Disclaimer: The study material provided to our

Transcript:Disclaimer: The study material provided to our:
Disclaimer: The study material provided to our students of BBA of Department of Business Management is solely for the purpose of teaching and learning and has been obtained from varied sources. I do not claim for the originality of the content /resources/reading materials (PPTs, PDfs, You Tube Contents, Book Pdfs, Videos) shared as my own creation, as the contents/reading resources are a compilation from varied sources including open access sources and these are shared for the instructional and learning purpose by the students. I acknowledge and thankful to the sources, websites content writers and authors for their generosity in hosting their contents for wider dissemination and use. Dr. Rahil Yusuf Zai DoBM, IGNTU Business Environment Learning Objective What is Business What is Environment Business Environment- Nature, Objective Types of Business Environment Interaction between Internal and External Environment Importance of Business Environment  Business: Business is a human activity carried out by the unified efforts of different categories of people, to produce the wealth through production and distribution of the goods and services. According to Malvin Anshen : “ Business is the way by which men make their living.” According to Bayard O’Wheeler : “ Business is an institution organized and operated to provide goods and services to society under the incentive of private gain.”  Environment: The birth, growth and continuous development of organization are influenced by a wide range of variables like employees, customers, suppliers, producers, competition etc.  Business Environment: Business Environment refers to those aspects of the surroundings of business enterprise, which affect or influence its operations and determine its effectiveness. According to Keith Davis: “Business environment is the aggregate of all conditions, events and influence that surrounds and affects it” Nature of Business Environment  Complex: Environment consists of a number of factors, events, conditions arising from different sources which impact business thus making the business complex.  Interdependence : Factors affecting business environment like social, economic, legal, cultural etc are inter dependent. E.g. A rich country can make sufficient expenditure on the research and development.  Dynamic: Business environment is dynamic as it keeps on changing in terms of technological improvement, changes in consumer preferences, entry of new competitors.  Uncertainty: Business environment is largely uncertain as it is very difficult to predict future happenings.  Relativity: Business environment is a relative concept as it differs from country to country and region to region. e.g.