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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