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Direction: Read the following text and answer the questions given below:
The Government is considering an innovative proposal to launch a single card having the features of both debit and credit card in order to improve the existing card facility and to increase the ease and usage for the consumers to carry out monetary transactions. The card will have unique advantages as it could be used for making a variety of payments like utility bills, metro and bus tickets, parking fee, etc., other than shopping and cash withdrawal facility. After this announcement was made, many banks decided to bring out a similar product i.e., a debit-cum-credit card. Your Bank Ltd., a private bank became the first one to exploit this opportunity. They launched a card called ‘DRCR Card’ in this era of increasing digitization. In order to improve their sales, a unique feature was added to the card that it could also be used for making international transactions within the home country and abroad as well. In order to meet the increasing demand of the customers and to capture the market, they planned to hire more sales force and marketing personnel to reach the end customer. They also trained their staff and prepared guidelines regarding the issue, usage, renewal, withdrawal and charges related to the new card.
Your Bank Ltd., a private bank became the first one to exploit this opportunity.” Identify which of the following importance of understanding the business environment is discussed here:
  • a)
    It helps in coping with rapid changes.
  • b)
    It enables the firm to identify opportunities and getting the first mover advantage.
  • c)
    It helps the firm to identify threats and early warning signals.
  • d)
    It helps in improving performance.
Correct answer is option 'B'. Can you explain this answer?
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Direction: Read the following text and answer the questions given bel...
Enabling the identification of opportunities and getting the first mover advantage: Business environment provides many opportunities to the firms to improve their performance. The firms which are able to scan these opportunities at an early stage get maximum benefit and can leave their competitors behind. For example, scientific research has come out with an energy efficient light bulb which lasts at least 20 times more than a normal bulb. General Electric and Phillips had identified this discovery and are coming up with their new bulbs.
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Direction: Read the following text and answer the questions given bel...
Importance of understanding the business environment discussed:
Understanding the business environment is crucial for any organization as it helps in identifying opportunities and gaining a competitive advantage. In the given text, the importance of understanding the business environment is highlighted in the following way:

Enables the firm to identify opportunities and getting the first mover advantage:
- By being aware of the market trends and consumer needs, Your Bank Ltd. was able to identify the opportunity to launch a debit-cum-credit card.
- They became the first mover in the market by exploiting this opportunity, giving them a competitive edge over other banks.
- Understanding the business environment allowed them to innovate and introduce a unique product that met the demands of the customers.
In conclusion, understanding the business environment is essential for organizations to identify opportunities, stay ahead of competitors, and capitalize on market trends. This enables businesses to adapt to changes, innovate, and ultimately succeed in the dynamic business landscape.
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Direction: Read the following text and answer the questions given below:The Government is considering an innovative proposal to launch a single card having the features of both debit and credit card in order to improve the existing card facility and to increase the ease and usage for the consumers to carry out monetary transactions. The card will have unique advantages as it could be used for making a variety of payments like utility bills, metro and bus tickets, parking fee, etc., other than shopping and cash withdrawal facility. After this announcement was made, many banks decided to bring out a similar product i.e., a debit-cum-credit card. Your Bank Ltd., a private bank became the first one to exploit this opportunity. They launched a card called ‘DRCR Card’ in this era of increasing digitization. In order to improve their sales, a unique feature was added to the card that it could also be used for making international transactions within the home country and abroad as well. In order to meet the increasing demand of the customers and to capture the market, they planned to hire more sales force and marketing personnel to reach the end customer. They also trained their staff and prepared guidelines regarding the issue, usage, renewal, withdrawal and charges related to the new card.“…order to improve the existing card facility and to increase the ease and usage …” Identify which of the following importance of understanding the business environment is discussed here

Direction: Read the following text and answer the questions given below:The Government is considering an innovative proposal to launch a single card having the features of both debit and credit card in order to improve the existing card facility and to increase the ease and usage for the consumers to carry out monetary transactions. The card will have unique advantages as it could be used for making a variety of payments like utility bills, metro and bus tickets, parking fee, etc., other than shopping and cash withdrawal facility. After this announcement was made, many banks decided to bring out a similar product i.e., a debit-cum-credit card. Your Bank Ltd., a private bank became the first one to exploit this opportunity. They launched a card called ‘DRCR Card’ in this era of increasing digitization. In order to improve their sales, a unique feature was added to the card that it could also be used for making international transactions within the home country and abroad as well. In order to meet the increasing demand of the customers and to capture the market, they planned to hire more sales force and marketing personnel to reach the end customer. They also trained their staff and prepared guidelines regarding the issue, usage, renewal, withdrawal and charges related to the new card.“In order to improve their sales, a unique feature was added to the card…” Identify which of the following importance of understanding the business environment is discussed here.

