Exploring Business Environments and Markets

What are some examples of political factors in the external environment of a business?

• Government regulations, tax policies, and trade restrictions

• Market trends, consumer preferences, and technological advancements

• Employee skills, company culture, and management style

• Supply chain logistics, production costs, and inventory management

Fill in the blank: Economic factors in the external environment include fiscal, monetary, and other government policies, such as _________.

• trade regulations

• weather conditions

• cultural trends

• technological advancements

Which of the following is a social factor affecting the external environment of a business?

• A) Automation

• B) Social attitudes to saving

• C) Exchange rates

• D) Legal environment

What is the impact of technological change on the external environment of a business?

• It leads to increased competition and innovation.

• It has no effect on the business environment.

• It only affects the internal operations of a business.

• It reduces the need for market research.

Fill in the blank: Environmental factors and ethical trends include carbon emissions, waste, recycling, and _________.

What are the components of the internal environment of a business?

• Employees, culture, management, and internal processes

• Suppliers, customers, competitors, and government regulations

• Economic conditions, technology, and social trends

• Natural resources, climate, and geographical location

Which of the following is a factor influencing competitive advantage?

• Corporate culture

• Pricing policies

• Legal environment

• Exchange rates

Fill in the blank: The assessment of the business environment using various techniques includes PESTEL analysis, SWOT analysis, and _________.

• Porter's Five Forces analysis

• Balanced Scorecard

• Value Chain Analysis

• BCG Matrix

What are the features of different market structures?

• Monopoly, Oligopoly, Monopolistic Competition, Perfect Competition

• Only Monopoly

• Only Oligopoly

• Only Perfect Competition

Which of the following influences demand in a market?

• Availability of raw materials

• Affordability

• Logistics

• Government support