Everything you need to know about the business environment. Business environment means the factors/activities those surround/encircle the business. In other words, business environment means the factors that affect or influence the business. Business Environment refers to all those external forces, such as economic, social, political, regulatory, technological, natural and competitive factors which affects the business. According to Arthur W. Weimer- [...]
Everything you need to know about the types of business environment. The term 'environment' connotes external forces, factors and institutions that affect a business enterprise. It means the external conditions or forces within which a business firm operates. It includes all factors which are external to and beyond the control of individual business enterprises and their managements. Thus, business environment [...]
An assessment of the operating environment of business firms is the core. The students, managers and entrepreneurs need to study business environment for the following reasons:
a. Understanding the nature of environment:
An analysis of environment enables business firms to understand that today's environment is turbulent, complex and dynamic, and hence they cannot afford to remain passive to the fast-paced changes taking place.
This article provides information about the important Characteristics and types of Business Environment:
In a broad sense, environment means which is external to and within which some entity exists. No one is an island unto himself. No business functions in a vacuum. In simple terms, environment refers to the surroundings, external objects, influences or circumstances under which someone or something exists. Famous management scientist Keith Davis has defined environment as "the aggregate of all conditions, events and influences that surround and affect it."
This article provides information about the Impact of Environment on Business:
Business is highly influenced by its environment, and at times tries to influence the environment also. Individual firm is normally not in a position to influence the environment (though as an exception Lloyd's of London can be mentioned to influence maritime insurance market), but collectively they do through industry associations, like Federation of Indian Chambers of Commerce and Industry, Confederation of Indian Industry, ASSOCHAM.