Today I studied the nature and features of the business environment. Every feature plays a significant role in the business.
It is dynamic in nature.
Here dynamic means always changing. For example, technical advancement, market trends, and government and economic policies. You have to run your business in this dynamic environment without making any loss.
Business is complex.
Business works under the connection of networks. It is affected by external and internal factors, which are complex to understand.
It is uncertain.
Businesses face uncertainty due to the unpredictable nature of the environment. For example, Corona suddenly came, and we have seen how Corona affected the tourism and travel industry. Changes in policies, economic conditions, and consumer preferences are all uncertain. Develop business strategies by keeping these things in mind.
Relativity
Business varies from region to region and area to area. The rules that apply to one company in India cannot apply to the same company’s branch in the USA. In the same way, what works for one market may not work in another due to social and cultural differences.
Business is dynamic, complex, uncertain, and relative in nature. We should create our business strategies according to these business environments.
