BUSINESS ADMINISTRATION
BUSINESS ENVIRONMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Social Responsibility Approach
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Instructive Approach
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System Approach
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Creative Approach
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Detailed explanation-1: -Definition of Business Environment is sum or collection of all internal and external factors such as employees, customers needs and expectations, supply and demand, management, clients, suppliers, owners, activities by government, innovation in technology, social trends, market trends, economic changes, etc.
Detailed explanation-2: -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.”
Detailed explanation-3: -An environmental analysis helps organizations identify internal and external elements that can either negatively or positively impact their business. By looking at factors, such as the economy and technology, businesses can anticipate potential opportunities and threats.
Detailed explanation-4: -Components of Business Environment – Economic Environment, Technological Environment, Social Environment, Demographic Environment and a Few Others. The general environment of an organisation is made up of vital components such as economic, technological, social, demographic, political and legal and global forces.