Seven essential characteristics of business environment are: 1. Totality of External Forces 2. Specific and General Forces 3. Inter-Relatedness 4. Dynamic Nature 5. Uncertainty 6. Complexity 7. Relativity! 1. Totality of External Forces: Business Environment is the sum total of all the external factors that influence the functioning of the business. […]
Points that would help us to understand the importance of business environment are: 1. Enabling the identification of opportunities and getting the first mover advantage 2. Helping in the identification of threats and early warning signals or Radar effect 3. Tapping useful resources 4. Coping with the rapid changes 5. Assisting in planning and policy formulation 6. Improvement in performance [...]
This article provides complete information about the elements/components of business environment! […]
