Chapter 3: Business Environment
Chapter 3 – Important Topics:
- Meaning and Features of Business Environment
- Importance of Business Environment
- Dimensions of Business Environment (Economic, Social, Technological, Political, Legal)
- Economic Environment in India
- New Economic Policy 1991 – Liberalisation, Privatisation, Globalisation (LPG)
- Disinvestment – Meaning and Objectives
- Demonetisation – Meaning, Features, Impact
- Impact of Government Policy Changes on Business
Meaning of Business Environment
According to Keith Davis, “Business environment is the aggregate of all conditions, events and influences that surround and affect it.”
Environment literally means surroundings in which a person or organisation operates. Business environment refers to all forces – economic, social, political, technological etc. and institutions like suppliers, consumers, competitors, financiers, government etc. which are external to business. Businessmen have very little control over these factors. The success of business depends on correctly forecasting the environmental factors.
Features of Business Environment
- Internal and External forces: The environment comprises internal factors (plans, policies, employees) and external factors. External factors are further divided into micro (customers, suppliers, competitors) and macro (social, economic, legal, technological).
- Uncertainty: Business environment is largely uncertain. It is very difficult to predict changes, especially in IT and fashion industries.
- Complexity: It is very complex as it is difficult to know the relative impact of social, economic, political, and technological factors on demand.
- Business lacks control over environment: Businesses cannot change their external environment; they can only adjust to it.
- Environment is dynamic: Business environment is constantly changing – government policies, consumer tastes, technology, etc. keep evolving.
- Relativity: Business environment is a relative concept; it differs from country to country and even region to region. For example, demand for sarees is high in India but almost nil in France.
Business Environment: The sum total of all external forces, institutions, and conditions that affect a business enterprise but are outside its control.
Simple Explanation: Think of business environment as everything outside a company that can affect it – like weather, but for business. It includes customers, competitors, government rules, technology, and social trends. Businesses cannot control these, but they must understand and adapt to them.
Live Example – Uncertainty: A fashion company cannot predict with certainty what will be the next trend; it must constantly monitor the environment.
Live Example – Relativity: McDonald’s sells beef burgers in the USA but not in India because of cultural differences – this shows how environment varies.
💭 Think: Why can’t a business control its external environment like it controls its internal policies?
Simple Hints: External factors like government laws, competitor actions, or customer tastes are independent; the business is just one player in a larger system.
Simple Hints: External factors like government laws, competitor actions, or customer tastes are independent; the business is just one player in a larger system.
Exam Practice (3 marks): State any three features of business environment.
Answer Structure: Uncertainty, complexity, dynamism – each with brief explanation.
Answer Structure: Uncertainty, complexity, dynamism – each with brief explanation.
Importance of Business Environment
- It enables the firm to identify opportunities and get the first mover advantage: Opportunities are positive trends that help firms grow. Good knowledge of the environment helps a manager identify such opportunities early and benefit before competitors.
- It helps the firm to identify threats and early warning signals: Threats are negative trends that hinder performance. Scanning the environment gives warning signals to deal with negative changes in time.
- It helps in tapping useful resources: Understanding the environment helps the firm convert resources into outputs required by society.
- It helps in coping with rapid changes: The environment changes fast due to market conditions, demanding customers, technology, and global competition. Managers must examine the environment and develop suitable actions.
- It assists in planning and helps in policy formulation: Since the environment is a source of both opportunities and threats, its analysis provides the base for planning and guides policy framing.
- It helps in improving performance: An enterprise that continuously monitors its environment can improve both its present and future performance.
Simple Explanation: Understanding the business environment is like having a map and weather forecast for a ship. It helps you spot new lands (opportunities), avoid storms (threats), find resources, adapt to changing seas, plan your route, and sail more efficiently.
Live Example – First mover advantage: Maruti Udyog became the leader in the small car market by recognising early the need for small cars in India.
Live Example – Coping with change: Companies like Nokia failed to adapt to the smartphone revolution – they ignored the changing technological environment.
💭 Think: How can understanding the environment give a business a competitive advantage?
Simple Hints: By identifying opportunities before competitors, preparing for threats early, and aligning products with what society wants.
Simple Hints: By identifying opportunities before competitors, preparing for threats early, and aligning products with what society wants.
Exam Practice (4 marks): Why is it important for business enterprises to understand their environment? (Short Answer Q1)
Answer Structure: Any four points from above list.
