CS Foundation Importance of Business Environment online classes & Law
Takshila Learning introduces CS Foundation online classes for CS Preparation through the online portal i.e., www.takshilalearning.com. For the preparation of CS Foundation, we offer HD quality recorded Lectures, Modules, Class notes and MCQ series to the students. Here, we present one of the most important topics from the CS Foundation online classes segment, i.e., ‘Importance of Business Environment’.
Importance of Business Environment
(i) First Mover Advantage: Early identification of opportunities helps an enterprise to be the first to exploit them instead of losing them to competitors. For example, Maruti Udyog became the leader in the small car market because it was the first to recognize the need for small cars in India.
(ii) Identification of Threats: Identification of possible threats help in taking corrective and improving measures to survive the competition. For instance; if an Indian firm finds that a foreign multinational is entering the Indian market, it can meet the threat by adopting measures like, by improving the quality of the product, reducing the cost of the production, engaging in aggressive advertising, and so on.
(iii) Coping with Rapid Changes: All types of enterprises are facing increasingly dynamic environment. In order to effectively cope with these significant changes, firms must understand and examine the environment and develop a suitable course of action.
(iv) Improving Performance: The enterprises that continuously monitor their environment and adopt suitable business practices are the ones which not only improve their present performance but also continue to succeed in the market for a longer period.
(v) Giving Direction for Growth:To the growth of the business firms, the environment leads to opening up new frontiers. It enables the business to identify the areas for growth and expansion of their activities.
(vi) Meeting the Competition: It helps the firms to analyze the competitors’ strategies and formulate their own strategies accordingly in order to cope with the rapidly increasing competition.
(vii) Image Building: Environmental understanding helps the business organizations in improving their image by showing their sensitivity to the environment within which they are working. For example, in view of the shortage of power, many companies have set up Captive Power Plants (CPP) in their factories to meet their own requirement of power and saving to loss of energy in transmission.
(viii) Continuous Learning: Environmental analysis makes the task of managers easier in dealing with business challenges. In the realm of the business, the managers are motivated to continuously update their knowledge and skills to meet the predicted changes.
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