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  1. 1. Business environment <ul><li>Consists of all the factors that have a bearing on the business </li></ul><ul><li>Survival and success of a business depends on its innate strengths </li></ul><ul><li>The strengths are resources at its command viz, financial,human,skill and organisation </li></ul><ul><li>The survival and success of a business firm related to the adaptability to the environment </li></ul><ul><li>The term Business environment refers to external factors </li></ul>
  2. 2. <ul><li>Any meaningful organisation has certain mission,objectives ,goals,and strategy to achieve them </li></ul><ul><li>Formulation of strategy is eatablishing a proper firm-environment fit </li></ul><ul><li>Indeed fixing of goals and others should be based on external and organisational factors </li></ul>
  3. 3. Meaning of business <ul><li>Organised efforts of enterprises to supply consumers with goods and services for a profit </li></ul><ul><li>All businesses share the same purpose of earning profits </li></ul><ul><li>The purpose of any business irrespective of its employee strength is to earn profits </li></ul><ul><li>The purpose of business goes beyond profits and its an important institution to the society </li></ul>
  4. 4. Scope of business <ul><li>Assume you have decided to buy an automobile </li></ul><ul><li>Behind the purchase there is the supplier of raw-materials , there is the manufacturer </li></ul><ul><li>Also there is the transport agent,the banker,the insurance and the advertisement agency </li></ul>
  5. 5. <ul><li>The multitudinous activities involved in bringing raw materials to the factory and end products to the market constitute a business </li></ul><ul><li>Business also includes all efforts to comply with legal restrictions and government requirements </li></ul><ul><li>Business also has to discharge obligations to consumers,employees,owners and other interest groups which have stakes in business directly or indirectly </li></ul>
  6. 6. <ul><li>The term business is linked with an important purpose of earning profits </li></ul><ul><li>People occupy a central place around whom business is run </li></ul><ul><li>The practices of managing business are applied these days in NGOs too </li></ul><ul><li>Competition among them is also severe so that they need to professionalise their practices </li></ul>
  7. 7. Charecteristics of business <ul><li>Business in transition- </li></ul><ul><li>For a long time business was done in sheltered markets covering up inefficiencies </li></ul><ul><li>The 1990s lifted all protectionist measures followed by increased globalisation </li></ul><ul><li>The Indian business leaders now find totally a new environment charecterised by competition both from within and foregin </li></ul>
  8. 8. <ul><li>Pressure of competition-Competition though unwelcome to managers is a boon for customers </li></ul><ul><li>Recollect a 20 yrs back scenario when we needed to wait 3 to 4 yrs to get a gas connection and 6 to 7 years to get a phone connection </li></ul><ul><li>Competition not only benefits customers it even benefits the rival firms by defining new ways,capabilities and customer satisfaction standards </li></ul>
  9. 9. <ul><li>Immense opportunities – Though the Indian business faces stiff competition it has plenty of opportunities </li></ul><ul><li>But the real opportunities lie in the traditional sector viz.pharma,chemicals,cement etc </li></ul><ul><li>India is expected to be the second best global manufacturing base after China </li></ul><ul><li>Some examples are Toyota Kirloskar in Bidadi and Ford in Sreeperumbadur </li></ul>
  10. 10. <ul><li>Globalisation- Going international is yet another trend followed by modern business houses </li></ul><ul><li>Production facilities are set up in different countries and products have been sold through a global network </li></ul><ul><li>Infact inernationalisation and globalisation are becoming imperative for modern business due to technological innovations,crumbling trade barriers and global flow of capital and technology </li></ul>
  11. 11. <ul><li>Technology- Business is charecterised by increasing use of technology </li></ul><ul><li>The way production is organised,the way products are marketed,the way employees are hired are influenced by technology </li></ul><ul><li>The way the finance function is carried on and the way managers and subordinates communicate is also influenced by technology </li></ul>
  12. 12. <ul><li>Information-Another charecteristic of contemporary business is the recognition and need for information </li></ul><ul><li>The whole area of retrieving and extending information has achieved a major status </li></ul><ul><li>The availability of computer and other devices have made the quick gathering,processing and distributing information </li></ul>
