Eco-friendly products are gaining power as the consumers’ awareness about
environmental issues has increased over the years and they are conscious about choosing
products that do not have adverse effects on the environment. They are now more
conscious about the carbon emission and climate change effects, and want themselves to
be ‘seen’ as a green advocate among their peers. In such a scenario, it has become a
challenge for the companies as they have to not only meet the needs of the consumers but
also ensure that their products are safe and environment friendly. As a result, there is
growing need for better and advanced technologies to works as a catalyst in this regard.
1. Identify the relevant feature of business environment being discussed above.
2. Describe briefly any three points which highlight the importance of business environment and its understanding by managers.
Answers
1. Ans: Environmental issues have increased over the years and they are conscious about choosing products that do not have adverse effects on the environment.
They are now more conscious about the carbon emission and climate change effects. and also ensure that their products are safe and environment friendly
2. Ans: Understanding of business environment is important for managers because Environmental awareness can help managers to identify various threats on time and serve as an early warning signal.
It helps in tapping useful resources: Environment is the source of all resources a business needs for its operation.
Business environment helps in identifying business opportunities, tapping useful resources, assists in planning, and improves the overall performance, growth, and profitability of the business.
There are various types of Business environments like Microenvironment and Macroenvironment.