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प्रश्न
State any three points of importance of business environment
State any four points that highlight the importance of business environment.
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उत्तर
Points highlighting the importance of the understanding of the environment for business enterprises:
1) Identification of opportunities and threats: The business environment is ever-evolving. Interaction with the environment and careful analysis will help a business identify positive opportunities and possible threats. An identification of the threats can enable the organization to take appropriate measures such as improving the quality and features of its mobile advertising. It enables the organization to grab these opportunities, gain maximum benefit and move ahead of its competitors.
2) Accumulating useful resources: The environment offers itself as a source of inputs such as raw material, machinery, and labor for running an organization. In return, the business supplies the environment with its output. This is possible only if the enterprises have an understanding of what the environment desires and what it can offer. Thus, it is rational for the organizations to take up those resources from the environment which can be converted to the desired output.
3) Adjusting to changes: the Business environment is dynamic in nature and is prone to numerous socioeconomic changes. A careful analysis and understanding of the environment help an enterprise to adapt to these changes and to take timely actions.
4) Improving performance: The main aim of analyzing and understanding the environment is to improve a firm’s performance and efficiency. The future of an organization depends on how closely it bonds with the environment and thrive to survive its ever-changing policies
5) Continuous Learning: Environmental analysis makes the task of managers easier in dealing with business challenges. The managers are motivated to continuously update their knowledge, understanding, and skills to meet the predicted changes in the realm of business.
6) Image Building: Environmental understanding helps the business organizations in improving their image by showing their sensitivity to the environment within which they are working. For example, in view of the shortage of power, many companies have set up Captive Power Plants (CPP) in their factories to meet their own requirement of power.
7) Meeting Competition: It helps the firms to analyze the competitors' strategies and formulate their own strategies accordingly.
8) Identifying Firm's Strength and Weakness: Business environment helps to identify the individual strengths and weaknesses in view of the technological and global developments.
संबंधित प्रश्न
Why is the understanding of business-environment important for managers? Explain with the help of any four points
What is included in the 'Legal environment' of business? State.
Select the correct option and rewrite the sentence.
Business environment has tremendous impact on __________.
Give one word/phrase/term.
A boundary less worlds where there would be flow of goods, services, information, capital and people across nation.
State whether the following statement is True or False.
External factors of business environment are controllable factors.
Compete the sentence.
______________ helps the business enterprise for overcoming challenge successfully.
Compete the sentence.
Geographical and Ecological factors are included in ____________ Environment.
Correct the underlined word and rewrite the following sentence.
External factors of business environment are controllable.
Explain the following term/concept.
Social environment.
Study the following case/situation and express your opinion.
Just after the declaration of the Lok Sabha 2014 result, the Bombay Stock Exchange Sensex rose by 1000 points in a day.
- Identify the environmental factor which led to this rise giving a reason.
- Explain any two other dimensions of the environment.
Attempt the following:
Political Environment.
Read the following text and answer the following question on the basis of the same:
The name and taste of Coca-Cola is known to almost each and every individual in India as well as throughout the world. This carbonated soft drink holds the most market share in the soft drink market and got itself a special seat in each and every gathering. The Coca-Cola Company has on occasion introduced other cola drinks under the Coke name. The most common of these are Diet Coke, along with others including Caffeine-free Coca-Cola, Diet Coke Caffeine-free, Coca-Cola Zero Sugar, Coca-Cola Cherry, Coca-Cola Vanilla and the list goes on. It has capitalized on each and every opportunity to market itself effectively and place itself in the middle of every gathering. The main reason for such an outstanding placement of product goes to the way they have established the connection between every occasion and the need for Coke to be present there, product design, and creative advertising.
Identify the feature of Business Environment which The Coca-Cola Company managed to get in their favour.
Twinkle Stars' is a well-known resort for organizing parties, especially for children. However, in past 6 months its popularity has reduced considerably as a new resort with better ambience and facilities has opened within its vicinity. Name the related feature of business environment which has influenced the business of ‘Twinkle Stars’ adversely.
Any kind of external devices, like compact discs (CD’s) for computers, have become obsolete. Google, with its Google Drive service, Apple with its icloud offering, enables the users store documents, photos, music and movies on web-based servers. Identify the feature of business environment being described in the above lines.
Match the FEATURES of Business Environment in Column I with the appropriate EXPLANATION in Column II.
| Column I | Column II | ||
| (a) | Complexity | (i) | Very difficult to predict future happenings |
| (b) | Specific forces | (ii) | Easier to understand in parts but difficult to grasp in its totality |
| (c) | Uncertainty | (iii) | Affect individual enterprises directly and immediately |
"The components of business environment keep on changing due to changes in various circumstances." This shows that business environment is ______.
Which of the following statement is incorrect:
Which of the following is an example of an external factor in the business environment?
