Business environment refers to the internal and external factors which affects the business. It's features are as follows:
1) Multi-faceted - A single development may be opportunity for one while may be threat for others. It depends on the perception of observer.
For example: Ban on Maggi was an opportunity for Baba Ramdev 😜
2) Has far reaching impact - It impacts the business growth and profitability.
3) Dynamic - Factors of Business environment keeps on changing. Thus organizations need to be dynamic.
For example: Nowadays technology is changing at very fast pace which affects the business.
4) Complexity - Environment consists of many factors. It is easy to understand them in parts but difficult to grasp in totality.
1) Multi-faceted - A single development may be opportunity for one while may be threat for others. It depends on the perception of observer.
For example: Ban on Maggi was an opportunity for Baba Ramdev 😜
2) Has far reaching impact - It impacts the business growth and profitability.
3) Dynamic - Factors of Business environment keeps on changing. Thus organizations need to be dynamic.
For example: Nowadays technology is changing at very fast pace which affects the business.
4) Complexity - Environment consists of many factors. It is easy to understand them in parts but difficult to grasp in totality.
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