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Business Studies

Planning

Which of the ...

Question

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

(a) Identification

(b) Improvement in performance

(c) Coping with rapid changes

(d) All of them

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Solution

All the options given above indicate the importance of business environment. Study of business environment helps in identifying the positive changes as well as threats or hindrances that affects the performance of an organisation. Thereby, it helps them in taking appropriate measures for improving the performance. In addition, a careful study of the continuously changing environment helps the organisation in coping with it in a better manner.

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

Q. Multiple Choice Questions:
Which of the following best indicates the importance of business environment?

Which of the following indicates the importance of business environment?

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

Q. Naman and Govind after finishing their graduation under vocational stream decided to start their own travel agency which will book Rail Tickets and Air Tickets on commission basis. They also thought of providing tickets within ten minutes through the use of internet. They discussed the idea with their Professor Mr. Mehta who liked the idea and suggested them to first analyse the business environment which consists of investors, competitors and other forces like social, political, etc., that may affect their business directly or indirectly. He further told them about the technological improvements and shifts in consumer preferences that were taking place and hence they should be aware of the environmental trends and changes which may hinder their business performance. He emphasised on making plans keeping in mind the threat posed by the competitors, so that they can deal with the situation effectively. This alignment of business operations with the business environment will result in better performance.
(i) Identify and state the component of business environment highlighted in the above Pam.
(ii) State any two features of business environment as discussed by Professor Mehta with Naman and Govind.
(iii) Also state two points of importance of business environment as stated by Professor Mehta in the above situation.

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