Business Environment Homework Help
The term business environment means “the aggregate of all forces, factors and institutions which are external to and beyond the control of an individual business enterprise but which exercise a significant influence on the functioning and growth of individual enterprises.” Keth Davis defines business environment as “the aggregate of all conditions events and influences that surround and affect business.”
Business environment is characterized by the following features :
1. Aggregative : Business environment is the totally of all the external forces which influence the working and decision-making of an enterprise.
2. Inter-related : Different elements of business environment are closely inter-related and interdependent. A change in one element affects the other elements. Economic environment influences the non-economic environment which in turn affects the economic conditions. For example, economic liberalization in India since 1991 has opened up new opportunities for private sector and foreign entrepreneurs. Similarly, social pressures against pollution led to the enactment of anti-pollution laws. Therefore, managers should not consider environmental factors in isolation from one another. A holistic approach is necessary for proper understanding of business environment.
3. Relative : Business environment is a relative concept. It differs from country to country and even region to region. Capitalist economies like those of USA and UK have a different kind of environment than communist economies. The nature of economic system in a country affects the environment of business.
4. Inter-temporal : Business environment is also and inter-temporal concept as it changes over time. For example, business environment in India today is much different from that prevailing before 1991. In the short run business environment may remain static. But in the long run, it does change.
5. Uncertain : Business environment is largely uncertain because it is very difficult to forecast the future environment. When the environment is volatile, i.e., changes very fast, uncertainty increase.
6. Contextual : Business environment provides the macro framework within which the business firm (a micro unit) operates. The environmental forces are largely those given within which an individual enterprise and its management must function.
Business Environment Assignment Help Topics:
- Advantages of Foreign Direct Investment
- Advantages of Globalisation
- Advantages of Multinational Corporations
- Approaches to Environmental Analysis
- Auxiliaries to Trade
- Bargaining Power of Buyers
- Bargaining Power of Suppliers
- Benefits of Business Environment
- Benefits of Ethical Codes
- Business Ethics
- Business Macro Environment
- Business Micro Environment
- Business
- Case Against Social Responsibility
- Case for Social Responsibility
- Characteristics of an Economic System
- Characteristics of Business
- Commerce
- Competitive Structure of Industries
- Concept of Business
- Corporate Governance
- Cultural Adaptation
- Cultural Conformity
- Cultural Lag
- Cultural Traits
- Cultural Transmission
- Culture
- Dealing with Environmental Changes
- Demerits of Capitalism
- Demerits of Mixed Economy
- Demerits of Socialism
- Determinants of Foreign Direct Investment
- Development of Natural Resources
- Disadvantages of Foreign Direct Investment
- Disadvantages of Globalisation
- Disadvantages of Multinational Corporations
- Economic and Financial Environment
- Economic Planning
- Elements of Culture
- Environmental Analysis
- Essential Conditions for Globalisation
- Economic objectives of Business
- Factors Governing Business Ethics
- Factors Governing Technological Environment
- Factors Influencing the Choice of Objectives
- Features of Capitalism
- Framework for Managing Diversity
- Functions of an Economic System
- Global Environment
- Globalisation
- Gross Domestic Product
- Guidelines for Social Responsibility
- Impact of Environment on Business and Strategic Decisions
- Impact of Natural Environment on Business
- Impact of Technological Environment
- Importance of Environmental Analysis
- Importance of Values in Business
- Indicators of Globalisation
- Industry
- Innovation
- Internal Environment
- Interrelationship Between Industry Commerce and Trade
- Limitations of Environmental Analysis
- Limits to Social Responsibilities
- Management of Technology
- Merits of Mixed Economy
- Mixed Economy
- Models of Business Conduct
- Per Capita Income
- Political and Legal Environment
- Primary and Secondary Objectives of Business
- Principles of Corporate Governance
- Process of Environmental Analysis
- Profit Motive and Social Responsibility
- Multi-Culturalism
- Multinational Corporation
- Natural Environment
- Planning in a Mixed Economy
- Reasons for the Growth of Multinational Corporations
- Rivalry Among Existing Firms
- Significance of Corporate Governance
- Significance of Economic Planning
- Social and Cultural Environment
- Social Attitudes
- Social Audit
- Social Objectives of Business
- Social Responsibility
- Socialism
- Sources of Ethical Standards
- Techniques of Environmental Analysis
- Technological Environment
- Threat of Substitutes
- Threats of Entry
- Trade
- Transfer of Technology
- Types of Business Environment
- Types of Economic System
- Workforce Diversity