It can ultimately affect the common people and their right to get quality products. Some of the important issues may be related to market share, competitive pricing, customer preferences, technological change, economic policies, competitive trends, etc.
The impact of economic system could be realized immensely on the business environment of company.
Customers are very significant stakeholders for any organization. If the buying behavior of the customer is favorable then the customers can focus on their existing marketing strategies else they need to change their marketing strategies.
It also gives additional rights to the debtor, including certain limited rights to cancel concluded agreements. Firstly, business gets its raw materials from the nature, whose quality and availability can affect the business to a large extent.
In modern industries high labour morale helps magnificently to uphold the cause of Business enviroment essay organization.
Ahead another responsibility of organization arises towards their employees. Here in current scenario the bank is one of the major stakeholders who have interest into the possible financial position of the business.
Some example of opportunities, as an external factor, includes an unfulfilled customer needs, arrival of new technology, loosening of regulations, removal of international trade barriers.
Standard weighting equipments should be used to measure goods.
If the pricing is not appropriate then customers automatically feel so many troubles and in result company can lose their customers. Business must also ensure that it understands the legal environment in which it is working.
The challenge is to adopt a competitive strategy that produces competitive edge over rivals. If there is any gap in area, suitable action may be taken to overcome that.
On the contrary the monetary policies actually put its impact at the money lending capacity of the banks. The strategic managers must keep focus on following dimensions: Business has a social responsibility too.
This environmental scanning is used by the companies to judge its position among its competitors. Therefore, it is important for the organization, for its employer, and for all the other people who may be relying on business expertise—such as employees and their family—to understand the legal environment.
At the same time, technology has opened a new way of communication, allowing businesses to communicate and collaborate beyond borders. Profit is their main motive and this element goes against the usage of natural resources. But due to the high level of corruption the wastage of resources is the common scenario into the socialist economy.
In case of permissions it must be taken which could be the part of organizational strategies.
These technological factors can include both products and processes and can present opportunities and threats but it is vital for competitive advantage and is a successful driver in globalisation.
Most importantly the organization is supposed to check all the policies and legal aspects before commencing their business. Thus it has been planned to focus on customer centric approach while preparing the product portfolio. This Act was enacted to establish standards of weights and measures, to regulate inter-State trade or commerce in weights, measures and other goods which are sold or distributed by weight, measure or number, to provide for matters connected therewith or incidental thereto.
According to the Act, it is illegal to sell products with serious flaws or problems and goods sold should conform to the description provided. It must be the part of organizational strategies as has potential to justify with customer centric approach.
They really want to know the strategies that have been made by new businessmen to ensure the long term sustainability of business. Every organization needs to fulfill the demand of the stakeholders or the objectives related to the business. The major consideration has been given to understand the political, social environment through diverse scenarios.
Therefore these are the advantages and disadvantages of every economic system. Thus if the coordination is not proper then the distribution, allocation and product pattern could be disturbed. The discrimination must be avoided and incentives must be provided in a sufficient amount so that employee satisfaction and employee motivation both could be ensured within the organization.
Business processes have been modified and organizations are now working much more efficiently than ever.By the word environment we mean a “surrounding” as well as “conditions influencing development or growth of a situation. “Business environment accordingly mean all external forces or factors which have an influence on business.
Many theoreticians are interested in including the internal forces as well as external forces having a bearing on business. Executive Summary The main purpose of this study is to know the business environment and which factors are affect and how to affect the comp.
Internal environment is the part where business have control over the changes e.g. management while the external environment is beyonde the controle of business enterprice e.g.
government. In addition the ability for a business to operate succesfully depends on how good it can adapt the internal environment to the demands and. This free Business essay on Business environment is perfect for Business students to use as an example.
Business environment consists of all the internal and external forces that influence the operating situation of a company. Business environment has a dynamic and complex nature and it impacts greatly the survival and growth of a company.
Business environment may be distinct as the set of external and internal factors which affect the decision of business. We can split busines.Download