Business environment notes
Answers
The business environment is a marketing term and refers to factors and forces that affect a firm's ability to build and maintain successful customer relationships.
Points to Remember
1. Business Environment Business environment as such is the total of all external forces which affect the organisation and operation of business.
2. Features/Characteristics of Business Environment
Totality of External Force Business environment includes all the external forces so it is aggregative in nature.
Specific and General Forces Business environment includes both specific and general forces. Specific forces such as investors. customers affect business directly.
General forces auch as social. political. legal and technology conditions
Inter-relatednes All the forces and factors of business are inter-related.
Dynamic Nature Business
environment is dynamic in nature. It keeps on changing whether in terms of technological unprovements.
Uncertainty Business environment is uncertain and these changes are difficult to predict
Complexity BusIness environment is difficult to understand. It can be understood easily in parts but in totality it is difficult to understand.