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Question
Justify the following statement:
External factors of business environment are beyond control.
Solution
- Factors that influence the business policy of an organization can be divided into internal and external factors.
- The business has no control over external forces.
- These are those factors that provide opportunities or pose threats to the organization.
- Factor such as social customs, values, economic policies, technological development, political ups and downs, legislation together constitute political, social, economic, legal, and technological diversions of business. Hence, they are not in the hands of business organizations.
- Internal factors are controllable and the business unit can modify their plans, policies, etc.
(Students can give an example of social, political, legal environment to justify further)
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