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प्रश्न
What are the five key points that highlight the significance of Environmental scanning in guiding organisations to adapt to rapidly changing business environment?
उत्तर
Importance of business environment:
- Identify opportunities: Recognizing favourable external factors that a company can exploit to its advantage. Identifying opportunities allows businesses to capitalize on new markets, innovate their products or services, and gain a competitive edge.
- Identify threats: Recognizing external factors that could negatively impact the company's performance helps businesses develop strategies to mitigate risks and protect their market position.
- Use resources: Efficiently and effectively utilizing the company’s resources to achieve its objectives. Understanding the business environment helps companies allocate their resources optimally, ensuring that they are used where they can have the most significant impact.
- Cope with changes: Business leaders are expected to cope with rapid changes in the environment. In order to decide the direction and nature of change the leaders need to understand the aspirations of people and other environmental forces through environmental scanning. For example, the contemporary environment requires prompt decision-making and power to people.
- Planning and policy: Developing strategies and policies to guide the company’s operations and achieve its goals. A thorough understanding of the business environment is essential for effective planning and policy-making. It ensures that the company’s plans are realistic and aligned with external realities.
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संबंधित प्रश्न
Why is management considered as a science?
Distinguish between the following.
Political Environment and Legal Environment.
Justify the following statement:
Adequate knowledge of rules and regulations is essential for better business performance.
Attempt the following:
Importance of business environment.
Read the following text and answer the following question on the basis of the same:
The name and taste of Coca-Cola is known to almost each and every individual in India as well as throughout the world. This carbonated soft drink holds the most market share in the soft drink market and got itself a special seat in each and every gathering. The Coca-Cola Company has on occasion introduced other cola drinks under the Coke name. The most common of these are Diet Coke, along with others including Caffeine-free Coca-Cola, Diet Coke Caffeine-free, Coca-Cola Zero Sugar, Coca-Cola Cherry, Coca-Cola Vanilla and the list goes on. It has capitalized on each and every opportunity to market itself effectively and place itself in the middle of every gathering. The main reason for such an outstanding placement of product goes to the way they have established the connection between every occasion and the need for Coke to be present there, product design, and creative advertising.
In the context of the above given case, identify one valid importance of Business Environment.
Which of the following best indicates the importance of the business environment?
'The current government initiated Make in India Programme which is good for the manufacturing sector.'
Out of the following, identify the component of Business Environment quoted in the above lines:
Assertion (A): The business environment helps in understanding the threats which are likely to happen in the future.
Reason (R): Environmental awareness can help managers to identify various threats on time and serve as an early warning signal
| “Dolma’ and ‘Una’ were gardeners with decades of hands-on experience. They were the first ones to recognise the need of indoor gardens specially for plant-lovers living in apartments. They took advantage of this opportunity and decided to offer beautiful designing ideas for indoor gardening through their innovative venture ‘My Space’. ‘My Space’ offered creative ideas like ‘Garden wall’, "Hanging Garden', ‘Window Garden’, “Book-shelf garden’ and many more. Since there were no competitors they soon became the market leaders in the field. |
From the following points, identify the importance of Business-Environment high lighted above:
An awareness of business environment enables an enterprise to take advantage of early opportunities instead of losing them to competitors.
Which benefit of understanding the business environment is highlighted in the above statement?
