Question

1)
Define the term Business Environment​

Answer 1

Market environment and business environment are marketing terms that refer to factors and forces that affect a firm's ability to build and maintain successful customer relationships

What is meant by business environment?

What is meant by business environment?Business environment is the sum totals of all factors external to the business firm and that greatly influence their functioning. • It covers factors and forces like customers, competitors, suppliers, government, and the social, cultural, political, technological and legal conditions.

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Answer 2

Definition of Business Environment is sum or collection of all internal and external factors such as employees, customers needs and expectations, supply and demand, management, clients, suppliers, owners, activities by government, innovation in technology, social trends, market trends, economic changes, etc. These factors affect the function of the company and how a company works directly or indirectly. Sum of these factors influences the companies or business organisations environment and situation.


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