Explain any three features of business environment
Answers
The main features of business environment are:
1. All the external forces:
Business Environment includes all the forces, institutions and factors which directly or indirectly affect the Business Organizations.
2. Specific and general forces:
Business environment includes specific forces such as investors, customers, competitors and suppliers. Non-human or general forces are Social, Legal, Technological, Political, etc. which affect the Business indirectly.
3. Inter-relation
All the forces and factors of Business Environment are inter-related to each other. For example with inclination of youth towards western culture, the demand for fast food is increasing.
4. Uncertainty:
It is very difficult to predict the changes of Business Environment. As environment is changing very fast for example in IT, fashion industry frequent and fast changes are taking place.
5. Dynamic:
Business environment is highly flexible and keep changing. It is not static or rigid that is why it is essential to monitor and scan the business environment continuously.
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