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The business environment is an ever-changing landscape. It can be difficult for a business to keep pace with the changes, especially in today’s digital world.
The various dimensions of the business environment are:
- Economic dimension: This refers to the financial and economic aspects of a company's operations.
- Commercial dimension: This refers to the market and competitive aspects of a company's operations.
- Social dimension: This refers to how society perceives and responds to a company's operations, including their impact on culture, governance, social responsibility, and ethics.
- Technological dimension: This refers to how technology impacts the way that companies operate and interact with customers.
The business environment is a complex system that has various dimensions.
The business environment can be divided into two categories - the macroeconomic and the microeconomic. The former includes factors like global economy, national economy, and company's market share. On the other hand, the latter includes factors like product quality and customer satisfaction.
There are many dimensions to the business environment. These include factors such as the nature of the industry, market position, size of the market, and growth potential.
The following are some of the most important dimensions:
- Industry (e.g., pharmaceuticals, manufacturing)
- Market position (e.g., high-end luxury goods)
- Size of the market (e.g., small to medium enterprise)
- Growth potential (e.g., emerging markets)
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