Question

What is business environment explain need and importance?

Answer 1

The definition of business environment means all of the internal and external factors that affect how the company functions including employees, customers, management, supply and demand and business regulations.
firm to identify opportunities and getting the first mover advantage: Early identification of opportunities helps an enterprise to be the first to exploit them instead of losing them to competitors. For example, Maruti Udyog became the leader in the small car market because it was the first to recognize the need for small cars in India.

firm to identify threats and early warning signals: If an Indian firm finds that a foreign multinational is entering the Indian market it should gives a warning signal and Indian firms can meet the threat by adopting by improving the quality of the product, reducing cost of the production, engaging in aggressive advertising, and so on.

Coping with rapid changes: All sizes and all types of enterprises are facing increasingly dynamic environment. In order to effectively cope with these significant changes, managers must understand and examine the environment and develop suitable courses of action.

Improving performance: the enterprises that continuously monitor their environment and adopt suitable business practices are the ones which not only improve their present performance but also continue to succeed in the market for a longer period.

Hope this helps..

Answer 2

Business environment:

• The business environment refers to the addition of internal and external factors like customer demands, employees, clients, owners, demand and supply, market trends, change in technology, etc.
• They are needed to identify the planning assistance, business opportunities, finding useful resources to improve the performance, growth and profit of the company.
• In this environment every "business organisation" runs a "distinctive environment", as it cannot exist in isolation.
• Such an "environment influence business" and also gets affected by its activities.

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