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Questions and Answers
What is the primary purpose of business environment analysis?
What is the primary purpose of business environment analysis?
- To evaluate the performance of a company's management
- To determine the company's financial goals
- To analyze the strengths and weaknesses of a company
- To identify business opportunities and threats (correct)
Which of the following is NOT a characteristic of a dynamic business environment?
Which of the following is NOT a characteristic of a dynamic business environment?
- Uncertainty and unpredictability
- Interconnectedness and interdependence
- Stability and routine (correct)
- Change and turbulence
What is the term for the process of identifying and evaluating the external factors that affect a business?
What is the term for the process of identifying and evaluating the external factors that affect a business?
- SWOT analysis
- Competitor analysis
- Market research
- Environmental scanning (correct)
Which of the following is an example of a social factor that can affect a business?
Which of the following is an example of a social factor that can affect a business?
What is the term for the overall set of external factors that affect a business?
What is the term for the overall set of external factors that affect a business?
Flashcards
Environmental scanning
Environmental scanning
The process of identifying and evaluating external factors that can impact a business.
Business environment
Business environment
The overall set of external factors that influence a business.
Purpose of business environment analysis
Purpose of business environment analysis
The primary reason for analyzing the business environment is to spot potential opportunities and threats.
Social factors that affect a business
Social factors that affect a business
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Dynamic business environment
Dynamic business environment
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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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Description
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.
