BUSINESS ADMINISTRATION
BUSINESS ENVIRONMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Uncertainty
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Complexity
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Relativity
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Inter-relatedness
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Detailed explanation-1: -(vii) Relativity: Business environment is a relative concept since it differs from country to country and even region to region. Political conditions in the USA, for instance, differ from those in China or Pakistan.
Detailed explanation-2: -Relativity: Business environment is a relative concept whose impact differs from country to country, region to region and firm to firm. For example, a shift of preference from soft drinks to juices will be welcomed as an opportunity by juice making companies while a threat to soft drink manufacturers.
Detailed explanation-3: -Answer: Interrelatedness. 5. ‘Business environment is related to local conditions’.
Detailed explanation-4: -The components of a business environment can be media, customers, government, economic conditions, suppliers, competitors etc.