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Direction: Read the following text and answer the questions given below:The Government is considering an innovative proposal to launch a single card having the features of both debit and credit card in order to improve the existing card facility and to increase the ease and usage for the consumers to carry out monetary transactions. The card will have unique advantages as it could be used for making a variety of payments like utility bills, metro and bus tickets, parking fee, etc., other than shopping and cash withdrawal facility. After this announcement was made, many banks decided to bring out a similar product i.e., a debit-cum-credit card. Your Bank Ltd., a private bank became the first one to exploit this opportunity. They launched a card called ‘DRCR Card’ in this era of increasing digitization. In order to improve their sales, a unique feature was added to the card that it could also be used for making international transactions within the home country and abroad as well. In order to meet the increasing demand of the customers and to capture the market, they planned to hire more sales force and marketing personnel to reach the end customer. They also trained their staff and prepared guidelines regarding the issue, usage, renewal, withdrawal and charges related to the new card.“ Your Bank Ltd., a private bank became the first one to exploit this opportunity.” Identify which of the following importance of understanding the business environment is discussed here:a)It helps in coping with rapid changes.b)It enables the firm to identify opportunities and getting the first mover advantage.c)It helps the firm to identify threats and early warning signals.d)It helps in improving performance.Correct answer is option 'B'. Can you explain this answer?
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Direction: Read the following text and answer the questions given below:The Government is considering an innovative proposal to launch a single card having the features of both debit and credit card in order to improve the existing card facility and to increase the ease and usage for the consumers to carry out monetary transactions. The card will have unique advantages as it could be used for making a variety of payments like utility bills, metro and bus tickets, parking fee, etc., other than shopping and cash withdrawal facility. After this announcement was made, many banks decided to bring out a similar product i.e., a debit-cum-credit card. Your Bank Ltd., a private bank became the first one to exploit this opportunity. They launched a card called ‘DRCR Card’ in this era of increasing digitization. In order to improve their sales, a unique feature was added to the card that it could also be used for making international transactions within the home country and abroad as well. In order to meet the increasing demand of the customers and to capture the market, they planned to hire more sales force and marketing personnel to reach the end customer. They also trained their staff and prepared guidelines regarding the issue, usage, renewal, withdrawal and charges related to the new card.“ Your Bank Ltd., a private bank became the first one to exploit this opportunity.” Identify which of the following importance of understanding the business environment is discussed here:a)It helps in coping with rapid changes.b)It enables the firm to identify opportunities and getting the first mover advantage.c)It helps the firm to identify threats and early warning signals.d)It helps in improving performance.Correct answer is option 'B'. Can you explain this answer? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Direction: Read the following text and answer the questions given below:The Government is considering an innovative proposal to launch a single card having the features of both debit and credit card in order to improve the existing card facility and to increase the ease and usage for the consumers to carry out monetary transactions. The card will have unique advantages as it could be used for making a variety of payments like utility bills, metro and bus tickets, parking fee, etc., other than shopping and cash withdrawal facility. After this announcement was made, many banks decided to bring out a similar product i.e., a debit-cum-credit card. Your Bank Ltd., a private bank became the first one to exploit this opportunity. They launched a card called ‘DRCR Card’ in this era of increasing digitization. In order to improve their sales, a unique feature was added to the card that it could also be used for making international transactions within the home country and abroad as well. In order to meet the increasing demand of the customers and to capture the market, they planned to hire more sales force and marketing personnel to reach the end customer. They also trained their staff and prepared guidelines regarding the issue, usage, renewal, withdrawal and charges related to the new card.“ Your Bank Ltd., a private bank became the first one to exploit this opportunity.” Identify which of the following importance of understanding the business environment is discussed here:a)It helps in coping with rapid changes.b)It enables the firm to identify opportunities and getting the first mover advantage.c)It helps the firm to identify threats and early warning signals.d)It helps in improving performance.Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Direction: Read the following text and answer the questions given below:The Government is considering an innovative proposal to launch a single card having the features of both debit and credit card in order to improve the existing card facility and to increase the ease and usage for the consumers to carry out monetary transactions. The card will have unique advantages as it could be used for making a variety of payments like utility bills, metro and bus tickets, parking fee, etc., other than shopping and cash withdrawal facility. After this announcement was made, many banks decided to bring out a similar product i.e., a debit-cum-credit card. Your Bank Ltd., a private bank became the first one to exploit this opportunity. They launched a card called ‘DRCR Card’ in this era of increasing digitization. In order to improve their sales, a unique feature was added to the card that it could also be used for making international transactions within the home country and abroad as well. In order to meet the increasing demand of the customers and to capture the market, they planned to hire more sales force and marketing personnel to reach the end customer. They also trained their staff and prepared guidelines regarding the issue, usage, renewal, withdrawal and charges related to the new card.“ Your Bank Ltd., a private bank became the first one to exploit this opportunity.” Identify which of the following importance of understanding the business environment is discussed here:a)It helps in coping with rapid changes.b)It enables the firm to identify opportunities and getting the first mover advantage.c)It helps the firm to identify threats and early warning signals.d)It helps in improving performance.Correct answer is option 'B'. Can you explain this answer?.
