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Essay on Business Environment: Factors, Needs and Features Article shared by: Read this essay to learn about the Business Environment. After reading this essay you will also learn about: Need for Identifying Environmental Facilities and Constraints 3. Features of Business Environment in India.
The environmental factors have a profound impact on business. Business dynamics depends upon environmental dynamics. The success of a business depends not only on its resources but also on the environment.
The environmental factors generally vary from country to country. An organisation can survive and grow only when it responds to its environment. Change is the essence of life. We are living in a dynamic world. The cause of the failure of an organisation is the lack of adaptability to its environment.
Organisation and environment are mutually interdependent. In other words, the organisation is taking inputs from the environment and throwing output into the environment.
One important technique used in strategic management is SWOT analysis. In each environment these four factors are present. India is an underdeveloped country and her resources are not properly utilised. Geographical and climatic factors influence the location of certain industries. It is the reason why particular regions of the country have developed industries while other regions remain backward.
On the other hand, seeing opportunities of business other business firms will enter the field and they will pose threats to the existing business firms. But in case the conditions are wrong or the context inappropriate, the opportunities will remain largely underutilised. It is not easy to define how an entrepreneur identifies an opportunity.
The survey indicated what motivated existing entrepreneurs as to what motivated them for establishing their business. The entrepreneurs have selected products or services which i Have a good demand in the market ii Show high profitability, iii Provide missing links in the business chain.
While identifying the product or service a new entrepreneur has to look for the market potential and growth prospects.
Entrepreneurs need a distinctive competence, i. In the NCAER survey, three out of four entrepreneurs had chosen the product as it was marketable and had potential demand. Political Environment has both favourable and unfavorable elements for the business. There are different political systems.
In the mixed economy which we have adopted in India there exist both public and private sectors. Some strategic industries are reserved for the state where private industry is not allowed to enter. But in other industrial fields private enterprises are allowed to operate.
But in the entire industrial sphere there is overall control by the govt. But sincegovt. Culture has both favourable and unfavorable effects on business.
Culture influences attitudes, outlook, and values of people. Materialistic culture helps development of business while spiritualistic Hindu culture was not conducive to business. Essay Features of Business Environment in India: Environment is the supra-system of the business organisation which is a small sub-unit or a system.
The business organisation must constantly adjust to the threats and opportunities presented by changes in the environment. The favourable environment of business helps to develop business while unfavorable element will retard its development.
The favourable factors are as follows:Legal Environments of Business Essay Words | 5 Pages.
Legal Environment of Business 1 Chapter 1, question 4 The difference between statutory law and common law is that statutory law is a written law where common laws are based on any prior court decisions and are legal binding.
The business environment. PEST Analysis. Logica is an innovative IT services organization which brings technologies, people and business together.
A business environment is made up of internal as well as external factors. The internal factors can be controlled while external factors cannot be controlled. 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 activities.
Business environment may be distinct as the set of external and internal factors which affect the decision of business. We can split business environment into two parts.
The Micro Environment of Business are powers which are extremely interrelated with company and company can direct these type of. Business environment may be distinct as the set of external and internal factors which affect the decision of business. We can split business environment into two parts.
The Micro Environment of Business are powers which are extremely interrelated with company and company can direct these type of.