Question

Write a word or phrase or a term which can substitute each one of the following statements.

1. Name of the analysis which is the systematic approach to understanding the environment.
2. Uncontrollable factors of the business environment.
3. The environment of business includes customs and traditions, values, social tends.
4. The process of transferring ownership of a business enterprise, agency or public service from the public sector to private sector.
5. A boundaryless world where there would be free flow of goods, services, information, capital and people across nations.

Answer 1

1. Name of the analysis which is the systematic approach to understanding the environment- SWOT

Explanation:
SWOT is an acronym for strength, weaknesses, opportunity, threat. This kind of analysis is done to understand the strengths and weaknesses of the organisation and opportunities and threats present in the environment (SWOT analysis). This analysis prepares a firm to cope up with the challenges posed by the external and internal environments.


2. Uncontrollable factors of the business environment- External Environment

Explanation:
External environment is not under the control of business, but it has impact on the activities of business either directly or indirectly. The external environment includes technological, economic, political, cultural and legal factors. These are outside the purview or control of an organisation but do affect the performance of business.

3. The environment of business includes customs and traditions, values, social tends​- Social Environment

Explanation:
The social environment of business includes customs, traditions and religious celebrations. The kind of society in which a business exists creates a huge impact on the business. For example, in India, cows are worshipped. As a result of which, McDonald’s does not sell beef burgers in the country. Similarly, Diwali and Holi celebrations in offices are also a result of the social environment.

4. The process of transferring ownership of a business enterprise, agency or public service from the public sector to private sector- Privatisation

Explanation:
The transfer of ownership of enterprises, agencies or public services from the public sector to the private sector is known as privatisation. It is the process of gradual transfer of ownership (or management) of state-owned enterprises to private sector enterprises.

5. A boundaryless world where there would be free flow of goods, services, information, capital and people across nations- Globalisation

Explanation:
Globalisation is referred to as a boundary-less world, as under this global system, there is free flow of goods, services, technology, capital, etc. from one country to another. Globalisation integrates the activities of nations. The entire world becomes a market and anyone can buy anything from anywhere. It promotes trade across the world.