Question

It is important for a business enterprise to understand it's environment.why?

Answer 1

Answer:

Points that would help us to understand the importance of business environment are: 1. Enabling the identification of opportunities and getting the first mover advantage 2. Helping in the identification of threats and early warning signals or Radar effect 3. Tapping useful resources 4. Coping with the rapid changes 5. Assisting in planning and policy formulation 6. Improvement in performance 7. Image building.

Each business firm has to exist, survive and grow in relation to the various forces of the business environment. Since business firms have no control on these forces, it has to adapt itself according to these forces.

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