  13. 13. Internal environment <ul><li>The important internal factors which have a bearing on the strategy are as follows </li></ul><ul><li>Value system-The value system of the founders and those at the helm of affairs has important bearing on the choice of business </li></ul><ul><li>It also influences the mission and objectives of the organisation,business policies and practice </li></ul><ul><li>After the EID was taken over by the murgugappa group,the most profitable liquor business did not fit in to the value system of the group </li></ul><ul><li>Value system and ethical standards are also adhered in the selection of vendors,distributors etc. </li></ul>
  14. 14. <ul><li>Mission and objectives- The business domain of the company,priorities,direction of development,business philosophy,business policy etc. are guided by the mission and objectives of the company </li></ul><ul><li>Ranbaxys thrust in the foreign markets and development has been driven by its mission to become a reasearch based intl.pharma co. </li></ul><ul><li>Arvind mills mission was to achieve global dominance in select businees built around their core competencies </li></ul>
  15. 15. <ul><li>Management structure and nature- The organisational structure,the composition of board of directors,professionalisation of management etc influence business decisions </li></ul><ul><li>At one end there are highly qualified and responsible board and at the other end there are companies possessing these qualities </li></ul><ul><li>The share holding pattern could have important managerial implications </li></ul><ul><li>The nominees in financial institutions could be very decisive in several critical instances </li></ul>
  16. 16. <ul><li>Internal power relationship- Factors like the amount of support the top management enjoys from different levels of employees </li></ul><ul><li>Also the support from the share holders and board of directors have important decision on the decisions and their implementation </li></ul><ul><li>The relationship between the members of the board of directors and between the chief executive and board are also critical factors </li></ul>
  17. 17. <ul><li>Human resources-The charecteristics of human resources like skill,quality, morale, commitment,attitude etc could contribute to the strength and weakness of an organisation </li></ul><ul><li>Some organisations find it difficult to carry out restructuring or modernisation because of the resistance of employees whereas in others it is smooth </li></ul><ul><li>The involvement,initiative etc of people at different levels may vary from organisation to organisation as is dependent on culture and overall environment </li></ul>
  18. 18. <ul><li>Company image and brand equity-The image of the company matters while raising finance,forming joint ventures or alliances </li></ul><ul><li>The company image also matters while soliciting marketing intermediaries,entering purchase or sale contracts and launching of the products </li></ul><ul><li>The brand equity also is relevant for several of these cases </li></ul>
  19. 19. <ul><li>Miscellaneous factors- </li></ul><ul><li>Physical assets and facility like the production capacity,technology and efficiency of the productive apparatus,distribution logistics etc </li></ul><ul><li>R&D and technological capabilities- among other things determine a companys ability to innovate and compete </li></ul><ul><li>Marketing resources like the organisation for marketing,brand equity and distribution </li></ul><ul><li>Financial factors like financial policies,financial position and capital structure also affect business performance </li></ul>
  20. 20. External environment <ul><li>Consists of micro and macro environment </li></ul><ul><li>Micro environment- is also known as task environment and operating environment because these have a direct bearing on the operations of the firm </li></ul><ul><li>It consists of the immediate actors in the companys environment affecting performance of the company </li></ul><ul><li>The micro environmental factors are more intimately linked with the company </li></ul>
  21. 21. <ul><li>Suppliers- An important force in the micro environment of a company is the suppliers </li></ul><ul><li>They provide inputs like raw materials and components to the company </li></ul><ul><li>The concerns are reliable supplies and uncertainty in the regularity of the supplies </li></ul><ul><li>The sensitivity of supplies many companies give more importance to vendor development </li></ul>
  22. 22. <ul><li>Customers-As its often exhorted the major task of a business is to create and sustain customers </li></ul><ul><li>Monitoring customer sensitivity is prerequisite for business success </li></ul><ul><li>A company may have different categories of customers like individuals,house holds, industries and commercial establishments </li></ul><ul><li>With the growing globalisation,the customer environment is increasingly becoming global </li></ul>
  23. 23. <ul><li>Competitors- A firms competitors are not only the other firms which market similar products but also those who compete for discretionary income of the consumers </li></ul><ul><li>Marketing intermediaries- the immediate environment of a company may consists of firms who areinpromoting,selling&distributing </li></ul><ul><li>Middlemen or agents or agents who find customers and close sales with them </li></ul>
