1.

Following is the headline of an article published in a business format. “Awareness of environment is a must for business success.” Do you agree with this statement? Justify your answer.

Answer»

(a) Yes

(b) 2 Importance of Business Environment 

(1) Identification of opportunities :

Environment provides numerous opportunities for business success. Early identification of opportunities helps an enterprise to be the first to exploit them.

(2) Identification of threats :

Environmental awareness help managers to identify various threats on time and serves as an early warning signal. 

(3) Tapping useful resources :

Business environment helps to know the availability of resources and making them available on time

(4) Coping with rapid changes :

Environmental . scanning enables the firms to adapt themselves to the changes in the market. 

(5) Assistance in planning and policy formulation:

Environmental understanding and analysis is the basis for planning and policy making.

(6) Improving performance:

Environment scanning helps an organisation in improving its performance.


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