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Business Environment

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Questions and Answers

Which of the following is NOT considered an external factor in the business environment?

Employees

Management (correct)

Market trends

Customers needs/wants and expectations

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 (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

Which of the following is NOT a course outcome of studying business environment?

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)

What does the term 'nature of business' mean?

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

What is the role of innovation in technology in the business environment?

<p>To meet the needs and expectations of customers</p> 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.

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Description

Test your knowledge on the various factors that shape the business environment. This quiz will cover topics such as internal and external factors, market trends, economic changes, and more. Challenge yourself and see how well you understand the dynamic world of business.