Business Environment Flashcards
1
Q
What is business environment
A
It is the sum total of all the external factors that are outside of control of the business and are affecting the functioning of the organization
2
Q
Features of business environment (CITRUS D)
A
Complexity ( easier to understand In parts but difficult as whole)
Inter related ness (all business environment are closely interrelated)
Totality of external forces
Relativeness ( relative as it differs from region to region)
Uncertainty
Specific and general forces
Dynamic in nature
3
Q
WhT is the importance of business environment
A
It helps in improving performance Helps in coping up with rapid changes Helps in identifying opportunities and getting first mover advantage Helps in tapping useful resources Helps in identifying threats Assists in planning.
4
Q
Dimensions of business environment
A
Legal Social Political Technological Economical
