Business Environment Factors Quiz
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Questions and Answers

What is the main function of business environment according to the text?

  • Maximizing profits
  • Investigating customer preferences
  • Establishing global partnerships
  • Identifying opportunities and threats (correct)
  • How does understanding the dimensions of business environment benefit a business?

  • By determining opportunities and threats (correct)
  • By predicting future technologies
  • By increasing customer satisfaction
  • By reducing taxes
  • In what way does business environment assist in overcoming challenges?

  • By controlling market demand
  • By providing financial support
  • By identifying strengths and weaknesses (correct)
  • By eliminating competitors
  • What does the interaction between business and its environment help in uncovering?

    <p>Opportunities and threats</p> Signup and view all the answers

    What does business environment help in identifying?

    <p>Firm's strength and weakness</p> Signup and view all the answers

    What does the term 'business environment' generally refer to?

    <p>External factors impacting a business</p> Signup and view all the answers

    According to William F. Glueck, what does the business environment help strategists monitor?

    <p>Technological advancements and geographic factors</p> Signup and view all the answers

    How do Bayard O. Wheeler and William F. Glueck define the business environment?

    <p>As all things external to a firm that affect its operations</p> Signup and view all the answers

    In what way do environment factors of constraints impact businesses?

    <p>By being completely external and beyond an enterprise's control</p> Signup and view all the answers

    According to Barry M. Richman and Melvyan Copen, what do environment factors offer to firms?

    <p>Opportunities for growth and expansion</p> Signup and view all the answers

    What makes up the business environment according to the text?

    <p>A combination of external factors like economic conditions, natural elements, and global trends</p> Signup and view all the answers

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