Importance of Business Environment

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A business and its environment is closely linked with each other and this continuous interaction between the two helps strengthen the organisation using its resources effectively. Also, a business environment is multifaceted, complex and dynamic in nature.

Below listed points show why business environment is an important concept.

• Helps determine opportunities and threats - The increased interaction between the business and its environment help identify the threats to the business. This in turn helps meet the challenges in the business world.

• Direction for Growth – The business environment leads to opening up of new opportunities of growth in business organisations. It also enables businesses to help identify the areas for growth and opportunities for expansion.

• Continuous Learning - Environmental analysis eases the task of dealing with the business challenges. The managers are encouraged to grow the knowledge and understand the skills to meet challenges in business.

• Image Building – An understanding of business environment helps the organisations improve their image by showing their concern for the environment in which they are working.

• Meeting Competition – It enables the firms to evaluate the strategies of the competition and encourages to formulate their own strategies accordingly.

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Location: Kerala, India

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