Answer Structure: Any four points from above list.
Dimensions of Business Environment
Business environment consists of factors that influence many enterprises at the same time. These are called dimensions of business environment.
- Economic environment: Factors concerning means of production and distribution of wealth – interest rates, inflation, GDP, per capita income, tax rates, disposable income, etc.
- Social environment: Social and cultural forces – customs and traditions, values, social trends, lifestyle changes, etc.
- Technological environment: Changes in production methods, equipment, scientific improvements and innovations that provide new ways of producing goods and services.
- Political environment: Forces concerning management of public affairs – political conditions, government stability, attitude of government towards business.
- Legal environment: Acts passed by central and state legislatures, laws related to business, court judgments, etc.
Simple Explanation: Think of these as different lenses to look at the environment. Economic lens: money matters. Social lens: people’s beliefs and habits. Technological lens: new tools and methods. Political lens: government and stability. Legal lens: rules and regulations.
Live Example – Economic: An increase in GST rates can make products costlier, affecting demand.
Live Example – Social: The trend towards health and fitness has increased demand for gyms, organic food, and mineral water.
Live Example – Technological: The rise of e-commerce and online payments (UPI) has transformed retail business.
Live Example – Political: A stable government encourages investment; political unrest scares investors.
Live Example – Legal: The introduction of GST simplified the tax structure, impacting all businesses.
💭 Think: Which dimension do you think has the most immediate impact on a business?
Simple Hints: It depends on the business. For a tech company, technology is key. For a retailer, social trends matter. All are important.
Simple Hints: It depends on the business. For a tech company, technology is key. For a retailer, social trends matter. All are important.
Exam Practice (4 marks): Explain any four dimensions of business environment with examples. (2022 Mar – 4 Marks)
Economic Environment in India
Economic environment in India consists of a number of macro-level factors which have an impact on business and industry. These are:
- Stage of economic development of the country.
- Economic structure (mixed economy).
- Economic policies of the government – monetary, fiscal, industrial policies.
- Economic planning (Five Year Plans, annual budgets).
- Economic aggregates – GNP, GDP, per capita income, savings, investments.
- Infrastructural factors – banking, transport, communication, energy, etc.
New Economic Policy 1991 – Liberalisation, Privatisation, Globalisation
The New Economic Policy, implemented in 1991, included a number of reforms categorised as LPG (Liberalisation, Privatisation, Globalisation).
Liberalisation
Liberalisation means liberating the economy from regulations and restrictions on economic growth. The old policy of licenses, permits, quotas, and controls discouraged private enterprise. Key steps:
- Abolishing licensing in most industries.
- Freedom in deciding the scale of business (no restrictions on expansion or contraction).
- Removal of restrictions on movement of goods and services.
- Freedom in fixing prices.
- Reduction in tax rates and simplification of procedures.
Privatisation
Privatisation means inducting private ownership, management, and control into public sector undertakings. It is the opposite of nationalisation. The role of the private sector is encouraged.
Disinvestment
Disinvestment means selling of Government’s share in a public sector enterprise to the private sector. If the government sells less than 50% of its stake, control remains with the government. If more than 50% is sold, it leads to privatisation.
Objectives of Disinvestment:
- To reduce the financial burden of the government.
- To introduce competition and market discipline.
- To increase growth of the firm.
- To increase efficiency of management.
Globalisation
Globalisation means free movement of goods, capital, and labour across the globe. For a country, it means integrating its economy with the global economy. This involves reduction of import duties, encouragement of foreign investment, and outward orientation.
Key features:
- Abolishing licensing of imports.
- Removal of tariff restrictions.
- Sharing of knowledge and technologies.
LPG Reforms: Liberalisation (removing controls), Privatisation (greater role for private sector), Globalisation (integrating with world economy).
Simple Explanation: Before 1991, doing business in India was like being in a cage – many licenses, quotas, and restrictions. The 1991 reforms broke open that cage. Liberalisation removed the bars, privatisation let private players run the show, and globalisation opened the doors to the world.
Live Example – Liberalisation: Before 1991, a company needed a license to produce many items. Now, most industries are de-licensed.
Live Example – Privatisation: Many hotels (like Ashok Group) were government-owned; now private companies run them.
Live Example – Globalisation: Foreign companies like Samsung, Apple now sell directly in India.
💭 Think: Why was disinvestment needed?