  24. 24. <ul><li>Financiers- Besides financing capabilities,their policies and strategies,attitudes(towards risk), ability to provide non-financial assistance etc </li></ul><ul><li>Publics- A public is any group that has an actual or potential interest in or impact on an organisations ability to achieve its interests </li></ul><ul><li>Media publics,citzens action publics and local publics are examples </li></ul>
  25. 25. Macro environment <ul><li>The company and the forces in its micro environment operate in a larger macro environment forces that creates threats& opp. </li></ul><ul><li>Its also known as general or remote environment </li></ul><ul><li>The macro forces are generally uncontrollable than the micro forces </li></ul><ul><li>The success of the company is in adapting to the environment eg;cost of imports&domestic manufacture </li></ul>
  26. 26. <ul><li>Important macro environment factors include economic,polictical,regulatory,socio-cultural, demographic,technological,natural&global </li></ul><ul><li>Global environment- The global environment refers to the global factors that are relevant to business like WTO priciples,itl.agreements </li></ul><ul><li>It also includes declarations economic and business conditions&countries sentiments </li></ul>
  27. 27. <ul><li>A hike in crude oil price has a global impact </li></ul><ul><li>The import and investment regulations mandated by the WTO have substantially changed the competitive environment in india </li></ul><ul><li>If economic conditions in a companys export markets are good export prospects are good </li></ul><ul><li>International polictical factors also can affect business like wars,polictical uncertainties </li></ul>
  28. 28. 7S model <ul><li>While some models of organizational effectiveness go in and out of fashion, one that has persisted is the McKinsey 7S framework. </li></ul><ul><li>Developed in the early 1980s by Tom Peters and Robert Waterman, two consultants working at the McKinsey & Company consulting firm </li></ul><ul><li>the basic premise of the model is that there are seven internal aspects of an organization that need to be aligned if it is to be successful. </li></ul>
  29. 29. <ul><li>Improve the performance of a company. </li></ul><ul><li>Examine the likely effects of future changes within a company. </li></ul><ul><li>Align departments and processes during a merger or acquisition. </li></ul><ul><li>Determine how best to implement a proposed strategy. </li></ul><ul><li>The McKinsey 7S model can be applied to elements of a team or a project as well </li></ul>
  30. 30. The Seven Elements Hard Elements Soft Elements Strategy Structure Systems Shared Values Skills Style Staff
  31. 31. <ul><li>&quot;Hard&quot; elements are easier to define or identify and management can directly influence them </li></ul><ul><li>These are strategy statements; organization charts and reporting lines; and formal processes and IT systems </li></ul><ul><li>&quot;Soft&quot; elements, on the other hand, can be more difficult to describe, and are less tangible and more influenced by culture </li></ul><ul><li>However, these soft elements are as important as the hard elements if the organization is going to be successful </li></ul>
  32. 32. <ul><li>Let's look at each of the elements specifically: </li></ul><ul><li>Strategy: the plan devised to maintain and build competitive advantage over the competition </li></ul><ul><li>Structure: the way the organization is structured and who reports to whom </li></ul><ul><li>Systems: the daily activities and procedures that staff members engage in to get the job done </li></ul>
  33. 33. <ul><li>Shared Values: called &quot;superordinate goals&quot; </li></ul><ul><li>these are the core values of the company that are evidenced in the corporate culture and the general work ethic. </li></ul><ul><li>Style: the style of leadership adopted. </li></ul><ul><li>Staff: the employees and their general capabilities. </li></ul><ul><li>Skills: the actual skills and competencies of the employees working for the company. </li></ul>
  34. 34. <ul><li>The McKinsey 7Ss model is one that can be applied to almost any organizational or team effectiveness issue </li></ul><ul><li>If your organization or team isn't working there is inconsistency between some of the elements identified by this classic model </li></ul><ul><li>Once these inconsistencies are revealed, you can work to align the internal elements to make sure they are all contributing to the shared goals </li></ul>
  35. 35. Govt.responsibilities to business <ul><li>Establishment and enforcement of laws- enforces laws & regulations for the business to function </li></ul><ul><li>Responsible for providing rules of the game which makes business function smoothly </li></ul><ul><li>Maintenanace of order – responsible for maintaining order and protecting persons and property </li></ul><ul><li>It is impossible to carry out business in an unpeaceful atmosphere </li></ul>
