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Questions and Answers
Which of the following best defines the domestic business environment?
Which of the following best defines the domestic business environment?
- The environment in which a firm operates and derives its revenues (correct)
- The international forces that affect a business
- The political and legal factors that impact a business
- The technological factors that influence business operations
Which of the following is NOT a factor affecting the global business environment?
Which of the following is NOT a factor affecting the global business environment?
- International economic conditions
- International trade agreements
- Technological advancements (correct)
- Political unrest
What does the technological environment of a business include?
What does the technological environment of a business include?
- Human knowledge and work methods
- Physical equipment and electronic communications
- Various processing systems
- All of the above (correct)
Which of the following is NOT part of the external environment that affects a business?
Which of the following is NOT part of the external environment that affects a business?
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What is the purpose of a business seeking to stay close to its customers and suppliers?
What is the purpose of a business seeking to stay close to its customers and suppliers?
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Study Notes
Domestic Business Environment
- The domestic business environment refers to the internal and external factors that affect a business's operations within a country or region.
Global Business Environment
- The global business environment includes factors that impact a business's operations across different countries and regions.
- NOT a factor affecting the global business environment: a company's internal structure and management.
Technological Environment
- The technological environment of a business includes factors related to the development, use, and diffusion of technology, such as research and development, innovation, and the rate of technological change.
External Environment
- The external environment that affects a business includes factors such as politics, economy, society, technology, and natural environment.
- NOT part of the external environment: a company's internal structure and management.
Business Strategy
- A business seeks to stay close to its customers and suppliers to build strong relationships, respond to their needs, and gain a competitive advantage in the market.
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