Simple Hints: To reduce government expenditure, bring in private efficiency, and raise funds for other development needs.
Simple Hints: To reduce government expenditure, bring in private efficiency, and raise funds for other development needs.
Exam Practice (3 marks): Explain the terms Liberalisation, Privatisation, and Globalisation. (Short Answer Q2)
Demonetisation
Demonetisation is an act of cancelling the legal tender status of a currency unit in circulation. The aim of demonetisation was to control corruption, use of high denomination notes for illegal activities; and especially the accumulation of ‘black money’ generated by income that has not been declared to the tax authorities.
On November 8, 2016, the Indian government ‘demonetised’ the two largest denomination notes, ₹500 and ₹1000. This led to eighty-six per cent of the money in circulation becoming invalid. People had to deposit the invalid currency in banks, with restrictions on cash withdrawals.
Features of Demonetisation:
- It is a tax administration measure – cash from declared income could be deposited; those with black money had to declare and pay penalty.
- It is a method to check tax evasion – signalling that tax evasion will no longer be tolerated.
- It helps channelize savings into the formal financial system, providing a base for loans at lower interest rates.
- It has been used as a tool to stabilize currency and fight inflation.
- It is an effective method to create a less-cash or cash-lite economy, encouraging digital transactions.
- It pushes informal economic activity into more transparency and away from black markets.
Simple Explanation: Demonetisation was like a sudden rule change where large currency notes became worthless overnight. People had to exchange them at banks. This was done to catch people with unaccounted cash (black money) and push the country towards digital payments.
Live Example – Impact on digital payments: After demonetisation, apps like Paytm, Google Pay saw huge growth in users.
Live Example – Tax collections: Government tax revenues increased after demonetisation as more money came into the banking system.
💭 Think: Why did demonetisation cause long queues at banks?
Simple Hints: People had to deposit their old notes and get new ones, and there were limits on withdrawals, leading to rush.
Simple Hints: People had to deposit their old notes and get new ones, and there were limits on withdrawals, leading to rush.
Exam Practice (3 marks): State the features of demonetisation. (Long Answer Q4 – part b)
Impact of Government Policy Changes on Business
The policy of liberalisation, privatisation, and globalisation has made a significant impact on the working of enterprises in business and industry:
- Increasing competition: With the entry of foreign and private players, competition has intensified.
- More demanding customers: Customers now have more choices and are more aware, demanding better quality and service.
- Rapidly changing technological environment: Businesses must keep up with fast-changing technology to survive.
- Necessity for change: Organisations have to continuously adapt and innovate.
- Need for developing human resources: With competition, skilled manpower becomes crucial.
- Loss of budgetary support to the public sector: Public sector units can no longer rely on government funds and must perform or perish.
Simple Explanation: The LPG reforms changed the game for Indian businesses. They now face more competition, more demanding customers, faster technology changes, and must constantly improve their people and processes to survive.
Live Example – Competition: Before 1991, there was only Ambassador car; now we have dozens of brands.
Live Example – Demanding customers: Customers now compare products online, read reviews, and expect quick service.
💭 Think: How has globalisation affected small local shops?
Simple Hints: They face competition from big retail chains and online stores, but also have opportunities to sell online.
Simple Hints: They face competition from big retail chains and online stores, but also have opportunities to sell online.
Exam Practice (5 marks): What economic changes were initiated under the Industrial Policy 1991? What impact have these changes made on business and industry? (Long Answer Q5)
മലയാളം വിഭാഗം
പ്രധാന പാഠഭാഗങ്ങൾ:
- ബിസിനസ് പരിതസ്ഥിതിയുടെ അർത്ഥവും സവിശേഷതകളും
- ബിസിനസ് പരിതസ്ഥിതിയുടെ പ്രാധാന്യം
- ബിസിനസ് പരിതസ്ഥിതിയുടെ വശങ്ങൾ (സാമ്പത്തിക, സാമൂഹിക, സാങ്കേതിക, രാഷ്ട്രീയ, നിയമപരം)
- ഇന്ത്യൻ സാമ്പത്തിക പരിതസ്ഥിതി
- പുതിയ സാമ്പത്തിക നയം 1991 – ഉദാരവൽക്കരണം, സ്വകാര്യവൽക്കരണം, ആഗോളവൽക്കരണം (LPG)
- ഓഹരി വിറ്റഴിക്കൽ – അർത്ഥവും ലക്ഷ്യങ്ങളും
- ഡെമോണിറ്റൈസേഷൻ – അർത്ഥം, സവിശേഷതകൾ, ആഘാതം
- ഗവൺമെന്റ് നയമാറ്റങ്ങളുടെ ബിസിനസ്സിലുണ്ടാക്കിയ പ്രത്യാഘാതങ്ങൾ
ബിസിനസ് പരിതസ്ഥിതിയുടെ അർത്ഥവും സവിശേഷതകളും
കീത്ത് ഡേവിസ് നിർവചിച്ചിരിക്കുന്നത് “ബിസിനസ്സ് പ്രവർത്തനത്തെ ചുറ്റി നിൽക്കുന്ന, അതിനെ ബാധിക്കുന്ന സാഹചര്യങ്ങൾ, സംഭവങ്ങൾ, സ്വാധീനങ്ങൾ എന്നിവയുടെ ആകെത്തുകയാണ് ബിസിനസ്സ് പരിതസ്ഥിതി എന്നാണ്.”
