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Question
Answer the question.
Explain any four features of the Business Environment.
Solution
The business environment can be defined as the sum total of external factors that influence the functioning of a business enterprise. The main features of the Business Environment arc given below:
- Specific and general forces: The business environment is made up of both specific and general forces. General forces such as economic, social, political, legal conditions indirectly influence business operations. Whereas specific forces refer to customers, competitors, investors, etc. which have a direct effect on the day-to-day working of the business.
- Dynamic nature: The business environment is dynamic in nature i.e., it keeps on changing. The entry of new competitors in the market, development of new technology, shifts in the preferences of consumers are examples of environmental changes.
- Complexity: The business environment is complex because it consists of several interrelated elements that keep on changing. Many forces constitute the business environment. For example, it is difficult to know the impact of economic, social, political, technological and other forces on changes in demand for a product or service.
- Uncertainty: The business environment is very uncertain as one cannot predict future events particularly changes in technology and fashion which occur fast and frequently. Its dynamic nature makes it more challenging to handle uncertainty.
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