How does understanding of business environment help in improving performance of a business?

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Solution

Organisations that carefully study their business environments and accordingly adopt suitable plans and policies are better able to improve their performance in the long run. The enterprises which keep a check on the environment not only perform well in the present scenario but also continue to succeed in the future.

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Similar questions

Which of the following best indicates the importance of the business environment?

(a) Identification

(b) Improvement in performance

(d) All of them

"The understanding of business environment enables business firms to identify opportunities".

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