BUSINESS ADMINISTRATION
BUSINESS ENVIRONMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Economics Environment
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Social Environment
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Political Environment
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Legal Environment
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Detailed explanation-1: -There are 5 dimensions to business environment. These are economic, social, legal, political and technological.
Detailed explanation-2: -Answer: The various features of business environment which are highlighted in the above case are: Specific and general forces.
Detailed explanation-3: -Dimensions of the business environment include economic, social, technological, political and legal conditions which are considered relevant for decision-making and improving the performance of an enterprise. Economic Environment comprises of factors that can affect management practices ina business enterprise.
Detailed explanation-4: -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.