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5MajorComponentsofBusinessEnvironment|BusinessStudies
5 Major
Components of
Business
Environment |
Business Studies
bySarithaPujariBusinessEnvironment
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(i)EconomicalEnvironment:
Economic Environment consists of Gross
Domestic Product, Income level at national
level and per capita level, Profit earning
rate, Productivity and Employment rate,
Industrial, monetary and fiscal policy of the
government etc.
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(ii)SocialEnvironment:
Social Environment consists of the customs
and traditions of the society in which
business is existing. It includes the standard
of living, taste, preferences and education
level of the people living in the society
where business exists.
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(iii)PoliticalEnvironment:
Political environment constitutes all the
factors related to government affairs such
as type of government in power, attitude of
government towards different groups of
societies, policy changes implemented by
different governments etc. The political
environment has immediate and great
impact on the business transactions so
businessman must scan this environment
very carefully.
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(iv)LegalEnvironment:
Legal environment constitutes the laws and
various legislations passed in the
parliament. The businessman cannot
overlook the legislations because he has to
perform his business transactions within
the framework of legal environment.
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Management Act.
6. Laws to keep a check on Advertisements.
(v)TechnologicalEnvironment:
Technological environment refers to
changes taking place in the method of
production, use of new equipment and
machineries to improve, the quality of
product. The businessman must closely
monitor the technological changes taking
place in his industry because he will have to
implement these changes to remain in the
competitive market.
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