Question

For each of the six business environments, identify at least one potential problem that your business may face. Explain this problem in one or two sentences.

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Answer 1

In the business environment the six elements are:

-- Geographical and Ecological or Natural Factors: Geographical conditions mainly influence on problem of making of decisions as to the type of business and industries to be carried on in a region.

-- Demographic Environment: Demographic environment consists of numerous sub-factors viz., growth, size, age and sex compositions of the population, languages, caste, educational levels, religion etc.

-- Economic Environment: Economic environment is influenced with three significant problems namely, economic policies, economic systems, and economic conditions

-- Political and Legal Environment: Political and legal environment refers to the background of regulation and laws within which the business firms need to conduct their affairs

-- Social and Cultural Environment: Social environment concern is the environment of society as a whole, wherein all are involved. The dominant cultural trends may impact the business strategy strongly.

-- Technological and Physical Environment: The technological force has impact on the new processes and products, its operations, and also on other companies, and on society in general. Physical factors concern is the geographical factors such as climatic conditions, weather etc.