P5: Explain the Characteristics of the Local Business Environment

1268 words 6 pages
P5: Explain the characteristics of the local business environment

In this task, I have been asking explain the characteristic of local business environment. I will relate it into the following

* Markets * Sector and industry changes * Economic trends * Legal Framework

* Markets

* Sector and industry changes

* Economic Trends

* Legal Framework
The legal frameworks are all laws and regulation that are made by the government; those laws are made to be respected. The purposes of these laws are to ensure everyone is respected and protected, environment where people live are clean and secured, and others many reasons. If laws are not respected, everyone will do whatever they want so this
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* Information
Information laws are laws that protect personal information or personal creation (movies, music). For example, when someone applied for a job or a college, all his information must be kept secret or deleted when job holders leaves. Examples of laws that protect information are; Data Protection Act, Copyright Act, Computer Misuse Act and others many others acts. If businesses don’t respect those laws they can be prosecuted or fined.

* Consumer Protection
Consumer protection are laws that protect customers, those laws protect customers when they buy something and when business provide them services. Consumer protection laws insure that consumers are protecting against poor quality goods and services. This means that when a business sells their goods or services there should nothing wrong with it, protects consumer against unfit food and drink that contains any harmful and other dangerous drugs, protect people from raw ingredients to finished products, the law ensures that foods have the quality that the customer want and many others regulations. Consumer protection allowed customers to ask for refund, replacement or reparation when services or goods are not correct. Examples of consumer protection act are

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