define business environment and its feature
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Answer:
Features of Business Environment
The business environment is the total of all factors external to the business firm and that greatly influences their functioning. It covers factors and forces like customers, competitors, suppliers, government, and the social, cultural, political, technological and legal condition
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Business Environment means a collection of all individuals, entities and other factors, which may or may not be under the control of the organisation, but can affect its performance, profitability, growth and even survival.
The feature are of 6 types
1) Dynamic: The environment in which the business operates changes continuously because there is a wide variety of factors that exist in the environment, causing it to change its shape and character.
2) Complex: There are many forces, events and conditions that constitute business environment, arising from various sources. So, it is a bit difficult to understand the relative influence of a particular factor, on the operation of the organisation.
3) Uncertain: Uncertainty is an inherent characteristic of the business environment because no one can predict what is going to happen in future.
4) Multi-faceted: A single change in the business environment, can be viewed differently by different observers because their perceptions vary.
5) Far-reaching Impact: The survival, growth and profitability, of a business enterprise, depends largely on the environment in which it exists. A small change in the environment has a far-reaching impact on the organisation in different ways.
6)Relative: The notion of a business environment is relative since it varies from one location to another.
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