  36. 36. <ul><li>Money and credit- The government provides a system of money and credit by means of which transactions can be affected </li></ul><ul><li>Responsibilty to regulate money and credit and protect the integrity of rupee </li></ul><ul><li>Orderly growth- implies balanced regional development,distributive justice,full employment and protecting the economy </li></ul>
  37. 37. <ul><li>Infrastructure- business needs for its effective functioning such as transportation power,finance,trained personnel &amenities </li></ul><ul><li>Information- publish and provide large amount of information for extensive use of business by industry,trade commerce depts. </li></ul><ul><li>Assistance to small industries- finance,know how,marketing and infrastructure </li></ul>
  38. 38. <ul><li>Transfer of technology- Govt. owned research establisments transfer their discoveries to private industries for commercial production </li></ul><ul><li>Govt. competition- govt. often compete with private firms for regulating competition, improving quality </li></ul><ul><li>Also supplement pvt.activities with govt.programmes </li></ul>
  39. 39. <ul><li>Inspections and licenses- provided and undertaken by the govt for the private industry </li></ul><ul><li>Tariffs and quota- tariffs and quota are used by the protect business from foregin competition </li></ul>
  40. 40. Distinction between fundamental rights and directive principles <ul><li>Point of difference fundamental rights directive priciples </li></ul><ul><li>Justifiability if violated a legal no provision for </li></ul><ul><li>remedy is done legal remedy </li></ul><ul><li>2. Status primary subsidiary to the </li></ul><ul><li>fundamental rights </li></ul><ul><li>3.Character obligatory proactive,welfare </li></ul>
  41. 41. Reasons and extent state intervention <ul><li>Reasons for state intervention </li></ul><ul><li>government is sponsor- for delayed growth </li></ul><ul><li>Planned economy-proper direction,balanced economic growth,avoid wastage of scarce resources </li></ul><ul><li>Socialist economy- the govt is compelled to enter directly in to industrial and commercial activities </li></ul>
  42. 42. <ul><li>Need to prioritise industries-what undertaking is to be established,how it should be run whereit should be established,pricing&distrib. </li></ul><ul><li>Assumption of responsibility of society- welfare,taxing is insufficient ,PPP will improve </li></ul><ul><li>Development of core industries- like power,fuel,iron and steel,transport,atomic energy,machine building and communication </li></ul>
  43. 43. <ul><li>Market failure- the failure of markets invites government intervention in an economy </li></ul><ul><li>Externalities- neighbourhood or spillover effects </li></ul><ul><li>Public goods- markets fail to deal and govt. support is required </li></ul><ul><li>Information problems- exploited due to lack of knowledge about products </li></ul>
  44. 44. Types of intervention <ul><li>Formal and informal controls- formal controls are those emanating from legislation </li></ul><ul><li>Eg: the companies act 1956 and the competition act 2002 </li></ul><ul><li>Informal controls refers to the control which various groups impose upon themselves due to need and custom </li></ul><ul><li>Eg:conventions , informal agreements </li></ul>
  45. 45. <ul><li>Coercive and inducive controls- coercive requires performance of certain actions or refraining from others to avoid penalties </li></ul><ul><li>For eg;taxes must be paid or fine may result </li></ul><ul><li>Inducive controls promises a reward for compilance of the desired action </li></ul><ul><li>Eg;subsidies may be granted to stimulate certain activities </li></ul>
  46. 46. <ul><li>Direct and indirect controls-when the government fixes prices for certain goods and services its an example of direct control </li></ul><ul><li>The variation of corporate income tax to influence economic activity is an indirect control measure </li></ul><ul><li>The adimistered price policy of the government is a direct control measure </li></ul>
  47. 47. <ul><li>Effects on competition- depending on the relationship to competition theregulations are </li></ul><ul><li>Government regulation to make competition work,the competition act for eg. </li></ul><ul><li>Government competition with business firms as a means of settingstandards of competition </li></ul><ul><li>Direct government ownership and operation to supplement competition </li></ul>
  48. 48. <ul><li>Promotional and regulatory controls- promotional measures are of positive nature includes activities as expansion ofpublic sector </li></ul><ul><li>It also includes operation of development banks,revival of sick units,promoting ssis etc </li></ul>
  49. 49. Impact of technology <ul><li>A, Technology and society- Practically in every area of social life and the life of every individual has been changed by technology </li></ul><ul><li>1.Technology reaches people through business- Business is an institution through which man expects new discoveries to be converted in to goods and services </li></ul><ul><li>2.High expectations of consumers- New varieties of products,superior in quality,free from pollution,more safe and more comfortable </li></ul>
