 |  Business Environment 48 Flashcards |  Start |
 | 1 / 48 What are the specific forces that influence a business firm directly?
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| 2 / 48 Specific forces include investors, competitors, and customers.
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| 3 / 48 Business environment is described as dynamic because it ___ with changes in technology and consumer preferences.
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| 4 / 48 Keeps changing
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| 5 / 48 True or False: The complexity of the business environment means it is easy to understand it as a whole.
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| 6 / 48 False. The complexity makes it difficult to understand the business environment in totality.
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| 7 / 48 Fill in the blank: The business environment includes both ___ and ___ forces.
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| 8 / 48 Specific and general 
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| 9 / 48 Riddle: I change with technology and trends, sometimes unpredictable, what am I?
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| 10 / 48 The business environment
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| 11 / 48 What does the relativity of business environment imply?
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| 12 / 48 It implies that the impact of business environment factors differs from country to country, region to region, and firm to firm.
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| 13 / 48 What advantage does understanding the business environment provide to organizations?
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| 14 / 48 It helps organizations identify opportunities for first mover advantage, allowing them to benefit before competitors.
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| 15 / 48 Fill in the blank: Continuous study of the business environment assists firms in coping with ___ changes.
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| 16 / 48 Rapid 
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| 17 / 48 True or False: The identification of threats in the business environment is unimportant for an organization's operations.
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| 18 / 48 False. Correct knowledge of the business environment is crucial for identifying threats that may adversely affect operations.
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| 19 / 48 What role does the business environment play in resource management for a business?
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| 20 / 48 It helps businesses tap into useful resources such as capital, labor, machines, and raw materials, ensuring their availability at economical prices. 
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| 21 / 48 Riddle: I help you plan and formulate policies, and my changes can affect your strategies. What am I?
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| 22 / 48 The business environment.
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| 23 / 48 How did Bajaj Auto respond to the threats posed by new competitors in the auto industry?
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| 24 / 48 Bajaj Auto made considerable improvements in its two-wheelers to respond to the competition from Honda and other companies. 
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| 25 / 48 Fill in the blank: The New Economic Policy announced in July 1991 aimed to take India out of economic ___ and speed up development.
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| 26 / 48 Difficulty 
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| 27 / 48 What is one way that continuous monitoring of the business environment can impact organizational performance?
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| 28 / 48 It allows organizations to improve their performance by adapting to changes and challenges in the business landscape.
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| 29 / 48 What were the key objectives of the New Industrial Policy introduced in 1991?
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| 30 / 48 The main objectives were to promote Liberalization, Privatization, and Globalization.
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| 31 / 48 Fill in the blank: The role of the public sector was limited to ___ industries under the NEP, 1991.
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| 32 / 48 Four
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| 33 / 48 True or False: Under the NEP, 1991, all industries remained under strict government licensing.
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| 34 / 48 False; Only six industries were kept under the licensing scheme.
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| 35 / 48 Which body was established to promote foreign investment in India according to the NEP, 1991?
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| 36 / 48 The Foreign Investment Promotion Board (FIPB).
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| 37 / 48 Riddle: I allow foreign companies to invest without limits, and I help revive sick public sector units; what am I?
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| 38 / 48 The New Industrial Policy (NEP, 1991).
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| 39 / 48 What was a significant change in foreign investment policy under the NEP, 1991?
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| 40 / 48 100% direct foreign investment was allowed in many sectors. 
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| 41 / 48 Fill in the blank: Disinvestment was carried out in many ___ sector enterprises.
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| 42 / 48 Public
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| 43 / 48 Short answer: What does Liberalization mean in the context of the NEP, 1991?
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| 44 / 48 It means freeing Indian Industry from unnecessary government controls and restrictions, including abolishing licensing requirements and simplifying procedures.
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| 45 / 48 What are the primary components of the business environment that affect organizations?
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| 46 / 48 The primary components of the business environment include the economic environment, social environment, and technological environment.
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| 47 / 48 Fill in the blanks: Globalization leads to the integration of various economies and the emergence of a ___ global economy.
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| 48 / 48 Cohesive 
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