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Question
Give an example to show that a business firm operates within numerous inter related factors constituting the business environment.(Hint: example highlighting the inter relatedness of dimensions of business environment).
Solution
• All the elements of the business environment including its various dimensions of economic, legal, political, technological and social are closely interrelated to each other. A change in one of these will lead to a corresponding change.
• For example, the Government of India has introduced a new policy which focuses on using eco-friendly products for safeguarding the environment. This is a part of the political dimension of the business environment. Now the different organizations would invest in Technologies to produce efficient eco-friendly goods. This is a part of the political dimension of the business environment.
• Another example is that people are now focusing on using organic food products for health concerns. This is a part of the social dimension of the business environment. However, it presupposes an economic dimension that the people now have more disposable income than before.
Thus we can say that all the business dimensions are interrelated to each other.
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