Business has broadly two relationships with a. Natural Environment b. Economical Environment c. Financial Environment d. Political Environment
Answers
Answer:
Following are Two types of business environment:
1) Internal Business Environment.
2) External Business environment.
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The Elements of the General Environment: PESTEL Analysis
An organization’s environment includes factors that it can readily affect as well as factors that largely lay beyond its influence. The latter set of factors are said to exist within the general environment. Because the general environment often has a substantial influence on an organization’s level of success, executives must track trends and events as they evolve and try to anticipate the implications of these trends and events
P: Political factors include elements such as tax policies, changes in trade restrictions and tariffs, and the stability of governments.
E: Economic factors include elements such as interest rates, inflation rates, gross domestic product, unemployment rates, levels of disposable income, and the general growth or decline of the economy.
S: Social factors include trends in demographics such as population size, age, and ethnic mix, as well as cultural trends such as attitude toward obesity and consumer activism.
T: Technological factors include, for example, changes in the rate of new product development, increases in automation, and advancements in service industry delivery.
E: Environmental factors include, for example, natural disasters and weather patterns.
L: Legal factors include laws involving issues such as employment, health and safety, discrimination, and antitrust.