5 Questions
Which of the following best defines the domestic business environment?
The environment in which a firm operates and derives its revenues
Which of the following is NOT a factor affecting the global business environment?
Technological advancements
What does the technological environment of a business include?
All of the above
Which of the following is NOT part of the external environment that affects a business?
Internal organizational structure
What is the purpose of a business seeking to stay close to its customers and suppliers?
To improve customer satisfaction
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.
Test your knowledge of the domestic business environment with this Business 101 quiz. Explore the factors that affect businesses regardless of size or location and understand how organizations operate within the external environment. Prepare for your exam by reviewing course materials from Fall 2023.
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