Solutions for Direction: Read the following text and answer the questions given below:The Government is considering an innovative proposal to launch a single card having the features of both debit and credit card in order to improve the existing card facility and to increase the ease and usage for the consumers to carry out monetary transactions. The card will have unique advantages as it could be used for making a variety of payments like utility bills, metro and bus tickets, parking fee, etc., other than shopping and cash withdrawal facility. After this announcement was made, many banks decided to bring out a similar product i.e., a debit-cum-credit card. Your Bank Ltd., a private bank became the first one to exploit this opportunity. They launched a card called ‘DRCR Card’ in this era of increasing digitization. In order to improve their sales, a unique feature was added to the card that it could also be used for making international transactions within the home country and abroad as well. In order to meet the increasing demand of the customers and to capture the market, they planned to hire more sales force and marketing personnel to reach the end customer. They also trained their staff and prepared guidelines regarding the issue, usage, renewal, withdrawal and charges related to the new card.“ Your Bank Ltd., a private bank became the first one to exploit this opportunity.” Identify which of the following importance of understanding the business environment is discussed here:a)It helps in coping with rapid changes.b)It enables the firm to identify opportunities and getting the first mover advantage.c)It helps the firm to identify threats and early warning signals.d)It helps in improving performance.Correct answer is option 'B'. Can you explain this answer? in English & in Hindi are available as part of our courses for Commerce. Download more important topics, notes, lectures and mock test series for Commerce Exam by signing up for free.
Here you can find the meaning of Direction: Read the following text and answer the questions given below:The Government is considering an innovative proposal to launch a single card having the features of both debit and credit card in order to improve the existing card facility and to increase the ease and usage for the consumers to carry out monetary transactions. The card will have unique advantages as it could be used for making a variety of payments like utility bills, metro and bus tickets, parking fee, etc., other than shopping and cash withdrawal facility. After this announcement was made, many banks decided to bring out a similar product i.e., a debit-cum-credit card. Your Bank Ltd., a private bank became the first one to exploit this opportunity. They launched a card called ‘DRCR Card’ in this era of increasing digitization. In order to improve their sales, a unique feature was added to the card that it could also be used for making international transactions within the home country and abroad as well. In order to meet the increasing demand of the customers and to capture the market, they planned to hire more sales force and marketing personnel to reach the end customer. They also trained their staff and prepared guidelines regarding the issue, usage, renewal, withdrawal and charges related to the new card.“ Your Bank Ltd., a private bank became the first one to exploit this opportunity.” Identify which of the following importance of understanding the business environment is discussed here:a)It helps in coping with rapid changes.b)It enables the firm to identify opportunities and getting the first mover advantage.c)It helps the firm to identify threats and early warning signals.d)It helps in improving performance.Correct answer is option 'B'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of Direction: Read the following text and answer the questions given below:The Government is considering an innovative proposal to launch a single card having the features of both debit and credit card in order to improve the existing card facility and to increase the ease and usage for the consumers to carry out monetary transactions. The card will have unique advantages as it could be used for making a variety of payments like utility bills, metro and bus tickets, parking fee, etc., other than shopping and cash withdrawal facility. After this announcement was made, many banks decided to bring out a similar product i.e., a debit-cum-credit card. Your Bank Ltd., a private bank became the first one to exploit this opportunity. They launched a card called ‘DRCR Card’ in this era of increasing digitization. In order to improve their sales, a unique feature was added to the card that it could also be used for making international transactions within the home country and abroad as well. In order to meet the increasing demand of the customers and to capture the market, they planned to hire more sales force and marketing personnel to reach the end customer. They also trained their staff and prepared guidelines regarding the issue, usage, renewal, withdrawal and charges related to the new card.