  50. 50. <ul><li>3.system complexity- complexity of machinery and technology once out of order it needs experts and interdependence of systems </li></ul><ul><li>4.Social change- role of technology can be explanied by the displacing population, changes in social life, creation of status difference and work life affected </li></ul><ul><li>5. Technological phases and social systems- technology creates a distinct type of social system namely the knowledge society </li></ul>
  51. 51. <ul><li>B.Technology and economy – </li></ul><ul><li>1. Increased productivity the most fundamental effect of technology is greater productivity in terms of quality and quantity </li></ul><ul><li>2. need to spend on R&D- R&D assumes considerable relevance in organisations as technology advances,if it is not given undue importance the co.will get lost in the race </li></ul>
  52. 52. <ul><li> tend to become more intellectual- with the advent of technology, jobs tend to become more intellectual or upgraded </li></ul><ul><li>4.problem of technostructure- Not only jobs become more intellectual,the incumbents also become highly professional &knowledgeable </li></ul><ul><li>5.need for multiprofessional managers- Technocrats who assume reins of administration need to be qualified in management than technical skills </li></ul>
  53. 53. <ul><li>C,Plant level implications- </li></ul><ul><li>1.Technology and organisation structure- technology has considerable influence on the organisation structure,length of the line of command and span of control of the chief executive </li></ul><ul><li>other factors which have other factors which have their influence on organisation structure are history and background of a company </li></ul><ul><li>2.Fear of risk- It is unable to manage technology without great risks and subsequent failures </li></ul>
  54. 54. <ul><li>3.Resistance to change- the manager of a given business unit shall face resistance to change </li></ul><ul><li>New technology and related problems may not be to the liking of organisational men,the resistance to change is purely psychological </li></ul><ul><li>4.Total quality management(TQM)- refers to the deep commitment of an organisation to quality </li></ul><ul><li>Quality of product and service is an obsession and every step in the companys processes is subject to intense scrutiny to improve it </li></ul>
  55. 55. <ul><li>5,Business process rengineering-BPRE involves how things will be done if the organisation were to start all over from scratch </li></ul><ul><li>BPRE seeks to reject what is irrelevant and starting afresh by cutting down costs, eliminate wastes and improve productivity </li></ul><ul><li>6,Flexible marketing system(FMS)-here machines are designed to produce batches of different products </li></ul><ul><li>The unique charecteristic of FMS is by integrating computer aided design,engineering&manufacturing </li></ul>
  56. 56. Demographic environment <ul><li>Important demographic basis for market segmentation includes age structure,gender, income distribution,family size </li></ul><ul><li>it also includes family life cycle,occupation, education,social class,religionrace&nationality </li></ul><ul><li>The demographic environment differs from country to country and place to place </li></ul><ul><li>Demographic factors such as size of population,age composition,rural-urban distribution and income levels have a significant implication for business </li></ul>
  57. 57. Population size <ul><li>The size of population is an important determinant of demand for many products </li></ul><ul><li>There are countries with less than a lakh of people on one hand and thousands of millions of people on the other hand </li></ul><ul><li>the important objectives of the formation of european union was to bring about a single market that can be comparable to US and Japan in terms of no.of consumers </li></ul>
  58. 58. <ul><li>Poor countries with small population are generally not attractive to business,but these may prove as good niche markets for small firms </li></ul><ul><li>Advanced countries with large population are generally attractive markets </li></ul><ul><li>the major part of and foregin investments take place between them </li></ul><ul><li>Because of large potential of these markets competition is generally strong in them </li></ul>
  59. 59. Falling birth rate and changing age structure <ul><li>1. population growth- there has been an explosive growth of global population particularly in the developing countries </li></ul><ul><li>The universal trend is now fall in birth rates although the total population is still growing at over 1% annually </li></ul><ul><li>Developing countries are also experiencing significant decline in the population growth rates </li></ul>
