Hey Candidate,

MEANING OF BUSINESS ENVIRONMENT

Business Environment is the sum or collection of all internal and external factors such as employees, customers needs and expectations, supply and demand, management, clients, suppliers, owners, activities by government, innovation in technology, social trends, market trends, economic changes, etc.

TYPES OF BUSINESS ENVIRONMENT

The types of business environment includes Economic environment, Legal environment, Competitive environment, Technological environment, Social environment.

COMPONENTS OF BUSINESS ENVIRONMENT

Components of the business organization depend on the criteria like the nature of the business, size of operations and on many more things.  . These factors affect the function of the company and how a company works directly or indirectly. Sum of these factors influences the companies or business organizations environment and situation.

Hello,

business environment: The collection of all internal and external factors like employees, costumer needs, expectations, supply, demand, management, suppliers, owners, activities by government, innovation in technology, market trends, economic changes, etc.

Types of business environment: there are two types of business environment, external and internal. Internal business environment comprise of physical assets, human, financial and marketing resources, technological supports,  management etc. On the other hand, external business environment is  composed of organizations, institutions etc which work beyond the control of the organization. It is classified into external micro and external macro environment.

Components of business environment: The external and internal business environments have different components :

• Internal business environment: value systems, mission, objectives, corporate culture, organizational structure, labor unions, human resources quality, technical capabilities etc.
• External business environment: organization, competitors, market, costumers, suppliers, intermediates - these are components of micro environment. Economy, political, global, organizational, socio cultural, demographic are the components of macro environment.

Thankyou