Business Environment (ETR1063)

What does the business environment directly influence?

• Marketing strategies

• Product design

• Employee salaries

• Company functioning

Which of the following is an internal factor in the business environment?

• Government regulations

• Employee morale

• Economic conditions

• Competitors

What is the first step in the process of business environment assessment?

• Scanning

• Making an Assessment

• Forecasting

• Monitoring

What does PEST analysis help to understand?

• Employee performance

• Market growth or decline

• Product pricing

• Internal company structure

Which environment consists of political-legal, economic, socio-cultural, and technological influences?

• Macro Environment

• Competitive Environment

• Internal Environment

• Micro Environment

What is a key factor that drives change in business?

• Customer feedback

• Technology and globalization

• Market research

• Employee training

What does the bargaining power of suppliers depend on?

• The marketing strategies

• The quality of products

• The number of buyers

• The number of suppliers

What is a major component of the socio-cultural environment?

• Technological advancements

• Economic trends

• Government policies

• Demographics

Which of the following is NOT a component of the internal business environment?

• Economic conditions

• Culture

• Structure

• Resources

What is the purpose of monitoring in business environment assessment?

• To make forecasts

• To acquire information

• To identify trends

• To set measurable goals