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Questions and Answers
What is one of the outcomes of the interaction between the business and its environment?
What is one of the outcomes of the interaction between the business and its environment?
- Increased government regulations and compliance burdens
- Decreased reliance on technological advancements
- Identification of opportunities and threats for the business (correct)
- Improved employee satisfaction and retention
How does understanding the business environment help in identifying the firm's strengths and weaknesses?
How does understanding the business environment help in identifying the firm's strengths and weaknesses?
- By highlighting the impact of technological and global developments on the business (correct)
- By focusing on the internal processes and operations of the business
- By analyzing the financial statements of the business
- By predicting changes in consumer behavior and preferences
How does environmental analysis benefit managers in dealing with business challenges?
How does environmental analysis benefit managers in dealing with business challenges?
- By making the task of managers easier in dealing with business challenges (correct)
- By providing detailed financial forecasts for the business
- By reducing the need for continuous learning and skill development
- By making it more challenging to predict changes in the business realm
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