Business Environment Factors Quiz

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Define the term 'business environment' in the context of external forces and factors.

The term 'business environment' connotes external forces, factors and institutions that are beyond the control of the business and they affect the functioning of a business enterprise.

Explain the concept of direct and indirect influence in the business environment.

Some factors may have direct influence over the business firm, while others may operate indirectly.

List three examples of external forces that constitute the business environment.

Customers, competitors, suppliers

According to Bayard O. Wheeler, how does he define business environment?

<p>Bayard O. Wheeler defines business environment as 'the total of all things external to firms and industries which affect their organization and operation'.</p> Signup and view all the answers

What does the business environment encompass, according to Glueck and Jauch?

<p>According to Glueck and Jauch, the business environment encompasses factors outside the firm which can lead to opportunities for or threats to the firm.</p> Signup and view all the answers