Question

Significance and importance of business environment

Answer 1

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Importance of Business Environment: The interaction between the business and its environment helps in identifying the opportunities for and threats to the business. it open up new frontiers of growth for the business firms. Environmental analysis makes the task of managers easier in dealing with business challenges.

Answer 2

IMPORTANCE OF BUSINESS ENVIRONMENT:

1. First mover advantage .

2. Warning signal .

3. Sensitive the management. .

4. Basic of strategy formation .

5. Image building .

6. Source of intellectual stimulation.

7. Continuous learning.