Question

Briefly explain Internal Environment and External Environment of the business environment ? 5 points

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Answer 1

Answer:

The internal strengths represent its internal environment. It consists of financial, physical, human and technological resources. Financial resources represent financial strength of the company. ... Internal environment consists of controllable factors that can be modified according to needs of the external environment.

Explanation:

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Answer 2

Answer:

Internal Environment:

Survival of a business depends upon its strengths and adaptability to the environment. The internal strengths represent its internal environment. It consists of financial, physical, human and technological resources. Financial resources represent financial strength of the company. Funds are allocated over activities that maximise output at minimum cost, that is, optimum allocation of financial resources.

External Environment:

The external environment consists of legal, political, socio-cultural, demographic factors etc. These are uncontrollable factors and firms adapt to this environment. They adjust internal environment with the external environment to take advantage of the environmental opportunities and strive against environmental threats.

Business decisions are affected by both internal and external environment.

 

Explanation:

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