1.

What do you mean by external factors of business environment?

Answer»
  • The factors which cannot be controlled by the managerial personnel of the organization are called external factors of business environment.
  • In order to survive in the market and keep going with the competition, the business has to make necessary changes with regard to external factors.

These factors can be broadly classified as:

  • Economic factors
  • Social factors
  • Cultural factors
  • Technological factors
  • Political factors
  • Legal factors


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