Understanding Business Environment

The video tutorial by Bu Kristin discusses the business environment, dividing it into external and internal factors. External factors include politics, economy, social, technology, and natural environment, which are beyond a company's control. Internal factors, such as management and resources, are within a company's control. The video also includes interactive quizzes to enhance understanding.

What is the definition of a business environment?

• The financial status of a company

• The internal operations of a company

• The conditions surrounding a business that affect its operations

• The marketing strategies of a business

Which of the following is NOT a factor of the external business environment?

• Political regulations

• Technological advancements

• Employee performance

• Economic conditions

How does the political environment affect businesses?

• By altering natural resources

• Through government policies and tax regulations

• By influencing technological innovations

• By changing consumer preferences

What is an example of a social factor in the external environment?

• Interest rates

• Cultural trends

• Technological patents

• Climate change

Which factor involves innovation and impacts business operations?

• Natural

• Economic

• Social

• Technological

What is a characteristic of the internal business environment?

• It involves internal management and employees

• It includes external competitors

• It is influenced by global economic trends

• It is entirely uncontrollable

Who are considered part of the internal environment's strategic partners?

• Government agencies

• Competitors

• Joint venture collaborators

• Natural resource suppliers

What can a company control within its internal environment?

• Political regulations

• Employee training and development

• Natural disasters

• Global market trends

How can a company improve its internal work environment?

• By lobbying for new laws

• By changing global economic policies

• By altering cultural trends

• By investing in better facilities and equipment

What is a key aspect of managing the internal environment?

• Predicting natural disasters

• Influencing global economic conditions

• Enhancing employee performance

• Controlling external competitors