Changing Concept of Business Concept of business implies the intention of doing a business. In other words, it agency the purpose for which a describe concern is beingness carried on. Since terminal few decades, in that place has been an impressive alter inward the concept of business. It has changed remarkably from its mere producer orientation (i.e. exclusively turn a profit earning attitude) to the client orientation (i.e. giving customers maximum satisfaction). It farther grew towards societal orientation (i.e. alongside focus on achieving welfare of the society), in addition to forthwith also includes the environmental orientation (i.e. forthwith security of surroundings is also a priority). The changing concept of describe concern over terminal few decades is depicted below. Following 4 points analyze the alter seen inward the concept of business. First circle from the bottom shows a mere producer-oriented concept of business. Here, importance is...

Factors Responsible for Changing Concept of Business Image below depicts factors responsible for changing concept of business . business : Growing expectations of consumers. Advent of consumerism. Increase inward the market competition. Information revolution. Rise of professionalism inward business. Growing concern for security of environment. Rapid evolution inward diverse technologies. Now let's hash out each of these factors lucidly. 1. Consumer expectations Consumer expectations from draw of piece of occupation concern are increasing solar daytime past times day. Today, nearly consumers prefer buying those goods and/or services which conduct hold a competitive price-quality ratio, are easily available inward the market, together with conduct hold an optimum capacity to satisfy their needs. Although they welcome conception together with creativity, they also hold off reliability inward goods together with services from draw of piece of occupation concern firms. ...