Question

The dimension of Business environment which has led to incorporation of values as part of Business Objectives​

Answer 1

Answer:

As we learned that there are various forces that affect the business environment like suppliers, customers, investors, competitors, etc. Now let’s understand the general forces that affect and shape the business environment. There are five general dimensions of the business environment. We will study each one of them in some detail

Answer 2

Answer:

Concept:

    Social, political, economic, technological, and legal environments are the five components of the business environment that have an impact on how well a company performs. The physiological environment is a key dimension of the business environment.

Explanation:

Legal Environment

•  It consists of a number of laws approved by the government, administrative orders made by government officials, judicial rulings, and decisions made by the federal, state, or local governments.
• An essential condition for the efficient operation of business and industry is legal understanding.
• Business organizations that are aware of the legal landscape are less likely to get into legal snags.

Political Environment

• It denotes that the government's measures, which may have an impact on any company's regular operations both domestically and internationally, were taken.
• Business and industrial success is dependent on how the government views them, how stable the government is, and how peaceful the nation is.

Economic Environment

• The economic environment consists of an economic system, economic policies and economic conditions prevailing in a country.
• Interest Rates, Taxes, Inflation, Stock Market Indices, Value of Rupee, Personal Disposable Income, Unemployment rate etc. are the factors which affect the economic environment

Technological Environment

• It consists of technological advancements and inventions that offer fresh approaches to creating goods, offering services, and running a business.
• Technological compatibility of products also drives the demand for manufactured products by a company.

Social Environment

• The social environment is made up of social forces such as customs, morals, fashions, levels of education, standard of living, etc. All of these factors significantly affect company.
• Tradition: It's a term used to describe societal customs that have persisted for years, such Ugaadhi, Deepavali, Id, Christmas, etc.

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