Explanation
Environment refers to the forces, factors and institutions with which the businessman has to deal with in order to achieve its objectives. The Specific forces are the forces that affects the business operations directly and the businessman has partial control over these forces. It includes investors, suppliers, customers, competitors of the business etc.
Business environment refers to the forces, factors and institutions with which the businessman has to deal with in order to achieve its objectives. It has the following features:
1. Dynamic in nature: Business environment is highly flexible and keeps on changing. So it is not static or rigid in nature and it need to be monitored continuously due to its dynamic nature.
2. Largely uncertain: As business environment change very fast and continuously, it is very difficult to predict the changes of business environment. Therefore, it is highly uncertain.
Static nature is not features of business environment. Business environment is highly dynamic in nature and keeps on changing. So it is not static or rigid in nature and business environment need to be monitored continuously due to its dynamic nature. Therefore, Static nature is not a feature of business environment.
Business environment refers to the forces, factors and institutions with which the businessman has to deal with in order to achieve its objectives. It has the following nature:
1. Multifaceted: All the forces and factors of business environment are inter-related to each other due to which it becomes a multifaceted factor for a business.
2. Dynamic: Business environment is highly flexible and keeps on changing. So it is not static or rigid in nature and it need to be monitored continuously due to its dynamic nature.
3. Uncertain: As business environment change very fast and continuously, it is very difficult to predict the changes of business environment. Therefore, it is highly uncertain.
Business Environment refers to the forces, factors and institutions with which the businessman has to deal with in order to achieve its objectives. It includes:
1. Specific forces: These are the forces that affects the business operations directly and the businessman has partial control over these forces.. It includes investors, suppliers, customers etc.
2. General forces: These are the forces that affects the business operations indirectly and the businessman has no control over these forces.. It includes social environment, political environment, technological environment etc.
A business has absolute control in the internal environment, whereas it has no control on the external environment.
1. Internal Environment: These are the forces that originates inside the organization and affects the business operations directly and the businessman has absolute control over these forces. It includes shareholders, customers, employees of the company etc.
2. External Environment: These are the forces that originates outside the organization and affects the business operations indirectly and the businessman has no control over these forces. It includes social environment, political environment etc.
Liberalization includes simplified policies to attract foreign capital and technology to India. Liberalization refers to the end of license, quota, and many more restrictions and control that were put on many industries. Liberalization helped to achieve international competitiveness by attracting foreign capital and technology to India.
Hence, option (C) is the correct answer.
Liberalization refers to end of licence, quota and many more restrictions and control that were put on many industries. The term basically refers to opening of the economy to the world and providing freedom to the departmental and public sector undertakings to access capital market in order to achieve international competitiveness.
Liberalization has helped us high foreign exchange reserves, low inflation rate in the economy through high investment and strong rupee by making other currencies relatively cheaper.
Liberalization has helped us in achieving :-a) A high growth rate
b) Easy availability of goods at competitive rates
c) Easy availability of goods at competitive rates
Liberalization refers to end of license, quota and many more restrictions and control that were put on many industries. Liberalization has so far helped us in achieving high growth rate, easy availability of goods at a competitive rates and a healthy and flourishing stock market for the economy.
Environment scanning can be defined as the process by which organisations monitor their relevant environment to identify opportunities and threats affecting their business. The environment scanning is applied to both external as well as internal scanning process as business environment includes both external as well as internal environment in which the business is practiced.
The internal environment includes all the structural and cultural pattern of the organisation with resource structure that directly affects the conduct of the business.
Liberalization refers to the end of license, quota, and many more restrictions and control that were put on many industries. The term basically refers to the opening of the economy to the world and providing freedom to the departmental and public sector undertakings to access capital market in order to achieve international competitiveness. It does not provide restrictions in fixing prices of goods and services in the economy.
Environment scanning can be defined as the process by which organisations monitor their relevant environment to identify opportunities and threats affecting their business.
PESTLE analysis is a type of environment scanning where PESTLE stands for political, economic, sociological, technological, legal and environmental sectors of the business where these different sectors of the business are analysed in order to update the business with the current environment.
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