Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
9 Cards in this Set
- Front
- Back
|
Business environment |
Means the sum total of all individuals or Institutions and other forces that are outside the control of a business enterprise but that may affect its performance |
|
|
Dimensions or components or elements of business environment |
Economic social political legal technological |
|
|
Economic environment |
Change in disposable income of people inflation rates interest rates value of Rupee stock market indices |
|
|
Social environment |
Customs and traditions Values Social trends Society's expectation from business |
|
|
Political environment |
General stability of the government peace in the country specific attitude that elected government representatives hold towards business |
|
|
Legal environment |
Legislations passed by the government administrative orders issued by government authorities Court judgements decisions rendered by various Commission and Agencies at every level of the government Centre ,state or local |
|
|
Technological environment |
Scientific improvements and innovations which provide new ways of producing goods and services
new methods and techniques of operating a business |
|
|
Features or characteristics of business environment |
1 Totality of external forces 2 specific and general forces 3 interrelatedness 4 dynamic nature 5 uncertainty 6 complexity 7 relativity |
|
|
Importance of business environment |
1 Help the form to identify opportunities and getting the first mover advantage 2 helps the firm to identify threats and early warning signals 3 helps in assisting in planning and policy formation 4 helps in tapping useful resources 5 helps in coping with Rapid changes 6 helps in improving performance |
