Mention the various dimensions of business environment.
(i) Economic Environment Interest rates, inflation rates, value of rupee and many more are the economic factors that can affect management practices in a business enterprise.
(ii) Social Environment The social environment of business includes the social forces like customs and traditions, values, social trends etc.
(iii) Technological Environment This includes forces relating to scientific improvements and innovations, which provide new ways of producing goods and services and new methods and techniques of operating a business.
(iv) Political Environment This includes political conditions such as general stability and peace in the country and specific attitudes that elected government representatives hold towards business.
(v) Legal Environment This includes various legislations passed by government authorities and court judgements. It is important for the management of every enterprise to obey the law of land and for this, enough of knowledge of rules, and regulations framed by the government is a pre-requisite for better performance.
How would you characterise business environment? Explain with examples, the difference between general and specific environment.
Identify changes in business environment under different heads – economic, social, technological, political and legal that have facilitated the companies decisions to plan significant invstments in organised retailing.
What has been the impact of these changes with regard to globalisation and privatisation?
What are the essential features of
(a) Liberalisation
(b) Privatisation
(c) Globalisation
How would you argue that the success of a business enterprise is significantly influenced by its environment?
Why it is important for business enterprises to understand their environment? Explain briefly.
What economic changes were initiated by the Government under the Industrial Policy, 1991? What impact have these changes made on business and industry?
Why it is important for business enterprises to understand their environment? Explain briefly.