“ Your Bank Ltd., a private bank became the first one to exploit this opportunity.” Identify which of the following importance of understanding the business environment is discussed here:a)It helps in coping with rapid changes.b)It enables the firm to identify opportunities and getting the first mover advantage.c)It helps the firm to identify threats and early warning signals.d)It helps in improving performance.Correct answer is option 'B'. Can you explain this answer?, a detailed solution for Direction: Read the following text and answer the questions given below:The Government is considering an innovative proposal to launch a single card having the features of both debit and credit card in order to improve the existing card facility and to increase the ease and usage for the consumers to carry out monetary transactions. The card will have unique advantages as it could be used for making a variety of payments like utility bills, metro and bus tickets, parking fee, etc., other than shopping and cash withdrawal facility. After this announcement was made, many banks decided to bring out a similar product i.e., a debit-cum-credit card. Your Bank Ltd., a private bank became the first one to exploit this opportunity. They launched a card called ‘DRCR Card’ in this era of increasing digitization. In order to improve their sales, a unique feature was added to the card that it could also be used for making international transactions within the home country and abroad as well. In order to meet the increasing demand of the customers and to capture the market, they planned to hire more sales force and marketing personnel to reach the end customer. They also trained their staff and prepared guidelines regarding the issue, usage, renewal, withdrawal and charges related to the new card.“ Your Bank Ltd., a private bank became the first one to exploit this opportunity.” Identify which of the following importance of understanding the business environment is discussed here:a)It helps in coping with rapid changes.b)It enables the firm to identify opportunities and getting the first mover advantage.c)It helps the firm to identify threats and early warning signals.d)It helps in improving performance.Correct answer is option 'B'. Can you explain this answer? has been provided alongside types of Direction: Read the following text and answer the questions given below:The Government is considering an innovative proposal to launch a single card having the features of both debit and credit card in order to improve the existing card facility and to increase the ease and usage for the consumers to carry out monetary transactions. The card will have unique advantages as it could be used for making a variety of payments like utility bills, metro and bus tickets, parking fee, etc., other than shopping and cash withdrawal facility. After this announcement was made, many banks decided to bring out a similar product i.e., a debit-cum-credit card. Your Bank Ltd., a private bank became the first one to exploit this opportunity. They launched a card called ‘DRCR Card’ in this era of increasing digitization. In order to improve their sales, a unique feature was added to the card that it could also be used for making international transactions within the home country and abroad as well. In order to meet the increasing demand of the customers and to capture the market, they planned to hire more sales force and marketing personnel to reach the end customer. They also trained their staff and prepared guidelines regarding the issue, usage, renewal, withdrawal and charges related to the new card.“ Your Bank Ltd., a private bank became the first one to exploit this opportunity.” Identify which of the following importance of understanding the business environment is discussed here:a)It helps in coping with rapid changes.b)It enables the firm to identify opportunities and getting the first mover advantage.c)It helps the firm to identify threats and early warning signals.d)It helps in improving performance.Correct answer is option 'B'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice Direction: Read the following text and answer the questions given below:The Government is considering an innovative proposal to launch a single card having the features of both debit and credit card in order to improve the existing card facility and to increase the ease and usage for the consumers to carry out monetary transactions. The card will have unique advantages as it could be used for making a variety of payments like utility bills, metro and bus tickets, parking fee, etc., other than shopping and cash withdrawal facility. After this announcement was made, many banks decided to bring out a similar product i.e., a debit-cum-credit card. Your Bank Ltd., a private bank became the first one to exploit this opportunity. They launched a card called ‘DRCR Card’ in this era of increasing digitization. In order to improve their sales, a unique feature was added to the card that it could also be used for making international transactions within the home country and abroad as well. In order to meet the increasing demand of the customers and to capture the market, they planned to hire more sales force and marketing personnel to reach the end customer. They also trained their staff and prepared guidelines regarding the issue, usage, renewal, withdrawal and charges related to the new card.“ Your Bank Ltd., a private bank became the first one to exploit this opportunity.” Identify which of the following importance of understanding the business environment is discussed here:a)It helps in coping with rapid changes.b)It enables the firm to identify opportunities and getting the first mover advantage.c)It helps the firm to identify threats and early warning signals.d)It helps in improving performance.Correct answer is option 'B'. 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