Business Environment: Definition, Features, Types, Importance
What is Business Environment? (Simple Definition) The business environment refers to all the external and internal factors that influence a company’s operations, decisions, strategies, and performance. These factors include customers, competitors, government policies, technology, social trends, economic conditions, and the internal structure of the company. In simple words: 👉 Business Environment = All forces that affect a business but are not fully controllable by the business. A business cannot survive in isolation. It continuously interacts with the surrounding environment. Any change in the environment can create opportunities or threats for the company. ⭐ Detailed Definition of Business Environment Several experts define it in different ways, but the essence remains the same: “Business environment is the sum of all conditions, events, influences, and institutions that affect business activities.” It includes: Economic policies Social values Technological advan...