BUSINESS ADMINISTRATION
BUSINESS ENVIRONMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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some effort of an enterprise to gain profit
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tools to gain money
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place of the business
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method to fight competitors
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Detailed explanation-1: -Meaning of Business Environment: The word ‘business environment’ indicates the aggregate total of all people, organisations and other forces that are outside the power of industry but that may affect its production.
Detailed explanation-2: -A business environment is all the components that affect a business. These include both internal factors, like employees and resources, and external factors, like customers and markets. Each of these contributes to a company’s working environment and can influence how the business functions.
Detailed explanation-3: -In any business, it is important to be aware of the actions and strategies of your competitors. A business environment enables firms to analyze their competitors’ strategies and actions. Further, they can create their own strategies accordingly.
Detailed explanation-4: -It affects the decisions, strategies, process and performance of the business. The environment is consisting of factors which are beyond the control of the business (STEP) social, technological, economical, legal and political. It provides opportunities or poses threats to the organization.