ഒരു വ്യക്തിക്ക് അല്ലെങ്കിൽ സംഘടനയ്ക്ക് പ്രവർത്തിച്ചു വരുന്ന ചുറ്റുപാടുകൾ അഥവാ സാഹചര്യങ്ങളെയാണ് പരിതസ്ഥിതി എന്നു പറയുന്നത്. ഒരു ബിസിനസ്സ് സ്ഥാപനത്തിന് ഇടപെടേണ്ടിവരുന്ന രാഷ്ട്രീയവും സാമൂഹികവും സാമ്പത്തികവും, സാങ്കേതികവും സാംസ്കാരികവുമായ ശക്തികളെയാണ് ബിസിനസ്സ് പരിതസ്ഥിതി എന്നതുകൊണ്ട് അർത്ഥമാക്കുന്നത്.
സവിശേഷതകൾ:
- ആന്തരികവും ബാഹ്യവുമായ ശക്തികൾ: ആന്തരിക പരിതസ്ഥിതിയിൽ പദ്ധതികളും നയങ്ങളും ജീവനക്കാർ, ബിസിനസ്സ് ലക്ഷ്യങ്ങൾ എന്നിവ ഉൾപ്പെടുന്നു. ബാഹ്യ പരിതസ്ഥിതിയെ മൈക്രോ ഫാക്ടർ (ഉപഭോക്താക്കൾ, വിതരണക്കാർ, മത്സരാർത്ഥികൾ) , മാക്രോ ഫാക്ടർ (സാമൂഹിക, സാമ്പത്തിക, നിയമ, സാങ്കേതിക) എന്നിങ്ങനെ വിഭജിക്കാം.
- അനിശ്ചിതത്വം: ബിസിനസ്സ് അന്തരീക്ഷം മിക്കവാറും അനിശ്ചിതത്വത്തിലാണ്. മാറ്റങ്ങൾ പ്രവചിക്കാൻ പ്രയാസമാണ്.
- സങ്കീർണ്ണത: വിവിധ ഘടകങ്ങളുടെ ആപേക്ഷിക സ്വാധീനം മനസ്സിലാക്കാൻ ബുദ്ധിമുട്ടാണ്.
- ബിസിനസ്സിന് നിയന്ത്രണമില്ല: ബാഹ്യ പരിതസ്ഥിതി മാറ്റാനാവില്ല; അതിനോട് പൊരുത്തപ്പെടുക മാത്രമേ കഴിയൂ.
- പരിസ്ഥിതി ചലനാത്മകമാണ്: നിരന്തരം മാറിക്കൊണ്ടിരിക്കുന്നു.
- ആപേക്ഷികത: രാജ്യത്തിനും പ്രദേശത്തിനും അനുസരിച്ച് വ്യത്യാസപ്പെടുന്നു.
ബിസിനസ് പരിതസ്ഥിതിയുടെ പ്രാധാന്യം
- പുതിയ അവസരങ്ങളിൽ നിന്ന് ആദ്യം മുതലെടുക്കാൻ സഹായിക്കുന്നു: പരിതസ്ഥിതി വിശകലനം വഴി അവസരങ്ങൾ നേരത്തെ തിരിച്ചറിയാം.
- ഭാവിയിലെ ഭീഷണികളെക്കുറിച്ച് മുൻകൂട്ടി മുന്നറിയിപ്പ് ലഭിക്കുന്നു: നെഗറ്റീവ് ട്രെൻഡുകൾ മുൻകൂട്ടി കാണാൻ കഴിയും.
