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Concept of Business Environment:
The term business environment refers to the combination of various factors and forces which have direct and indirect influence on the functioning and growth of individual business. These factors may be internal or external to a business unit.
According to Keith Davis, “Business environment is aggregate of all conditions, events and influences that surround and affect the business”.
Bayord O. Wheeler defines business environment as „the total of all the things, external to a business firm, which affect the organisation and its operations‟.
Arthur M. Weimer explains, “Business environment encompasses the climate or set of conditions- economic, social, political, or institutional- in which business is conducted”.
Thus, business environment can be explained as a combination of internal and external factors that have an impact on business.
Question for Concepts and Nature of Business Environment, Business environment - Concepts and NatureTry yourself: What does the term "business environment" refer to?View Solution
Nature of Business Environment:
1. Aggregative: Business environment is an aggregate of various internal and external forces which influence operations and decision making of a business.
2. Inter-related: Different elements of business environment are interdependent. A change in one element causes change in other element of the environment. For example, a change in political environment, due to change in government, leads to change in economic environment through the new fiscal and monetary policy of the government.
3. Dynamic: Business environment is dynamic in nature as it keeps on changing over the period of time.
4. General and Specific Forces: Business environment consists of various general and specific forces. General forces, such as, economic, political, natural forces affect all the business enterprises in the economy in the same manner; while specific forces, such as, competition, availability of raw material, customers, etc., influence only a particular business unit.
5. Relative: Business environment is a relative concept. It differs from country to country and region to region. The effect of environment on business depends on type of economic system and governmental set up of the country.
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FAQs on Concepts and Nature of Business Environment, Business environment - Concepts and Nature - Business Environment - B Com
| 1. What is meant by business environment? |  |
Ans. Business environment refers to the external forces and factors that affect the functioning of a business. It includes factors such as economic, social, political, technological, legal, and natural forces that impact the operations of a business.
| 2. What are the different types of business environment? | |
Ans. The different types of business environment are:
1. Internal environment - It includes factors such as the company's culture, management style, employees, and resources.
2. External environment - It includes factors such as economic, social, political, technological, legal, and natural forces.
3. Micro environment - It includes factors such as suppliers, customers, competitors, and intermediaries.
4. Macro environment - It includes factors such as economic conditions, demographic trends, technological advancements, and government policies.
| 3. Why is it important for businesses to understand the business environment? | |
Ans. It is important for businesses to understand the business environment because it helps them to identify the opportunities and threats that exist in the market. By analyzing the business environment, businesses can make informed decisions about their operations, such as product development, marketing strategies, and resource allocation. Understanding the business environment also helps businesses to adapt to changes in the market, such as new technologies, changing consumer preferences, and economic fluctuations.
| 4. How does the political environment affect businesses? | |
Ans. The political environment can have a significant impact on businesses. Government policies and regulations can affect the operations of businesses, such as taxes, trade policies, and labor laws. Political instability and corruption can also create uncertainty and instability in the market, which can affect the confidence of investors and consumers. Businesses need to be aware of the political environment and its impact on their operations to make informed decisions.
| 5. What are some technological factors that can impact businesses? | |
Ans. Technological factors can have a significant impact on businesses. Advancements in technology can create new opportunities for businesses, such as new markets, product development, and process improvements. However, technological disruptions can also pose a threat to businesses that fail to adapt to new technologies. Some technological factors that can impact businesses include automation, artificial intelligence, big data, and the internet of things.
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