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Business Environment
What do you mean by external environment?
External environment includes all those factors which influence business and exist outside the business. Business has no control over these factors. The information about these factors is important for the study of the external environment. Some of these factors are those with which a particular company has very close relationship, e.g. customers, suppliers, competitors, etc. However, there are some other factors which influence the entire business community, e.g. political environment, economic environment, etc.
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Explain, with examples, the various dimensions of business enviornment.
How is business environment helpful in the ‘improvement of performance’?
How ‘first mover advantage’ is made available by the business environment? Give an example.
Explain ‘Dynamic nature’ and ‘Uncertainty’ as features of Business Environment.
Business environment includes both 'specific and general forces'. List any four specific forces.
Why is business environment known as ‘totality of external forces’?
‘Nothing can be said with any amount of certainty about the factors of the business environment.’ Why?
Is the effect of various factors of business environment on business can be recognised separately?
Explain ‘Relativity’ as one of the characteristics of business environment.
'The understanding of business environment helps the managers to identify threats'. What is meant by 'threats' here?
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