Business Environment

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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)

<p>The collection of all internal and external factors affecting a business (B)</p> Signup and view all the answers

<p>To analyze the overall business environment (A)</p> Signup and view all the answers

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Internal factors of the business environment include company resources, such as labor, materials, and equipment, as well as its organizational structure and culture.

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.

Studying business environment does not equip students with the skills to prepare a business plan.

Business environment refers to the external and internal factors that affect the functioning and performance of a business.

The main objective of studying business environment is to understand the factors that influence business operations and to develop strategies to manage them effectively.