definition and factors
what is Business environment?
The sum total of all external and internal factors that impact a business
what is technology?
application of knowledge to control or change our environment
what is market size?
a measurement of the total volume of a given market
What is a social environment
A group of people with values,practices, customs and beliefs
What is the legal environment?
Laws and regulations to which a business is subject
The values, norms and customs of your business constitutes what type of factor? Is it an internal or external factor?
Organizational culture and internal
what is technological products
Finished good for use by consumers
what is a market share
it represents a company's allocation in the total market size
what is an external social environment
provides both risks and opportunities for a business
What would be a complex legal environment?
Real estate company
what type of environmental factor is high unemployment rate and is this an external or internal factor
Microeconomic factor and internal
what is the technological process
new products and services are created and improved
what is an analogy for market size
pie chart
what is an internal social environment
organizational values, beliefs, customs and practices
What business violations can have criminal penalties?
Tax evasion
If you are being subject to a new set of regulations, what type of factor is this and is it an external or internal factor?
Economic and external
what is creative destruction
New industries will destroy older industries
when do companies review market size
complete expansions, contractions, acquisitions or liquidations of branches of their company
What role does the government play in a business?
It regulates taxes.
Marketing research indicates that your customers are bailing on your products for environmental friendly products. What type of environmental factor is this and is it an external or internal factor?
social factor and external
An example of creative destruction
online shopping vs real life shopping (or any acceptable answer)
what is important when using these terms
identify the context: time period,date,geographic region, and units