Business Environment, Identify class is for the HSC candidates or for the students of classes 11 and 12. This class is a part of HSC (11-12) [ এইচএসসি (১১-১২) ], business organization and management. You can find it as Business Environment, chapter 2, the topic name is “Explanation of the business environment, identify and elements of the business environment”.
Business Environment, Identify
What is a business environment?
A business environment is all the components that affect a business. These include both internal factors, like employees and resources, and external factors, like customers and markets. Each of these contributes to a company’s working environment and can influence how the business functions.
What are the types of business environments?
Here are some of the common types of business environments:
Economic
Economic environments are how global and local economies might impact a business. This can include factors like economic conditions, including per capita income in your target market, or bigger economic systems, such as if a business operates in a capitalist or socialist society. When evaluating your economic business environment, you might consider spending pattern trends, inflation rates, and growth rates to help you decide how you might market and sell your products.
Sociocultural
A company’s sociocultural environment involves the characteristics of people in a specific market, like demographics and societal roles. You might consider aspects like your customers’ beliefs, language, literacy and life expectancy when learning about this environment. Each of these could determine how you might reach specific customers or how they might engage with your brand. For example, if a family dynamic changes where it’s more common for households to have one child rather than two, you might consider how this could affect your marketing.
Technological
A technological business environment includes the development of new technology, how people interact with technology, and its environmental effects. Technology can impact a company’s internal and external environments. Internally, it might influence things like the price of production or how you might automate certain tasks. Externally, technology can affect how consumers communicate with each other and how quickly they adapt to advancements in the field.
Suppliers
Suppliers’ environments involve the factors that might influence your suppliers’ performance, which can then impact your business. This environment can involve several factors, like the costs of producing goods, the availability of resources, and the dependability of employees. Understanding your suppliers’ environment can determine how much time your business might need to focus on production and adapt to changes, like cost and availability changes. Other environments, like political and economic environments, can also affect a supplier’s environment.
Competitive
A competitive environment is how companies within your market change and function and how this might impact your business. This can include when other types of competitors, both larger and smaller than your company, might enter or exit the market, as this could affect different behaviors like brand positioning. Economic and market environments often impact competitive environments as businesses could adjust their strategies, encouraging you to do the same.
Political
A political business environment can involve activities in governments or other legal bodies that influence how businesses might operate. Factors that influence this business environment can include government stability, policies involving businesses, and new regulations. This environment can alter other factors, like the suppliers’ environment, if there are changes to import and export regulations or new investment policies.
Natural
A natural business environment is how physical locations, like geography and climate, can impact businesses. Several factors that can affect this include weather disasters, availability of natural resources, and conservation. Often, natural environments intersect with others, like political environments. For example, the government implements new environmental protection laws that limit the number of raw goods you might receive.
Internal
Internal business environments include factors like policies, company culture, and business performance. Different from many other external business environments, companies can often control their internal environments. This can include reorganizing roles and business structures or promoting activities that match the company culture. You might adjust internal policies if your environment has high employee turnover or lower productivity.
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