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Question
Study the following case/situation and express your opinion.
Anchor company manufacturing light tubes increased expenditure on Scientific Research and Development and discovered a technology that made it possible to produce an energy-efficient light tube that lasts at least twenty times as long as a standard tube. It resulted in the growth and profitability of the company.
- Identify the dimension of the business environment.
- State importance of the business environment.
Solution
- Technological Environment: Scientific research for innovation in product increased its production and it resulted in the growth and profitability of the company. The internal environment of the company led to growth and profitability.
- The business environment helps in determining opportunities and threats, identify firms' strengths and weaknesses, continuous learning, image building, meeting competition and give direction for growth.
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