Question

Concept nature and significance of business environment

Answer 1

concept of business environment:

Business environment means the sum total of all individuals, institutions & other forces that are outside the control of a business enterprise, but that may affect it's performance.

Nature of business environment :

1.Totality of external forces

2.Specific & General Forces

3.Inter-relatedness

4.Dynamic Nature

5.Relativity

Significance of business environment:

• It enables the firm to identify opportunities and getting the first mover advantage .
• help the firm to identify threats and early warning signals
• help in tapping useful resources
• help in cropping with Rapid changes
• help in assisting in planning and policy formulation .

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