  60. 60. <ul><li>2.Declining birth rate- the declining birth rate poses a problem for many businesses </li></ul><ul><li>Because of the decline in birth rates and consequent fall in size of baby population the market for baby products have shrunk </li></ul><ul><li>This has prompted companies like johnson and johnson to reposition their products from baby products to other products and markets </li></ul>
  61. 61. <ul><li>Declining birth rate is a boon to certain industries like the hotels and airlines have benefitted from the young couple having more time and money </li></ul><ul><li>3.Collapsing birth rate may be an opportunity- Peter drucker was of this opinion </li></ul><ul><li>Fewer children means the child becomes more and more precious a larger share of disposable income is spent on them </li></ul><ul><li>In china it has already happened where majority of the families have only one child, many families despite poverty spend more on single child than on more children </li></ul>
  62. 62. <ul><li>4.Sizeable market-even if the country is generally poor, there could be sizeable market for those goods and services regarded as luxuries </li></ul><ul><li>More than 5 % of the indian population is well to do the absolute number is larger than the population of high income economies </li></ul><ul><li>5.Increase in the labour supply- high population growth rate also implies an enormous increase in the labour supply </li></ul><ul><li>Cheap labour and growing market have encouraged many mncs to invest in developing countries </li></ul>
  63. 63. <ul><li>6.Occupational and spatial mobility of population- also has implication for business </li></ul><ul><li>If the labour is mobile between regions and occupations, labour problems are likely to be less than otherwise </li></ul><ul><li>7.Changes in age distribution- has a lot of implication to business </li></ul><ul><li>Several pharma companies for eg. are paying a lot attention to the potential requirements of the aged population </li></ul>
  64. 64. <ul><li>According to drucker the collapsing birth rates will have the following implications </li></ul><ul><li>1. For the next 20 or 30 years demographics will dominate the polictics of all developed countries </li></ul><ul><li> all developed countries the productivity of all workers will have to increase very rapidly or else the country and the organisations in it will loose its position </li></ul>
  65. 65. Global environment <ul><li>The global business environment is very significantly influenced by the WTO principles and agreements </li></ul><ul><li>For eg.India had to substantially liberalise imports including almost complete removal of quantitative import restrictions </li></ul><ul><li>The liberalisation on the other hand also provides new opportunities for indian firms </li></ul><ul><li>the foregin markets become more open to exports and investments </li></ul>
  66. 66. WTO <ul><li>The world trade organisation WTO was established on 1 st january 1995 </li></ul><ul><li>WTO is the embodiment of the uruguay round negotiations and the successor to GATT </li></ul><ul><li>The WTO administers the trade agreements negotiated by its members, in particular the GATT ,the GATS(general agreement of trade in services) </li></ul><ul><li>The wto builds on the organisational sturcture that had developed under GAAT </li></ul>
  67. 67. <ul><li>The WTO has a larger membership than GATT,the number of members stands at 150 </li></ul><ul><li>India is one of the founder members of the WTO </li></ul><ul><li>WTO is based in Geneva,switzerland </li></ul><ul><li>Functions-1,administering and implementing the multilateral trade agreements which together make up WTO </li></ul><ul><li>2,acting as a forum for multilateral trade negotiations </li></ul>
  68. 68. <ul><li>3.seeking to resolve trade disputes </li></ul><ul><li>4.overseeing national trade policies </li></ul><ul><li> with other international institutions involved in global economic policy making </li></ul>
  69. 69. GATT <ul><li>The general agreement on tariffs and trade, the predecessor of WTO was born as a result of the international desire to liberalise trade </li></ul><ul><li>GATT had been drawn up only as an interim agreement to fill the gap until the ITO (international trade organistion) charter was ratified </li></ul><ul><li>It became a framework for international trading system since it came in to being in 1948 </li></ul>
  70. 70. Objectives of GATT <ul><li>1.Raising the standard of living </li></ul><ul><li>2.Ensuring full employment </li></ul><ul><li>3.developing full use of resources of the world </li></ul><ul><li>4.Expansion of production and international trade </li></ul>
  71. 71. The uruguay round <ul><li>Uruguay round is the name by which the name by which the eighth round of multilateral trade negotiations (MTN s) </li></ul><ul><li>It was held under the auspices of GATT is popularly known because it was launched in Uruguay, a developing country in 1986 </li></ul><ul><li>Three basic subjects were discussed 1.reducing trade barriers and improving market access 2. strengthening GATT disciplines and 3.problems of liberalisation of trade </li></ul>