1. Business Environment
The chapter outlines the concept of the business environment, defining it as the external factors affecting a business's operations and performance, which can be internal or external. It emphasizes the importance of understanding these factors for decision-making, identifying opportunities and threats, and adapting to changes. Further, the chapter categorizes the business environment into internal and external components, noting their characteristics and impacts on business operations.
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What we have learnt
- The business environment includes all external and internal factors affecting business operations.
- Understanding the business environment aids in decision-making, identifying opportunities, and mitigating threats.
- Environmental scanning is crucial for monitoring changes in the business landscape and making informed strategic decisions.
Key Concepts
- -- Business Environment
- The external and internal factors that impact the operations and performance of a business.
- -- Internal Environment
- Factors within the organization that affect its operations, such as organizational structure and employee performance.
- -- External Environment
- Factors outside the organization that affect operations but are beyond its control.
- -- Environmental Scanning
- The process of continuously monitoring and analyzing the business environment to identify potential opportunities and threats.
Additional Learning Materials
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