakeholders. Remaining aware of the ever-changing needs and influences of society is critical for business leaders so that they can remain competitive in the market while also advancing the organization’s strategic initiatives.
· Duro, K. (2018, March 26). The effects of social environment on business Links to an external site. . Imperium Apps. https://imperiumapps.com/the-effects-of-social-environment-on-business/
· Edumecate. (2020, March 6). Social influences on business (external influences on businesses) Links to an external site. [Video]. YouTube. https://www.youtube.com/watch?v=XsozC-25hEw
· Gitman, L. J., McDaniel, C., Shah, A., Reece, M., Koffel, L., Talsma, B., & Hyatt, J. C. (2018). 1.2 understanding the business environmentLinks to an external site. . In Introduction to business . OpenStax. https://openstax.org/books/introduction-business/pages/1-2-understanding-the-business-environment
· Harary, M. (2021, July 1). How companies can lead the way for Generation ZLinks to an external site. . Forbes . https://www.forbes.com/sites/forbesbusinesscouncil/2021/07/01/how-companies-can-lead-the-way-for-generation-z/?sh=f2ea27740973
· Unruh, G., & Bach, D. (2021). The politics of business: A playbook emergesLinks to an external site. . Rotman Management , 48–53.
· Young, D. (2021, June 28). How environmental, social, and governance reporting grew up Links to an external site. . strategy+business. https://www.strategy-business.com/article/How-environmental-social-and-governance-reporting-grew-up?utm_source=itw&utm_medium=itw20210701&utm_campaign=resp
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