BUSINESS ADMINISTRATION
BUSINESS ENVIRONMENT
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Detailed explanation-1: -There are four basic steps you can take when analyzing an external business environment: Analyze environmental factors, such as new laws, trends, and technology. Consider all environmental factors which would affect your business and how they can be monitored.
Detailed explanation-2: -Scanning the environment to detect warning signals. Monitoring specific environmental trends. Forecasting the direction of future environmental changes. Assessing current and future environmental changes for their organizational implications.
Detailed explanation-3: -Ans: The 5 common types of business environments are-the technology environment, economic environment, social environment, market environment, and natural environment.
Detailed explanation-4: -The process of Business environment analysis involves many steps, which are as follows: Collection of necessary information. Scanning and searching of information. Getting information by spying. Forecasting the conditions.
Detailed explanation-5: -A PEST analysis (or STEP analysis) invites you to list all the relevant external forces using four headings: Political, Economic, Sociological and Technological. These are useful headings; it doesn’t matter that some items might be both political and economic (eg taxation and exchange rates).