Unit VII Final Project

Unit III Assignment

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Unit III Assignment

Explaining the impact of government on business 

The government’s impact on business is observable. The impact is felt by businesses in several ways. The government usually comes up with many policies and regulations that businesses must adhere to (Ferrell, Thorne & Ferrell, 2016). Some of these policies and regulations concern content requirements, advertising, and product quality and standards. 

The government usually changes the policies and regulations and regulations regularly. Businesses, therefore, need to be flexible enough to respond to changing regulations and policies. These policies and regulations that the government formulate impact businesses in one way or another. Stringent policies and regulations might impact negatively on businesses while favorable policies will positively impact on businesses. The government needs to consult business before implementing the policies and regulations. 

Articulating the need for appropriate regulatory oversight of business

Regulations serve important and legitimate purposes. These purposes include protecting the rights of workers, protecting consumers, ensuring safety, health and improving welfare. Inappropriate regulatory oversight of businesses has impacted negatively on businesses. For instance, many regulations by the government have resulted in many businesses to suffer huge losses.

Inappropriate regulations have created unfavorable business environment for firms to operate in. This has hurt made it difficult for some businesses to conduct their operations well. This is the reason why there is a need for appropriate regulatory oversight of businesses. The regulatory oversight authority should always engage firms before executing any regulations. 

Identifying the classes of political strategy

There are three classes of political strategy that can be used by businesses in any political process. The first one is an information strategy. In this political strategy, businesses provide the policymakers and decision-makers of the government with valuable information that is designed to impact their decisions and actions. The second strategy is the financial-incentives strategy. In this strategy, businesses offer incentives that are designed to impact the decisions of policymakers. The third strategy is the constituency building strategy. In this strategy, businesses develop alliances and gain from organizations that are similarly affected. This strategy also influences decision-makers cooperatively. The political strategy to be used however depends on the situation at hand. 

Illustrating the application of political strategies and their importance

The identified political strategies can be used by businesses to advance their interests hence achieve their goals. For example, businesses can apply political strategies to hinder the implementation of a regulation that bans the production of a product. The company producing the product offer financial incentives to decision-makers in the government. This will result in the product not being banned from being produced. The political strategies are therefore important in ensuring that the operations of businesses are not disrupted. 

Summarizing how corporations influence government decision-making

Most corporations use lobbying as a technique to impact the decision making of the government. After lobbying, the corporation will eventually influence and persuade the decision-makers to make decisions that are favorable to its interests. My chosen firm uses lobbying strategies to ensure that the government creates a favorable business environment. 

Reference

Ferrell, O.C., Thorne, D., & Ferrell, L. (2016). Business and society: A strategic approach to social responsibility and ethics (5th ed.). Chicago, IL: Chicago Business Press.