Global Environment and its impact on Indian Economy

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Global environment and its impact on indian economy pdf in kannada

kannada business environment pdf

Business environment is the sum total of all external and internal factors that influence a business. You should keep in mind that external factors and internal factors can influence each other and work together to affect a business. For example, a health and safety regulation is an external factor that influences the internal environment of business operations. Additionally, some external factors are beyond your control. These factors are often called external constraints. Let's take a look at some key environmental factors.

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Definitions

"Business environment encompasses the" climate "or set of conditions, economic, social, political or institutional in which commercial operations are carried out." - Arthur M. Weimer

"The environment contains external factors that create opportunities and threats to the business, including socio-economic conditions, technology and political conditions." - William Gluck and Jauch

"The business environment is the aggregate of all the conditions, events and influences that surround it and affect it." - Keith Davis

"The business environment consists of all those external things to which it is exposed and by which it can be influenced directly or indirectly." "Reinecke and Schoell.

"The total of all things external to businesses and industries that affect the function of the organization is called business environment." Wheeler

"Civilizations require challenges to survive, so the environment also contains hostilities and dangers that can be overcome by individuals and organizations." - Arnold J. Toynbee

Based on the above definitions  it is very clear that the business environment is a mixture of complex, dynamic and uncontrollable external factors within which a company is going to operate.

Nature of the business environment:

The nature of the business environment is explained simply and best by the following approaches:

I) System approach:
In the original, the business is a system by which it produces goods and services for the satisfaction of desires, using various inputs, such as raw material, capital, labor, etc.

Ii) Social Responsibility Approach:
In this approach companies must fulfill their responsibility towards various categories of society, such as consumers, shareholders, employees, government, etc.

Iii) Creative Approach:
According to this approach, businesses shape the environment by addressing the challenges and taking advantage of opportunities over time. The business brings with it changes in society paying attention to the needs of the people.

Importance of the business environment:

In the past, man's environment consisted only of the physical aspects of planet Earth (air, water, and earth) And in biotic communities.But in due time and progress of society, man extended his environment through his social, economic and political function.
In a globalized economy, the business environment plays an important role in almost every business. The importance of the business environment is explained with the help of the following points:

(I) Helps understand the inner environment:
It is very important that companies understand their internal environment, such as the commercial policy, the structure of the organization, etc. In such a case, an effective management information system will help predict environmental changes in business.

(Ii) Help to understand the economic system:
Different types of economic systems influence the business in different ways. It is essential that an entrepreneur and a business enterprise know the role of the capitalists, the socialist economy and the mixed economy.

(Iii) Help in understanding economic policy:
Economic policy has its own importance in the business environment and has an important place in business. The business environment helps to understand government policies such as: export and import policy, pricing policy; Monetary policy, exchange rate policy, industrial policy, etc. Have much effect on business.

(Iv) Help to understand market conditions:
It is necessary for a company to have the knowledge of the structure of the market and the changes that take place in it. Knowledge about increasing and decreasing demand, supply, monopolistic practices, government involvement in business, etc., is necessary for a company.