CS Foundation classes – Features of Business Environment & Law
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In this article, the following topic is explained in respect of ‘Features of Business Environment’ for the students who are preparing for CS Foundation. Let’s start –
Features of Business Environment
- (i) External forces: – The Business Environment is made up of all forces external to it. Thus, it is essential for the management to analyze economic, social, political, technological, and global forces for taking strategic decisions for the business enterprise.
- (ii) Complex: – In the Business Environment, there are numerous complex situations in which one must understand in order to maximize the benefits of success.
- (iii) Dynamic Nature: – Any change in the environment is followed by a chain of positive and negative reactions. A change may be favorable to someone and unfavorably to others.
- (iv) Uncertainty: – It is very difficult to predict the changes of Business Environment. As the environment changes very fast, for example in IT, Fashion industry, frequent and fast changes are taking place.
- (v) Relative Concept: – The Business Environment is a relative concept since it differs from country to country and even region to region. Political conditions in the USA, for instance, differ from those in China or Pakistan. Similarly, demand for sarees may be fairly high in India whereas it may be almost non-existent in France.
- (vi) Interrelation: – All the forces and factors of Business Environment are interrelated to each other. For example, with an inclination of youth towards western culture, the demand for fast food is increasing.
- (vii) Opportunities and obstacles: – Opportunities may prove favorable to the firm and obstacles may create a threat and unfavorable to the firm affecting its growth and profitability. Opportunities for growth and expansion is created when the environment is favorable, on the other hand, it creates problems and obstacles when it is unfavorable.
- (viii) Specific and General Forces: – The Business Environment includes both specific and general forces. Specific forces (such as investors, customers, competitors, and suppliers) affect individual enterprises directly and immediately in their day-to-day working. General forces (such as social, political, legal, and technological conditions) have an impact on all business enterprises and thus may affect an individual firm indirectly only.
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