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which dimensions of Business Environment
is highlighted here.
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Dimensions of Business Environment
Economic environment It consists of economic factors that influence the business in a country. It consists of the factors and forces concerning with means of production and distribution of wealth, e.g. Gross Domestic Product, inflation rate, money supply, etc.
Social environment It describes the characteristics of the society in which theorganisation exists. The social environment consists of customs and traditions, social trends, values, etc. –
Political environment It is the outcome of a combination of various ideologies advocated by different political parties. It includes political conditions such as general stability and peace in the country and the political attitude of elected government towards business.
Legal environment It consists of legislation that is passed by the Parliament and state legislatures. Legal environment consists of the legal framework within which business has to function, including legislation passed by the government, administration orders, court judgement, etc.
Technological environment It includes forces relating to scientific improvements and innovations, which provide new ways of production of goods and services and new methods and techniques of operating a business.
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