what are the dynamic aspects of business. mention factors affecting it
Garvita,
The dynamic aspect of business is business environment. Business environment refers to all the external forces including economic, social, political, technological and legal that affect the performance of business environment. These forces affect the performance of the organisation either in a positive or in a negative manner. For example- change in consumer's tastes & perferences in favour of firm's product increases the demand for its product. On the other hand, political instability can have an adverse impact on its performance.
Factors affecting/constituting the business environment are as follows.
1. Economic environment
2. Social environment
3. Technological environment
4. Political environment
5. Legal environment
The dynamic aspect of business is business environment. Business environment refers to all the external forces including economic, social, political, technological and legal that affect the performance of business environment. These forces affect the performance of the organisation either in a positive or in a negative manner. For example- change in consumer's tastes & perferences in favour of firm's product increases the demand for its product. On the other hand, political instability can have an adverse impact on its performance.
Factors affecting/constituting the business environment are as follows.
1. Economic environment
2. Social environment
3. Technological environment
4. Political environment
5. Legal environment