Env of business
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Transcript of Env of business
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Meeting the Challenge Meeting the Challenge of Today’s Dynamic of Today’s Dynamic
BusinessBusiness EnvironmentEnvironment
By Prof. N. Jayaprada
Dhruva College of Management
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Environment literally means “The surroundings, external objects,
influences or circumstances under which someone or some thing exists”.
Definition of Business Environment‘The aggregate of all conditions, events,
and influences that surround and affect Business’
– Keith Davis
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There is symbiotic relationship between business and its environment
The environmental forces are dynamic.No single firm is in a position to change
environment In consortium the business firms will be
in a position to mould the environment in its favour (to some extent).
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Study of B E - Importance1 It helps an organisation to develop its broad
strategies and long term policies.2. It enables an organisation to analyse its
competitors' strategies and thereby, formulate effective counter strategies.
3.Knowledge about the changing environment will keep the organisation dynamic in its approach.
4.Such a study enables the organisation to foresee the impact of socio-economic changes at the national and international level of on its stability.
5. Executives are able to adjust to the prevailing conditions and , thus, influence the environment in order to make it congenial for business.
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Composition of Business Environment
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Business Environment
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Environments of Business
• Economic• Technological• Political • Social• Competitive• Global
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A Business and Its Stakeholders
Business Firm
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Factors of Production
LandLand
LaborLabor
CapitalCapital
EntrepreneurshipEntrepreneurship
KnowledgeKnowledge
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Government Affects Business By Being:
A Customer
An Overseer and Regulator
A Tax Collector
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Economic Environment
$ Freedom of ownership
$ Contract laws
$ Elimination of corruption
$ Tradable currency
$ Minimum taxes & regulation
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Technological Environment
• Internet
• E-commerce
• Role of Intermediaries
• Responsiveness to Customer
• Information Management
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Social Environment• Diversity/Multicultural
• Aging/Graying of America
• Two Income Families
• Nuclear Families
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Competitive Environment• Customer Service
– Customer Demands– Speed
• Community/Stakeholder Needs
• Natural/Ecological Concern
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Global Environment• Quality
• Productivity
• Changes
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Dealing With A Multicultural Workforce
Show Respect for Culture/Value of Others
Avoid Stereotyping Include All Workers in Acculturalization Be Empathetic But Be Yourself Avoid Imposing Your Culture/Values on
Others
Show Respect for Culture/Value of Others
Avoid Stereotyping Include All Workers in Acculturalization Be Empathetic But Be Yourself Avoid Imposing Your Culture/Values on
Others
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E-commerce Explosion• Transaction costs
• Size of purchase per transaction
• Integration
• Flexibility
• Catalog size
• Customer Interaction
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Internet Impact• Communications
• Access
• No Borders
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Changing Intermediaries