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Question
Explain any three features of the business environment.
Solution
All the external forces: Business Environment includes all the forces, institutions and factors which directly or indirectly affect the business organizations.
Specific and general forces: Business environment includes specific forces such as investors, customers, competitors, and suppliers. Non-human or general forces are Social, Legal, Technological. Political, etc. which affect the business indirectly.
Inter-relation: All the forces and factors of the business environment are inter-related to each other. For example with the inclination of youth towards western culture, the demand for fast food is increasing.
Uncertainty: It is very difficult to predict the changes in the business environment. As the environment is changing very fast for example in IT. fashion industry frequent and fast changes are taking place.
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