BUSINESS ADMINISTRATION
BUSINESS ENVIRONMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Politico-Legal Environment
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Economic Environment
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Socio-Cultural Environment
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Technological Environment
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Detailed explanation-1: -Politico-legal environment: Politico-legal environment constitutes all the factors related to the activities of legislature, executive and judiciary which play a leading role in shaping, directing, developing and controlling business activities.
Detailed explanation-2: -Opportunities refer to favorable external factors that could give an organization a competitive advantage. For example, if a country cuts tariffs, a car manufacturer can export its cars into a new market, increasing sales and market share.
Detailed explanation-3: -External environment factors are elements that exist outside of a company’s internal environment that can affect a company’s operations. These outside forces can help the business or present challenges to its current processes.
Detailed explanation-4: -External business environment refers to the factors/elements outside the organization which may affect, either positively or negatively, the performance of the organization.
Detailed explanation-5: -Economic environment includes all those forces which have an economic impact on business.