BUSINESS ADMINISTRATION
BUSINESS ENVIRONMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Business Environment
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Business Firm
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Local Environment
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International Firm
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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: -External factors include political, economic, sociocultural, technological, environmental, and legal factors. These are factors that happen outside of the company but still, impact its ability to do business. Internal factors include culture changes, management changes, and employee morale.
Detailed explanation-3: -The external factors like politics, competitors, economy, customers, and weather are beyond your control but can make a huge impact on your organization’s performance and success. On the other hand, internal factors like processes, staff, culture, and financial situation can be controlled by you.
Detailed explanation-4: -Business environment is the sum total of all external and internal factors that influence a business.