Business Environment
Madhya Pradesh Board · Class 12 · Business Studies
Flashcards for Business Environment — Madhya Pradesh Board Class 12 Business Studies. Quick Q&A cards covering key concepts, definitions, and formulas.
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See them allWhat is Business Environment? Provide a complete definition.
Answer
Business Environment is the sum total of all individuals, institutions and other forces that are outside the control of a business enterprise but that may affect its performance. It includes economic,…
List all seven characteristics/features of Business Environment.
Answer
1. Totality of external forces 2. Specific and general forces 3. Inter-relatedness 4. Dynamic nature 5. Uncertainty 6. Complexity 7. Relativity…
Explain the difference between Specific Forces and General Forces in business environment with examples.
Answer
Specific Forces: Affect individual enterprises directly and immediately in day-to-day working. Examples: investors, customers, competitors, suppliers. General Forces: Have impact on all business ente…
Why is understanding Business Environment important for managers? List any four reasons.
Answer
1. Enables identification of opportunities and first mover advantage 2. Helps identify threats and early warning signals 3. Helps in tapping useful resources 4. Assists in coping with rapid changes 5.
What are opportunities and threats in business environment? Give examples.
Answer
Opportunities: Positive external trends or changes that help a firm improve its performance. Example: Maruti Udyog became leader in small car market by recognizing need for small cars due to rising pe…
Name the five dimensions/elements of Business Environment.
Answer
1. Economic Environment 2. Social Environment 3. Technological Environment 4. Political Environment 5. Legal Environment…
What factors are included in Economic Environment? List at least 5 components.
Answer
1. Interest rates 2. Inflation rates 3. Changes in disposable income 4. Stock market indices 5. Value of rupee 6. GNP and per capita income 7. Rates of saving and investment 8. Balance of payments 9.
Give examples of how Social Environment affects business in India.
Answer
1. Festivals like Diwali, Eid, Christmas create opportunities for greeting card companies, sweet manufacturers, tailoring outlets 2. Health and fitness trend creates demand for organic food, gyms, bot…
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