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Questions
What is meant by 'business environment'?
Explain the concept of 'Business Environment'
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Solution 1
A business environment refers to the aggregate of external conditions, events and resources which are outside the control of a business but interacts with it and affects its performance. For example, change in taste and preferences of consumers, change in government policies, change in political scenario, change in legal polices, all make up the business environment.
Solution 2
A business environment refers to the aggregate of external conditions, events and resources which are outside the control of a business but interacts with it and affects its performance. For example, the business environment includes changes in preferences of consumers, government policies, political scenarios and legal polices.
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| Group ‘A’ | Group ‘B’ |
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| C) Legal environment | 3) Technology |
| D) Economic environment | 4) Traditions |
| 5) WTO | |
| 6) Controlled by business | |
| 7) High cost | |
| 8) Ideology of political party |
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Which of the following is the feature of Business Environment?
Match the FEATURES of Business Environment in Column I with the appropriate EXPLANATION in Column II.
| Column I | Column II | |
| (i) | Complexity | Very difficult to predict future happenings. |
| (ii) | Specific forces | Easier to understand in parts but difficult to grasp in its totality. |
| (iii) | Uncertainty | Affect individual enterprises directly and immediately. |
|
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The above information highlights one of the features of 'Business Environment'. Identify the feature from the following:
The changes in technology and the tastes and preferences of consumers cannot be predicted Which feature of business environment is highlighted here?
Which option lists both internal and external factors from the diagram provided?
Which external forces affect all businesses broadly?
Different elements of the environment being connected to each other is called:
Why is monitoring the environment important for a business?
Which option contains only examples of environmental factors?
