Definition of Business Environment is sum or collection of all internal and external factors such as employees, customers needs and expectations, supply and demand, management, clients, suppliers, owners, activities by government, innovation in technology, social trends, market trends, economic changes, etc. These factors affect the function of the company and how a company works directly or indirectly. Sum of these factors influences the companies or business organisations environment and situation.
Business environment helps in identifying business opportunities, tapping useful resources, assists in planning, and improves the overall performance, growth, and profitability of the business. There are various types of Business Environment like Micro Environment and Macro Environment.
Following are the chapters of Business Environment:
- Introduction to Business Environment
- Forms of Business Organizations
- Scales of Business
- Emerging Trends in Business
- Business Functions
Introduction to Business Environment
Business Environment is the most important aspect of any business. The forces which constitute the business environment are its suppliers, competitors, media, government, customers, economic conditions, investors and multiple other institutions working externally. So let us start with the introduction to business environment and learn its importance.
Forms of Business Organizations
Forms of the business organization depend on the criteria like the nature of the business, size of operations and on many more things. Here let us take a look at the various forms of business organisation and some important points about business ownership.
Scales of Business
We always keep hearing things small business, large business, MNCs on a regular basis. These terms are nothing but a way to define the scales of business. Here in this chapter, we will study about different small-scale, medium-scale, etc. Also, we will focus on the factors used to distinguish the scale of one industry from the other. Let us study more about scales of business in detail.
Emerging Trends in Business
Like in any other industry, business industries to witness various changes in the fashion of it’s working over the time. These changes are referred to as business trends. So, now let’s get ready to explore all the latest business trends and their effects in greater detail!
The term ‘Business Functions’ encompasses a lot more than one may think. From the resources to the management of the resources, all comes under the study of business functions. Let’s dig deeper!