Justify the following statement :
Business firm should be aware of the changes in society.
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1. The success of every business depends on adopting itself to the environment in which it functions. Modern business is rightly termed as socio-economic activity.
2. There is reciprocal relationship between business and society.
3. Business is affected by class structure of the society which depends upon factors such as occupation its own culture, income, etc.
4. Every society depends its own culture, customs, tradition, values, ethics, etc. social trends are also changing fast. For e.g. large number of people are eating fast food and go to gyms. So many fast food outlets and gyms are coming up in towns and cities.
5. Social values and traditions such as celebration of Diwali, Eid, Christmas also affect business.
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