A reputed car manufacturing co. in the NCR is facing the problem of decline in its
market share due to its internal mismanagement. Therefore it has planned to increase
its production capacity at the gurgaon plant by manufacturing low priced eco friendly
cars for the price sensitive consumers and introducing new models with added features
for quality conscious consumers. Which Dimension of Business Environment id
mentioned above.
Answers
Answer:
A reputed car manufacturing co. in the NCR is facing the problem of decline in its
market share due to its internal mismanagement. Therefore it has planned to increase
its production capacity at the gurgaon plant by manufacturing low priced eco friendly
cars for the price sensitive consumers and introducing new models with added features
Explanation:
Dimension of Business Environment
Explanation:
Dimension of Business Environment mentioned in the given case study are:
1. Economic Environment - "NCR is facing the problem of decline in its market share due to its internal mismanagement. Therefore it has planned to increase its production capacity at the Gurgaon plant"
⇒ The economic environment consists of an economic system, economic policies and economic conditions prevailing in a country.
2. Social Environment - "by manufacturing low priced eco friendly cars for the price sensitive consumers"
⇒ Social Environment consists of social forces like traditions, values, social trends, level of education, the standard of living etc. All these forces have a vast impact on business.
3. Technological Environment - " introducing new models with added features for quality conscious consumers".
⇒ It consists of scientific improvements and innovations which provide new ways of producing goods, rendering services, new methods and techniques to operate a business. It is very important for a firm to understand the level of scientific achievements of a particular economy before introducing its products.