Questions and Answers
Which of the following is NOT considered an external factor in the business environment?
Management
What is the purpose of environmental scanning in business decision making?
To analyze the overall business environment and assess impact of its various components on business
Which of the following is NOT a course outcome of studying business environment?
Define nature and objectives of business and articulate its structure
What does the term 'nature of business' mean?
Signup and view all the answers
What is the role of innovation in technology in the business environment?
Signup and view all the answers
Study Notes
Business Environment Factors
- Internal factors are those that occur within an organization, whereas external factors are those that affect the organization from outside.
Environmental Scanning
- The purpose of environmental scanning is to gather and analyze information about the external environment to support business decision making.
Course Outcomes
- Studying business environment helps to develop skills in analyzing and understanding the external environment, identifying opportunities and threats, and developing strategies to respond to them.
Nature of Business
- The term 'nature of business' refers to the characteristics or features of a business, such as its size, structure, and activities.
Role of Innovation
- The role of innovation in technology is to create new products, services, or processes that can provide a competitive advantage in the business environment.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
