BUSINESS ADMINISTRATION
BUSINESS ENVIRONMENT
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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It enables the firm to identify opportunities and getting the first mover advantage.
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It helps in tapping useful resources
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It helps in assisting in planning and policy formulation
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Detailed explanation-1: -The environment provides various inputs (resources) like finance, machines, raw materials, power and water, labour etc. The business enterprise provides outputs such as goods and services to the customers, payment of taxes to the government, interest/dividend to investors and so on.
Detailed explanation-2: -1 It enables the firm to identify opportunities and getting the first mover advantage 2 It helps the firm to identify threats and early warning signal 3 It helps in tapping various useful resources 4 It helps with copping with rapid changessensitive the management 5 It helps in planning and policy formulation.
Detailed explanation-3: -Identification, Improvement In performance, coping with rapid changes all are the indicators of importance of business environment.
Detailed explanation-4: -The term business environment means. “The aggregate of all the forces, factors and institutions which are external to and beyond the control of an individual business enterprise but which exercise a significant influence on the functioning and growth of individual enterprises.”