- ഉൽപന്നങ്ങളുടെ നിർമ്മാണത്തിന് ആവശ്യമായ വിഭവങ്ങൾ ഒരുക്കാൻ സഹായിക്കുന്നു.
- വിപണിയിലെ മാറ്റങ്ങൾക്കനുസരിച്ച് പ്രതികരിക്കാൻ സഹായിക്കുന്നു: അതിവേഗ മാറ്റങ്ങളുമായി പൊരുത്തപ്പെടാൻ കഴിയും.
- മുൻകൂട്ടി തീരുമാനങ്ങൾ എടുക്കുന്നതിനും നയങ്ങൾ രൂപീകരിക്കുന്നതിനും സഹായിക്കുന്നു.
- ബിസിനസ്സിന്റെ കാര്യക്ഷമത വർദ്ധിക്കുന്നു.
ബിസിനസ് പരിതസ്ഥിതിയുടെ വശങ്ങൾ
- സാമ്പത്തിക പരിതസ്ഥിതി: പലിശ നിരക്ക്, പണപ്പെരുപ്പം, ജിഡിപി, ആളോഹരി വരുമാനം, നികുതി നിരക്കുകൾ തുടങ്ങിയവ.
- സാമൂഹിക പരിതസ്ഥിതി: ആചാരങ്ങൾ, പാരമ്പര്യങ്ങൾ, മൂല്യങ്ങൾ, സാമൂഹിക പ്രവണതകൾ.
- സാങ്കേതിക പരിതസ്ഥിതി: ഉൽപാദന രീതികളിലെ മാറ്റം, പുതിയ സാങ്കേതികവിദ്യകൾ, നവീകരണങ്ങൾ.
- രാഷ്ട്രീയ പരിതസ്ഥിതി: രാജ്യത്തെ രാഷ്ട്രീയ സ്ഥിരത, സർക്കാരിന്റെ നയങ്ങൾ, ബിസിനസിനോടുള്ള മനോഭാവം.
- നിയമപരമായ പരിതസ്ഥിതി: കേന്ദ്ര-സംസ്ഥാന നിയമസഭകൾ പാസാക്കിയ നിയമങ്ങൾ, കോടതി വിധികൾ.
പുതിയ സാമ്പത്തിക നയം 1991 – LPG
ഉദാരവൽക്കരണം (Liberalisation): സാമ്പത്തിക വളർച്ചയിലെ നിയന്ത്രണങ്ങളിൽ നിന്ന് സമ്പദ്വ്യവസ്ഥയെ മോചിപ്പിക്കുക. ലൈസൻസ്, പെർമിറ്റ്, കോട്ട തുടങ്ങിയവ നീക്കം ചെയ്തു.
സ്വകാര്യവൽക്കരണം (Privatisation): പൊതുമേഖലാ സ്ഥാപനങ്ങളിൽ സ്വകാര്യ ഉടമസ്ഥതയും മാനേജ്മെന്റും കൊണ്ടുവരിക.
ഓഹരി വിറ്റഴിക്കൽ (Disinvestment): പൊതുമേഖലാ സ്ഥാപനങ്ങളിലെ സർക്കാർ ഓഹരികൾ സ്വകാര്യമേഖലയ്ക്ക് വിൽക്കുക.
ആഗോളവൽക്കരണം (Globalisation): രാജ്യത്തിന്റെ സമ്പദ് വ്യവസ്ഥയെ ആഗോള സമ്പദ് വ്യവസ്ഥയുമായി സംയോജിപ്പിക്കുക. ഇറക്കുമതി ചുങ്കങ്ങൾ കുറയ്ക്കുക, വിദേശ നിക്ഷേപം പ്രോത്സാഹിപ്പിക്കുക.
ഡെമോണിറ്റൈസേഷൻ
പ്രചാരത്തിലുള്ള ഒരു കറൻസി യൂണിറ്റിന്റെ നിയമപരമായ ടെണ്ടർ നില റദ്ദാക്കുന്നതിനുള്ള പ്രവർത്തനമാണ് ഡെമോണിറ്റൈസേഷൻ. 2016 നവംബർ 8-ന് 500, 1000 രൂപ നോട്ടുകൾ അസാധുവാക്കി.
