Basic principles of economics and business strategy Essay

Basic principles of economics and business strategy - Essay Example Basic principles of economics and business strategy are intrinsically linked to the people and therefore any business and economic decision that is made, must take into consideration of the impact that they are going to have on the society at large. The people are the end users of any business venture and economic theories and economic policies, that are framed, are all designed to work towards the betterment of society. This two way relationship between the society and the business and economic decisions also form the basis of larger national objectives which are people centric. Main objective of any business is profit making which it derives by making its products and services available to people. Hence, the core business strategy of any business heavily relies on the fact that it products and services meet the needs and requirements of the people at large. Competitive pricing and strong market position are major business compulsions that are need driven and specially target the vulnerable segment of society who are more prone to buy their products and services. It is for this reason that businesses through the ages, have been conducting surveys and studies in order to gauge the preferences of the people so that one can establish financially viable business ventures. So it would be true if one says that all business decisions are designed to impact society.