. What is meant by business environment? What is its significance. Describe briefly economic and non economic components of business environment.
Answers
Business environment encompasses all those factors that affect a company's operations and includes customers, competitors, stakeholders, suppliers, industry trends, regulations other government activities, social and economic factors and technological developments..
Business environment - Significance and its components
Business environment means combination of internal and external factors which affects the functioning of the company's operation.
Significance of business environment are the following:
• Business environment helps the firm in identifying the opportunities and threats.
• It also helps the firm to improve the performance.
Components of business environment are the following:
Economic environment includes economic system, economic policies and economic condition of a country.
Non-economic environment includes Natural, social& cultural, demographic, political , technological, legal and international environments of business.
To know more:
How would you characterise business environment? Explain, with examples, the difference between general and specific environment.
https://brainly.in/question/9234152