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Business Environment

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Explain ‘Dynamic nature’ and ‘Uncertainty’ as features of Business Environment.

Solution

Features of Business Environment:

Dynamic nature: Business environment is dynamic as it keeps on changing in term of technological improvement, change in fashion and taste, entry of new competitors in the market, etc.
Uncertainty: Business environment is uncertain as it is very difficult to predict future happenings, especially when environment changes are taking place too frequently e.g. in case of IT and fashion industries.

Some More Questions From Business Environment Chapter

How would you characterise business environment? Explain, with examples, the difference between general and specific environment.

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.

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