Business Environment and its Components

Business Environment and its characteristics and types with their components.
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1. The Environment Of Management By: Upama Rai 25 th April, 2016

2. Consist of all components of surroundings of a business organization which affect or influence its operations and determine its effectiveness Business ENVIRONMENT

3. Multi-faceted Complex Far Reaching Impact Dynamic CHARACTERISTICS OF BUSINESS ENVIRONMENT

4. INTERNAL ENVIRONMENT Refers to all conditions and forces within the organization affecting a business operation Can be controlled by the management

5. EXTERNAL ENVIRONMENT Refers to that forces and institutions outside the organization that potentially can affect the organization’s performance .

6. SECIFIC OR TASK ENVIRONMENT Consists of specific organization or groups that influence an organization’s performance. Have a direct and immediate impact on the managerial decision and actions and are directly relevant to the achievement of organizational goals.

7. Components:

8. General Environment Refers to the broad external conditions that may effect business activities of an organization. Uncontrollable and requires proper monitoring of the components to adapt on the basis of emerging changes.

9. Political Environment Economic Environment Socio-Cultural Environment Technological Environment COMPONENTS of GENERAL ENVIRONMENT

10. POLITICAL/LEGAL ENVIRONMENT Refers to government regulations and the legal system for business. Components :

11. ECONOMIC ENVIRONMENT Refers to all factors, which give shape and form to the development of economic activities. Consists of interest rates, inflation, stock market fluctuation, etc. Components:

12. SOCIO-CULTURAL ENVIRONMENT Includes the total social forces within which the organization operates. Involves traditions, social values, beliefs, norms, attitudes custom and demographic composition. Components :

13. TECHNOLOGICAL ENVIRONMENT Refers to the systematic application of knowledge essential to do things Focuses on machines and equipment, transmission of information, new techniques and processes, etc. Components: