Class 12 ISC: Business Environment
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Class 12 ISC: Business Environment

Test your knowledge of business environment analysis, including its primary purpose, characteristics, and factors that affect a business. Identify social factors, external influences, and more.

Created by
@LucrativeOklahomaCity

Questions and Answers

What is the primary purpose of business environment analysis?

To identify business opportunities and threats

Which of the following is NOT a characteristic of a dynamic business environment?

Stability and routine

What is the term for the process of identifying and evaluating the external factors that affect a business?

Environmental scanning

Which of the following is an example of a social factor that can affect a business?

<p>Shifts in consumer preferences</p> Signup and view all the answers

What is the term for the overall set of external factors that affect a business?

<p>Business environment</p> Signup and view all the answers

Study Notes

Business Environment Analysis

  • The primary purpose of business environment analysis is to identify and evaluate the external factors that affect a business.

Characteristics of Business Environment

  • A dynamic business environment is characterized by constant change, uncertainty, and complexity.

External Factors Affecting Business

  • The process of identifying and evaluating the external factors that affect a business is called environmental scanning or environmental analysis.
  • Social factors that can affect a business include demographics, lifestyle, culture, and consumer behavior.
  • Examples of social factors that can affect a business include changes in population demographics, increase in health consciousness, and shift in lifestyle.

Business Environment

  • The overall set of external factors that affect a business is called the business environment.
  • The business environment includes factors such as social, technological, economic, and political (STEP) factors.
  • Understanding the business environment is crucial for businesses to develop effective strategies and make informed decisions.

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