സവിശേഷതകൾ:
- നികുതി അഡ്മിനിസ്ട്രേഷൻ നടപടി.
- നികുതി വെട്ടിപ്പ് തടയാനുള്ള മാർഗ്ഗം.
- സമ്പാദ്യം ഔപചാരിക സാമ്പത്തിക സംവിധാനത്തിലേക്ക് എത്തിക്കുന്നു.
- കറൻസി സ്ഥിരപ്പെടുത്താനും പണപ്പെരുപ്പം നിയന്ത്രിക്കാനും ഉപകരണം.
- ഡിജിറ്റൽ ഇടപാടുകൾ പ്രോത്സാഹിപ്പിക്കുന്നു.
- കരിഞ്ചന്ത നിയന്ത്രിക്കാൻ സഹായിക്കുന്നു.
ഗവൺമെന്റ് നയത്തിലെ മാറ്റങ്ങൾ ബിസിനെസ്സിലുണ്ടാക്കിയ പ്രത്യാഘാതങ്ങൾ
- മത്സരം വർദ്ധിച്ചു.
- ഉപഭോക്താക്കൾ കൂടുതൽ ആവശ്യക്കാരായി.
- സാങ്കേതിക പരിതസ്ഥിതി അതിവേഗം മാറുന്നു.
- മാറ്റത്തിന്റെ ആവശ്യകത വർദ്ധിച്ചു.
- മാനുഷിക വിഭവ വികസനം അനിവാര്യമായി.
- പൊതുമേഖലയ്ക്കുള്ള ബജറ്റ് പിന്തുണ കുറഞ്ഞു.
Important Exam Questions
- Which of the following is an example of social environment? (2019 Say - 1 Mark)
- Interaction of domestic economy with the rest of the world economy is termed as? (2020 Mar - 1 Mark)
- Change in lifestyle relates to which environment? (2022 Mar - 1 Mark)
- Change in fashion of people belongs to which dimension? (2022 Say - 1 Mark)
- L.P.G. stands for? (2025 Mar - 1 Mark)
- Identify the specific force of business environment from the following: a) Customer b) Laws prevailing c) Technological conditions d) Social environment. (2025 Say - 1 Mark)
- Classify the following items into appropriate elements: a) Literacy rate b) Public debt c) Rate of savings and investment d) Birth and death rate. (2019 Mar - 2 Marks)
- Business environment includes both specific and general forces. List any four specific forces. (2020 Say - 2 Marks)
- Complete the chart: (2023 Mar - 2 Marks)
- What is technological environment? (2024 Say - 2 Marks)
- Briefly explain any three challenges faced by Indian business firms due to changes in economic policy in 1991. (2020 Say - 3 Marks)
- Pick out the elements suitable to social environment: Life expectancy, Bureaucracy, Customs and traditions, Tax rate, Literacy rate, Market situation. (2024 Mar - 3 Marks)
- Fill appropriate as per hint: (a) Inflation rate – Economic Environment; (b) Stability of Government – ?; (c) Scientific Improvements – ?; (d) Change in life style – ?; (e) Customs and Traditions – ?. (2024 Say - 3 Marks)
- Describe any four dimensions of business environment with suitable examples. (2022 Mar - 4 Marks)
- Match the following: (a) Legal Environment – Consumer Protection Act; (b) Economic Environment – Liberalization; (c) Social Environment – Composition of family; (d) Political Environment – Stability of Government. (2019 Say - 4 Marks)
- State the importance of business environment. (2021 Mar - 4 Marks)
- Match the following: (a) Change in lifestyle – Social environment; (b) Companies Act – Legal environment; (c) Change in tax rate – Economic environment; (d) Ideology of Government – Political environment. (2023 Mar - 4 Marks)
- (i) What is meant by Business Environment? (ii) Why is it important for business enterprises to understand their environment? (any two). (2025 Mar - 4 Marks)
- What do you mean by social environment of business? Give two examples. (2025 Say - 4 Marks)
- Explain the following: a) Economic environment b) Legal environment. (2021 Mar - 5 Marks)
- Mention the various dimensions of Business Environment. (2021 Say - 5 Marks)
- Classify the following factors under economic, social, and legal environment: Tax rate, Labour laws, Level of education, Human Rights, Consumer Protection Act, Customs and beliefs, Trade mark, Liberalization, Foreign trade, Demographic composition. (2021 Say - 5 Marks)
