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Questions and Answers
Which of the following is NOT considered an internal factor of the business environment?
Which of the following is NOT considered an internal factor of the business environment?
- Customers needs/wants and expectations
- Social trends (correct)
- Management
- Employees
What is the purpose of environmental scanning in business decision making?
What is the purpose of environmental scanning in business decision making?
- To understand the impact of dynamic business environment
- To analyze the overall business environment
- To assess the impact of various components on business (correct)
- To identify functional areas of business
Which of the following is NOT a course outcome of studying business environment?
Which of the following is NOT a course outcome of studying business environment?
- Explain the purpose of environmental scanning in business decision making
- Define nature and objectives of business and articulate its structure
- Understand the impact of dynamic business environment on the operations of business
- Identify various functional areas of business and its distinct operations (correct)
What is the meaning of 'Business Environment'?
What is the meaning of 'Business Environment'?
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What is the main objective of studying business environment?
What is the main objective of studying business environment?
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Study Notes
Business Environment
- Internal factors of the business environment include company resources, such as labor, materials, and equipment, as well as its organizational structure and culture.
Importance of Environmental Scanning
- The purpose of environmental scanning in business decision making is to identify and analyze the external factors that can impact the organization's performance and strategy.
Course Outcomes
- Studying business environment does not equip students with the skills to prepare a business plan.
Definition of Business Environment
- Business environment refers to the external and internal factors that affect the functioning and performance of a business.
Objectives of Studying Business Environment
- The main objective of studying business environment is to understand the factors that influence business operations and to develop strategies to manage them effectively.
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Description
Test your knowledge on the various factors that shape the business environment. This quiz will cover topics such as internal and external factors, market trends, economic changes, and more. Challenge yourself and see how well you understand the dynamic world of business.
