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ISC Class XII Notes 2025 : Commerce

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Business Environment Concept Of Business Environment: The concept of business environment refers to the sum total of individuals, institutions and other forces that surround and affect a business environment. Business environment is the aggregate of all conditions, events and influences that surround and affect the business organisation. Main Features Of Business Environment: Totality of external forces:- Business Environment is aggregative in nature because it is the sum total of all factors and external to a business enterprise. General and specific forces:- Business environment includes both general and specific forces. General forces such as economic, social, political, legal and technological conditions indirectly influence all business enterprises. But specific forces such as investors, customers, competitors and suppliers influence individual enterprise directly. Interrelatedness:- Different elements of business environment are closely interrelated. For example, growing awareness for health care has led to increase in the demand for healthy foods and health resorts. New health products and services, in turn, are changing lifestyles of people. Complexity:- Business environment is complex because it consists of several interrelated elements which keep on changing. For example, it is difficult to know the impact of economic, social, political, technological, and other forces on changes in demand for a product or service. Dynamic:- Business environment is not static, rather it keeps on changing. Entry of new competitors in the market, development of new technology, shifts in the preferences of consumers are all examples of environmental changes. Uncertainty:- Business environment is largely uncertain because it is very difficult to predict future events, particularly changes in technology, and fashion, which occur fast and frequently. Relativity:- Business environment is a relative concept as it differs from country to country and even from region to region. For example, demand for sarees is quite high in India, but almost non-existent in Japan. Similarly, political conditions in India differ from those in Iraq. Multidimensional:- Business environment has several dimensions such as micro and macro. Both of these in turn have many aspects.

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