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Business studies-Business Environment Exam preparation

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Key Notes CHAPTER – 3 BUSINESS ENVIRONMENT • • • Business environment can be defined as those forces, individuals and institutions who have the ability to influence the working of an organization. Features of Business Environment: (a) Totality of external forces: Business environment is the sum total of all the forces/factors external to a business firm. (b) Specific and general forces: Business environment includes both specific and general forces. Specific forces include investors, competitors, customers etc. who influence business firm directly while general forces include social, political, economic, legal and technological conditions which affect a business firm indirectly. (c) Inter-relatedness: All the forces/factors of a business environment are closely interrelated. For example, increased awareness of health care has raised the demand for organic food and roasted snacks. (d) Dynamic: Business environment is dynamic in nature which keeps on changing with the change in technology, consumer’s fashion and tastes etc. (e) Uncertainty: Business environment is uncertain as it is difficult to predict the future environmental changes and their impact with full accuracy. ...
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Really useful study material!

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