Business Environment

Play Quiz

Study Flashcards

Spaced Repetition

Chat to Lesson

Podcast

Play an AI-generated podcast conversation about this lesson

To analyze the overall business environment and assess impact of its various components on business (correct)
To understand the impact of dynamic business environment on the operations of business
To identify various functional areas of business
To define the nature and objectives of business

Understand the impact of dynamic business environment on the operations of business
Identify various functional areas of business and its distinct operations
Explain the purpose of environmental scanning in business decision making
Define nature and objectives of business and articulate its structure (correct)

<p>The structure and objectives of a business (D)</p> Signup and view all the answers

<p>To meet the needs and expectations of customers (A)</p> Signup and view all the answers

Factors like technology, economy, and government regulations that influence a business's success.

Monitoring the external environment to understand its potential impact on the business.

The structure, goals, and purpose of a business.

The use of new technologies and ideas to meet customer demands.

Signup and view all the flashcards

A business's overall environment. This includes internal factors like management and external factors like the economy.

Signup and view all the flashcards

Internal factors are those that occur within an organization, whereas external factors are those that affect the organization from outside.

The purpose of environmental scanning is to gather and analyze information about the external environment to support business decision making.

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.

The term 'nature of business' refers to the characteristics or features of a business, such as its size, structure, and activities.

The role of innovation in technology is to create new products, services, or processes that can provide a competitive advantage in the business environment.