Advertisements
Advertisements
प्रश्न
State any three points of importance of business environment
State any four points that highlight the importance of business environment.
उत्तर
Points highlighting the importance of the understanding of the environment for business enterprises:
1) Identification of opportunities and threats: The business environment is ever-evolving. Interaction with the environment and careful analysis will help a business identify positive opportunities and possible threats. An identification of the threats can enable the organization to take appropriate measures such as improving the quality and features of its mobile advertising. It enables the organization to grab these opportunities, gain maximum benefit and move ahead of its competitors.
2) Accumulating useful resources: The environment offers itself as a source of inputs such as raw material, machinery, and labor for running an organization. In return, the business supplies the environment with its output. This is possible only if the enterprises have an understanding of what the environment desires and what it can offer. Thus, it is rational for the organizations to take up those resources from the environment which can be converted to the desired output.
3) Adjusting to changes: the Business environment is dynamic in nature and is prone to numerous socioeconomic changes. A careful analysis and understanding of the environment help an enterprise to adapt to these changes and to take timely actions.
4) Improving performance: The main aim of analyzing and understanding the environment is to improve a firm’s performance and efficiency. The future of an organization depends on how closely it bonds with the environment and thrive to survive its ever-changing policies
5) Continuous Learning: Environmental analysis makes the task of managers easier in dealing with business challenges. The managers are motivated to continuously update their knowledge, understanding, and skills to meet the predicted changes in the realm of business.
6) Image Building: Environmental understanding helps the business organizations in improving their image by showing their sensitivity to the environment within which they are working. For example, in view of the shortage of power, many companies have set up Captive Power Plants (CPP) in their factories to meet their own requirement of power.
7) Meeting Competition: It helps the firms to analyze the competitors' strategies and formulate their own strategies accordingly.
8) Identifying Firm's Strength and Weakness: Business environment helps to identify the individual strengths and weaknesses in view of the technological and global developments.
संबंधित प्रश्न
What is meant by 'business environment'?
Beni, after completing her MBA, took up a job with a multinational company named 'Fortio'. The company was paying good salary and perks to its employees. The wages were within the paying capacity of the company the provided the employees a reasonable standard of living. The company also had a good work-culture and the behaviour of superiors was very good towards their subordinates. Beni was very happy in this organisation, but due to long working hours, she did not have time to cook her meal. She had to depend upon outside food, which was deteriorating her health. She observed that this problem was faced by many of her colleagues, not only in her company but also in many other companies. This was because of increase in the number of working women and non-availability of hygienic home-cooked food. She identified this as a great opportunity and decided to give up her job to supply packaged home-cooked food to office goers at a reasonable price. At the end of the day, she was also distributing the left-over food in the nearby night-shelters
a. State the dimension of the business environment being discussed above.
b. State the principle of management being followed by 'Fortio'.
c. Identify any two values being communicated by the company to the society in the
above case.
What is included in the 'political environment' of business? State.
Why is the understanding of business-environment important for managers? Explain with the help of any four points
Select the correct option and rewrite the sentence.
Privatization implies reduction in the role of ___________ sector.
Give one word/phrase/term.
The environmental of business that includes customs and traditions, values, social trends.
State whether the following statement is True or False.
Business is the product of different environmental factors.
Compete the sentence.
______________ helps the business enterprise for overcoming challenge successfully.
Correct the underlined word and rewrite the following sentence.
External factors of business environment are controllable.
Explain the following term/concept.
Social environment.
Study the following case/situation and express your opinion.
Make in India is an initiative launched by the government of India. It focuses on job creation and skill development and it is in twenty-five sectors of the economy. Under the initiative, brochures on these sectors and web portal were released. The initiative aims at high quality standards and minimizing the impact on the environment. It also seeks to attract foreign capital investment in India.
- Identify dimensions of the business environment.
- Comment on it.
Study the following case/situation and express your opinion.
The government of India is seriously thinking to allow oil marketing under the public sector, by fixing their own price for petroleum products.
- Name the economic reform related to this decision.
- Name the other two reforms recommended in the new economic policy.
Attempt the following:
Economic Environment.
Attempt the following:
Political Environment.
Which of the following does not characterise the business environment?
What creates fear in the minds of investors to invest in long term projects?
Business environment is a group of powers.
The sum total of all individuals, institutions and other forces that are outside the control of a business enterprise but that may affect its performance is known as ______.
Which of the following does not characterise the business environment?
Since more number of people have become more beauty and health conscious, our economy has witnessed an unprecedented surge in the number of health and beauty spas and wellness clinics. Related feature of business environment being described in the above lines is-
"The components of business environment keep on changing due to changes in various circumstances." This shows that business environment is ______.
Which of the following is the feature of Business Environment?
"The increase in the demand for many ayurvedic medicines, health products and services in the past few months, is related to the need for building immunity and an increased awareness for health care due to the spread of Corona Virus." Identify the feature of business environment being described above.
Match the FEATURES of Business Environment in Column I with the appropriate EXPLANATION in Column II.
| Column I | Column II | |
| (i) | Complexity | Very difficult to predict future happenings. |
| (ii) | Specific forces | Easier to understand in parts but difficult to grasp in its totality. |
| (iii) | Uncertainty | Affect individual enterprises directly and immediately. |
Which characteristic of the business environment is highlighted when changes are taking place too frequently and it becomes difficult to predict the future?
The changes in technology and the tastes and preferences of consumers cannot be predicted Which feature of business environment is highlighted here?
