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Business Environment

Question

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With change in the consumption habit of people, Neelesh, who was running a sweet shop shifted to chocolate business. On the eve of diwali he offered chocolate in attractive packages at reasonable price. He anticipated huge demand and created a website chocolove.com for taking order online. He got lot of orders online and earned huge profit by selling chocolates. Identify and explain the dimensions of business environment discussed in the above case.

Solution

Social Environment: It includes social forces like custom and tradition, values, social trends and society’s expectation from business.
Technological environment: It includes forces relating to scientific improvement and innovation which provide new ways of producing goods & services and new methods and techniques of operating a business.

Some More Questions From Business Environment Chapter

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?

'The understanding of Business Environment enables the firm to identify opportunities'. What is meant by ‘opportunities’ here?

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