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BUSINESS ENVIRONMENT class 12 ONE SHOT business studies | Chapter 3 business | GAURAV JAIN

THE GAURAV JAIN・2 minutes read

Business Environment in Class 12th Business Studies Chapter 3 discusses the factors that impact a business directly or indirectly, emphasizing the need to scan the environment for proactive decision-making and adaptation to changes in the dynamic business environment. The chapter covers the Economic, Social, Political, Legal, and Technological environments that influence businesses, highlighting the importance of understanding market dynamics and trends for strategic planning and sustainability in the face of uncertainties.

Insights

  • Business environment encompasses all factors influencing a business directly or indirectly, requiring constant awareness and adaptation to changes for sustainable operations.
  • SWOT analysis aids in comprehending the business environment by identifying strengths, weaknesses, opportunities, and threats, enabling informed decision-making and strategic planning.

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Recent questions

  • What factors make up the business environment?

    The business environment consists of economic, social, political, legal, and technological factors.

  • How can businessmen anticipate changes in the environment?

    Businessmen can anticipate changes by scanning the environment, reading newspapers, and conducting SWOT analysis.

  • What are the recent economic challenges mentioned?

    Recent economic challenges include a deficit in Balance of Payment and a decrease in GDP growth rate.

  • How does the social environment impact businesses?

    The social environment impacts businesses through societal customs and traditions, influencing sales and marketing strategies.

  • What is the significance of environment scanning in business?

    Environment scanning is crucial for gaining a first-mover advantage, detecting warning signals, and adapting to rapid changes for sustainability and success in business.

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Summary

00:00

Understanding Business Environment for Informed Decision-Making

  • Business Environment in Class 12th Business Studies Chapter 3 is discussed from start to finish.
  • The environment of business includes all factors that directly or indirectly impact a business.
  • Businessmen work around the clock to manage their business and understand the surrounding environment.
  • Scanning the environment is crucial for a businessman to anticipate changes and make informed decisions.
  • Environment scanning involves complete awareness and understanding of the business environment.
  • Businessmen constantly read newspapers to stay informed about events that may affect their business.
  • SWOT analysis helps in understanding the business environment by identifying strengths, weaknesses, opportunities, and threats.
  • The business environment consists of external forces that affect the business directly or indirectly.
  • The business environment can be specific or general, with specific factors affecting individual businesses and general factors impacting everyone.
  • The business environment is dynamic, constantly changing, and requires businesses to adapt to new circumstances.

15:14

Navigating Business Environment: Strategies for Success

  • Customers bring 5 Haj notes, requiring change to be given to avoid losing them to other shops.
  • Individual decisions in business can lead to complex and harmful outcomes in the competitive environment.
  • The business environment, akin to the stock market, is influenced by uncertainties and news affecting shares.
  • Uncertainties are pervasive, making it challenging to predict outcomes or future profits.
  • Environment scanning aids in gaining a first-mover advantage by predicting market trends and acting swiftly.
  • Detecting warning signals through environment scanning allows for proactive planning and adaptation to changes.
  • Integrating technology based on environmental trends enhances performance and prepares for future advancements.
  • Anticipating resource needs based on environmental cues helps in efficient resource management and planning.
  • Adapting to rapid changes and adjusting business strategies based on environmental insights ensures sustainability.
  • Environment scanning facilitates policy-making and strategic planning by understanding market dynamics and trends.

29:56

Key Business Environments: Economic, Social, Political, Legal, Technological

  • Economic Environment includes factors like GDP, Balance of Payment, and Money Supply.
  • Deficit in Balance of Payment and decrease in GDP growth rate from 5.4 to 4.5 are recent economic challenges.
  • Social Environment involves societal customs and traditions affecting sales, like sweets during Diwali and Dandiyas during Navratri.
  • Brands are increasingly using social media to align with societal needs and preferences.
  • Political Environment is influenced by election results, impacting stock markets and business decisions.
  • Different governments have varying priorities, affecting businesses differently, like infrastructure development or job creation.
  • Legal Environment comprises laws, acts, and policies that businesses must adhere to, like the Indian Partnership Act and Companies Act.
  • Technological Environment involves advancements like EVs, impacting businesses through innovation and changes in production methods.
  • Demonetization in 2016 aimed to curb tax evasion, increase tax collection, formalize savings, and promote a cashless economy.
  • The chapter covers the five key environments affecting businesses: Economic, Social, Political, Legal, and Technological.

42:27

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