Have you ever dreamt of working in Business environment?Are you ready to show your impact in Business environment? Are you a MBA graduate with efficiency in handling things and looking for a job? then log on to Wisdom jobs.Business Environment means all of the internal and external factors that affect how the company functions including employees, customers, management, supply and demand in business regulation. Internal factors of the business include its value system, mission and objectives, and internal relationship. External factors of a business include competitors, economic factors and technological factors . It encompasses the climate or set of conditions, economic, social, political or institutional in which business operations are conducted. So have a quick through over the Business EnvironmentBusiness Environment jobinterview question and answers and engulf the opportunity.
Question 1. What Is Environmental Analysis?
Environmental analysis is defined as “the process by which strategists monitor the economic, governmental/legal, market/competitive, supplier/technological, geographic, and social settings to determine opportunities and threats to their firms.
Question 2. What Is Environmental Diagnosis?
“Environmental diagnosis consists of managerial decisions made by analysing the significance of the data (opportunities and threats) of the environmental analysis.”
Question 3. What Do You Mean By Business Environment And Economic Environment Respectively?
Business environment refers to the totality of all the factors which are external and out of control of an individual, business enterprise and their management. The most important factors are socio-economic, technological, suppliers, competitors and government.
The economic conditions such as, the nature of the economy, the stage of development of the economy, economic resources, the level of income, the distribution of income and assets etc., all mean economic environment.
Question 4. Why Are Internal Factors Of A Business Enterprise Regarded As Controllable Factors?
The internal factors are generally regarded as controllable factors because the company has control over these factors; it can alter or modify such factors as its personnel, physical facilities, organization and functional means, such as marketing mix, to suit the environment.
Question 5. What Kind Of External Factors Influence The Process Of Business Enterprises?
The external factors are by and large, beyond the control of a company. The external or environmental factors such as the economic factors, socio-cultural factors, government and legal factors, demographic factors, geo-physical factors, etc., influence the process of business enterprises.
Question 6. What Are The Important External Factors That Constitute The Economic Environment Of A Business?
Economic conditions, economic policies and the economic system are the important external factors that constitute the economic environment of a business.
Question 7. What Do You Mean By Micro Environment?
The micro environment consists of the factors in the company’s immediate environment that affects the performance of the company. These include the suppliers, marketing intermediaries, competitors, customers and the public.
Question 8. Mention Some Important Determinants Of Business Strategies.
The economic conditions of a country—for example, the nature of the economy, the stage of development of the economy, economic resources, the level of income, the distribution of income and assets, etc—are among the very important determinants of business strategies.
Question 9. What Do You Understand By Free Market Economy?
The free market economy is not planned, controlled or regulated by the government. The government satisfies community or collective wants, but does not compete with private firms; nor does it tell the people where to work or what to produce.
The completely free market economy, however, is an abstract system rather than a real one Today, even the so-called market economies like the United States, Japan, Australia, Canada and member countries of the EEC are subject to a number of government regulations.
Question 10. What Factors Show That “the Freedom Of Private Enterprises Is Greatest In The Free Market Economy?"
The freedom of private enterprises is the greatest in the free market economy, which is demonstrated by the following facts:
Question 11. Mention The Socio-cultural Fabric As An Important Environmental Factor That Should Be Analysed While Formulating Business Strategies?
The socio-cultural fabric is an important environmental factor that should be analysed while formulating business strategies. The cost of ignoring the customs, traditions, taboos, tastes and preferences, etc., of a people could be very high.
The buying and consumption habits of the people their language, beliefs and values, customs and traditions, tastes and preferences, education are all factors that affect business.
Question 12. What Demographic Factors Are Relevant To Business?
Demographic factors like the size, growth rate, age composition, sex composition, etc. of the population, family size, economic stratification of the population, educational, levels, language, caste, religion, etc are the factors that are relevant to business.
Question 13. What Do You Mean By Demarketing?
Demarketing refers to the process of cutting consumer demand for a product back to level that can be supplied by the firm. Some oil companies—the Indian Oil Corporation, for example—have publicized tips on how to cut oil consumption.
When the fertilizer price shot up following the oil crisis, some fertilizer companies appealed to the farmers to use fertilizers only for important and remunerative crops. The importance of natural manure like compost as a substitute for chemical fertilizers was also emphasized.
Question 14. Mention Some Of The Important Environmental Forces Which Drive Companies Towards Adopting The Marketing Concept?
There are certain environmental forces which drive companies towards adopting the marketing concept. These forces tend to make the survival of the companies otherwise difficult. Important among these forces are:
Question 15. What Is Meant By The Capitalist System?
The capitalist system is one characterized by the private ownership of the means of production, individual decision making, and the use of the market mechanism to carry out the decision of individual participants and facilitate the flow of goods and services in markets.
Question 16. What Are The Principal Characteristics Of A “pure” Capitalist System?
The principal characteristics of a “pure” capitalist system are:
Question 17. What Are The Drawbacks Of Unregulated Capitalism?
Unregulated capitalism suffers from certain drawbacks:
Question 18. What Do You Mean By Socialism?
Socialism is generally understood as an economic system where the means of production are either owned or controlled by the state and where the resource allocation, investment pattern, consumption, income distribution, etc. are directed and regulated by the state.
Question 19. Mention Some Of The Salient Features Of A Socialist System?
The salient features of a socialist system are:
Question 20. What Is Command Economy?
The command economy is characterized by public ownership of the means of production, collective determination of economic decisions, and the allocation of resources by commands issued by the planning elite. The primary feature of the command economy is the centralization of decision-making. There is no horizontal communication between producing and consuming units. All communication is vertical, i.e., between the individual economic unit and the planning agency.
Question 21. What Is Market Socialism?
Market socialism is characterized primarily by the public ownership of the means of production. Decisions with reference to the allocation of resources are made both collectively and by individual producing and consuming units. Prices and markets are the primary mechanisms used to facilitate the exchange of products. The Yugoslav economy contains many of the elements of market socialism.
Question 22. What Are The Drawbacks Of The Totalitarian Socialism?
Some drawbacks of the totalitarian socialism are:
Question 23. What Do You Mean By Consumerism? Give Two Rights Of The Consumer?
Consumerism is the movement seeking to protect and inform consumers by requiring such practices as honest packaging and advertising, product guarantees and improved safety standards.
Rights of the consumer are :
Question 24. What Are The Utilities Of Consumerism?
Well-organized and dynamic consumerism may be expected to produce the following results:
Question 25. Define Business Environment?
The totality of all individuals, institutions and other forces that are outside a business enterprise but that may affect its functioning and performance.
Question 26. Give One Importance Of Business Environment?
It enables the firm to identify opportunities & getting the first movers advantages
Question 27. Which Environment Describes Characteristics Of The Society In Which The Organization Exists?
Question 28. How Have Customers Benefited By Increased Competition After Liberalisation And Globalisation?
At the time of purchase customers get a wider choice of products and services They can compare quality of the products.
Question 29. List Any Two Elements Of Political Environment?
Question 30. How Can The Firms Cope Up With Changing Technological Environment?
They have to invest in R & 0. product innvovations and develop new ways
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