Question

Describe various elements of contemporary business environment.

Answer 1

Answer:

The five elements in the business environment are the economic and legal environment, the technological environment, the competitive environment, the social environment, and the global business environment (Nickels, McHugh & McHugh, 2016). The economic and legal environment involves currency, taxes, and freedom of ownership. This involves things like whether things are worth investing in, the risk to profit ratio, and the freedom to own things. The technological environment includes things like information technology, databases, the internet, and bar codes. This category affects everything from banking to using the internet at home and on your mobile devices. The competitive environment involves customer service, stakeholder recognition, employee service, and concern for the environment. This has a lot to do with personal interaction in the business world. The social environment involved diversity, demographic changes and family changes. The global environment involves global competition and free trade and encompasses most of the other environments as a whole.

Answer 2

Hello !

  According to the most common type of analysis, the PESTLE analysis, there are six such elements that a business must be aware of: political, economic, social, technological, legal and environmental. Economic and legal factors are sometimes grouped together, giving five broad elements of the business environment.

Hope It Helps u :)