Description
Examine the different environments in which businesses operate, to include social, technological, economic, legal, and market environments.
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Explanation & Answer
Attached.
Exercise 1: The table below contains cells where you can insert the elements for each type
of environment: (a) the characteristics of the environment as it relates to the business and
(b) a description about how the environment impacts the business. For Exercise 1, your
answers should focus on the following type of business: a retail business with clothing and
other apparel.
In your own words, complete the table below by inserting the appropriate elements.
Environment
List the characteristics of
the environment as it
relates to the business (at
least three each)
Briefly describe how the
environment impacts the
business (at least four
sentences each)
Social
1. fashion trends
2. negative publicity
3. recycled material
Often, consumers will
consider where their money
is going and what the same
money is supporting. For
example, many consumers
will support the seller
directly or indirectly
contribute to a social cause.
Conversely, consumers will
ignore retailers who engage
in unethical practices.
Basically, the social
environment can
significantly impact a retail
business significantly.
Technological
1. online shopping
2. location based
advertising
3.mobile payment
The technological
environment has the ability
to increase and reduce sales.
This type of environment
undermines the traditional
ways of shopping and
trading. With technology,
consumers will therefore
challenge the retailers to
adopt the same
technologies. Thus, the
retai...
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