BUSINESS ADMINISTRATION
BUSINESS ENVIRONMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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meet a lot of people
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know the place
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a lot of information
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foreseeing threats and warning signals
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Detailed explanation-1: -The business environment helps in understanding the threats which are likely to happen in the future. Environmental awareness can help managers identify various threats on time and serve as an early warning signal.
Detailed explanation-2: -Understanding of business environment is important for managers because, (i) It helps the firm to identify opportunities and get the first mover advantage: The ability to identifying the external opportunities early and to make the first move, makes an organisation the market leader.
Detailed explanation-3: -Early warning systems refer to technology, policies, and procedures with the main goal to predict negative crisis and can be used in a variety of environments. By its very nature, the early warning systems can use quantitative or qualitative data.
Detailed explanation-4: -Environmental awareness can help managers to identify various threats on time and serve as an early warning signal e.g., Lakme took serious steps to improve the quality and types of products as foreign multinational cosmetics companies started coming to India after 1991.