The Importance of Business Laws

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(1) Identification of Industry Sector and Explanation of Business

The term industry and sector are two terms which are used interchangeably with an objective to describe a group of companies that work in the same segment of the economy or shares a similar business type. In business, all businesses are distinguished by what they do. Businesses can now be distinguished by industry or sectors. A group of businesses which are related in terms of their main activity is known as industries. In an example, selling of groceries and manufacturing of cars are businesses with a particular main activity thus can be described as an industry. Most economists distinguish businesses in three broad sectors of the economy (Köseoglu, 2018). There is the primary sector which is commonly known to involve itself in the extracting of natural products from the earth by either mining, fishing, and agriculture. The primary sector makes a larger portion of the developing countries economy than it is in the developed countries. In the developed countries, the primary sector has taken a more technological advancement compared to developing countries. The second sector is the secondary sector is involved in processing, manufacturing, and construction. This means that the secondary sectors take products from the primary sector and process them to better products. This sector is divided into the heavy and light industry. It is a crucial sector especially in developed countries as it acts as an engine in the economic growth of these countries. It consists of the food industry, construction industry, consumer goods industry and chemical industries. The final sector is known as the tertiary sector which provides services such as financial services and retail services. It is very important to distinguish between the different types of sectors so as to be able to distinguish between those industrial sectors operating in the primary sector and those that provide services.

A research has shown that there is be a very big difference between businesses of the same economic sector. In an example, a farm and a gold mine are very different despite being in the same primary sector. However, it is important to understand that goods move through a systematic chain of production where each stage gives an added value to the product. Economist suggests that the manufacturing industry sector creates more wealth unlike the service sector (Sun, 2017). Comparing countries that export manufactured goods and those that import these goods, it has been found that those exporting manufactured goods have a higher gross domestic product growth. These are because manufacturing contributes very much to economic development. Business conducted in any industrial sector requires proper investment and a good number of customers so as to have a consistent basis allowing businesses to make a profit.

(2) Identification and Explanation of The Laws Relevant to The Various Business  

Activities

To legally start a business, one of the most critical things one needs is a business license. Licenses are very important as they ensure a healthy financial standard of any business and also allows any particular business file its tax returns thus supporting the legality of the business. in case the business is under legal scrutiny the business license helps to protect the business (Ariza, 2017). Depending on the type of business one should consider the employment law, competition law and also consumer rights. In the employment law, one must ensure fair treatment of the employees. This law specializes in the issues of minimum wages, leave and pensions for the employees working in any particular business. On the other hand, consumer rights include the sales activity of goods and distance selling regulation. This law allows one to sell his products as described and in terms of quality and purpose. If the businesses product does not meet these criteria the customer is entitled to refund.

The other business law is the advertising and marketing law. In this law, all advertising and marketing of any product should be truthful. Any claim about the product during advertising should be backed up by a series of proof. This business law prohibits business owners from giving a misleading or unfair info about a particular product. Not forgetting the environmental regulations, every business owner is required to familiarize himself with the environmental protection act depending on the business or industry. This law is mostly used to regulate products believed to have an impact on the environment. If your business deal with collecting sensitive data, that business requires to be controlled by the data security law. This law ensures that these types of businesses only collects the only info they need and nothing more. In some businesses bullying at work is a common problem especially when there is no control. Luckily, the anti-bullying laws have been of great ideal to ensure these stops. Any employer is required to ensure harassment has no room in their business.

Food safety laws are of a great deal in the hospitality industry. The knowledge of how to clean and store food is very important as it keeps the customers safe making your business safe from fines and lawsuits (Santoro and Vrontis, 2017). In recent days, there have been a series many cases of food contamination which is very difficult to trace. This leaves businesses especially those in the hospitality industry to be very vigilant in making sure they know their suppliers. These leaves the business owner answerable to any cases of food poisoning in case any of his customers experience food poisoning from the food you offered.

References

Ariza-Montes, A., Arjona-Fuentes, J.M., Law, R. and Han, H., 2017. The incidence of workplace bullying among hospitality employees. International Journal of Contemporary Hospitality Management, 29(4), pp.1116-1132.

Köseoglu, M.A., Okumus, F., Dogan, I.C. and Law, R., 2018. Intellectual structure of strategic management research in the hospitality management field: A co-citation analysis. International Journal of Hospitality Management.

Sun, S., Fong, D.K.C., Law, R. and He, S., 2017. An updated comprehensive review of website evaluation studies in hospitality and tourism. International Journal of Contemporary Hospitality Management, 29(1), pp.355-373.

Santoro, G., Vrontis, D., and Pastore, A., 2017. External knowledge sourcing and new product development: evidence from the Italian food and beverage industry. British Food Journal, 119(11), pp.2373-2387.

December 12, 2023
Category:

Business Law

Subcategory:

Corporations Marketing

Number of pages

4

Number of words

1024

Downloads:

36

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