1. The term ‘business environment’ means the sum total of all ________, _________and other __________that are outside the control of a business enterprise but that may affect its performance.
Answers
Answer:
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Explanation:
MEANING OF BUSINESS ENVIRONMENT:
The term business environment means the sum total of all individuals, institutions and other forces that are outside the control of a business enterprise but that may effect its performance.
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Answer:
Individuals, Institutions and other forces
Explanation:
Value of the Business Environment
Any business' ability to adapt to changing environmental conditions and its inherent capabilities (physical, financial, human, and other resources) determine its potential to survive and succeed. Understanding the changes taking place in the environment and how they affect business organizations is crucial.
Businesses that are aware of their surroundings and prepared to adjust to environmental changes will succeed.
On the other hand, businesses that don't adapt to their surroundings aren't going to last very long.
An organization's relationship to its environment
Since businesses do not run in a vacuum, outside influences influence how they behave. These elements might be influenced by both the macro and micro environments. The external environment presents an organization with a variety of opportunities, constraints, pressures, and threats. This environment has an impact on the enterprise's design, organization, reach, and operation. The environment and the organization are closely related to one another.
The type of relationship depends on a number of factors, including an organization's size, management, ownership structure, age, and line of business, among others.
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