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“Business Environment encompasses the climate’ or set of conditions, economic, - social, political or institutional in which business operations are Conducted.”— Arthur M. Weimer
Now in its seventh edition, Business in Context introduces students to all the aspects of modern business and its changing environment. This classic text has been fully updated and is essential reading for all introductory business courses, particularly business environment modules.
The document discusses business environment and its key components. It defines business environment as the complex, dynamic external factors that influence business operations. The internal environment includes employees, shareholders, culture and structure.
CHAPTER 1: What is the Business Environment? An environment can be defined as everything which surrounds a system. Business organisations exist to turn inputs from their environment (e.g. materials, labour and capital) into goods and services which customers in the environment seek to purchase. This transformation process adds value to the inputs.
It aims to help you to: precisely define “environment”, classify your business environment on the basis of some criteria; identify some of the critical elements of environment of business;; and establish the nature of interaction between environment and business.
BLOCK 1: BUSINESS ENVIRONMENT UNIT 1 INTRODUCTION TO BUSINESS ENVIRONMENT 1-18 1.0 Introduction 1.1 Objectives 1.2 Concept of Business Environment 1.3 Significance and Limitations 1.3.1 Types of Environment 1.3.2 Internal and External Environment 1.4 Inter-Relationship Between Economic and Non-Economic Environment 1.4.1 Fundamental Issues ...
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