External factors of business environment are beyond control. justify the statement
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The term 'business environment' connotes external forces, factors and institutions that are beyond the control of the business and they affect the functioning of business enterprises. These include customers, competitors, suppliers, government, and the social, political, legal and technological factors etc.
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External factors of business environment are beyond control as their dynamics keep changing
Explanation:
- Ups and downs in economic cycle is difficult to predict which virtually affect their planning process in such a way that their investment locally or globally.
- social and cultural environment changes continually so that attitudes beliefs or values keeps varring and business pattern keeps affecting
- Demographic factors like population age or religious composition influence any firm's strategies plan significantly.
Learn more about external factors of business environment
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