The importance of Business Environment

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Avatar for Rashid68
4 years ago

THE IMPORTANCE OF BUSINESS ENVIRONMENT

a. Determining opportunities and threats

The interaction between the business and its environment gives the advantage of identifying opportunities for and threats against the business. The business manager can then strategise to maximise the opportunities and minimise the threats.

b. Gives directional clarity

The interaction will lead to opening up of new frontiers for growth and sustainability of the business.

c. Serves as a continuous learning process

Managers are motivated to continuously update their knowledge, understanding and skills to meet the challenges of business.

d. Image building

Business interaction with the environment helps the business organisations to improve their image by being socially responsible.

e. Identification of firm’s strength and weakness

Business environment helps to identify strengths and weaknesses of the business organisation for immediate response of the management.

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Comments

So much information! Thank you..

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4 years ago

Thank you @Rashid68 for the information about business environment. I think it will help in my futher studies.

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4 years ago

Thanks for giving us the infotmation.

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4 years ago

Good article. Great guides for business development. Thanks for sharing these guides and practices to grow and manage business organizations. Cheers

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4 years ago

This article is good for the business managers as well as the would-be business managers. Thanks for sharing it.

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4 years ago