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- Identify four factors that affect whether an industry does or does not present a company with a good business opportunity.
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- How does the competitive landscape of an industry influence the business environment, and what strategies can companies employ to thrive in a competitive market?Identify the major characteristics of the businessmarket and its demand.How can businesses build and maintain strong customer relationships to drive customer loyalty and long-term business growth?
- How can a company successfully serve its external and internal customers?The business market consists of four broad segments: producers, resellers, government, and institutions. What are they?Differentiate between those elements of the business which provides a competitive advantage and those that do not.
- The business environment encompasses the myriad external factors that affect the operations, performance, and decision-making processes of an organization. It is a dynamic and multifaceted arena, shaped by economic, social, technological, political, and legal forces. The economic environment, for instance, plays a pivotal role in influencing business activities, encompassing aspects such as inflation rates, exchange rates, and overall economic stability. Social factors, including cultural trends and demographics, contribute to the shaping of consumer preferences and market demand. Rapid technological advancements introduce both opportunities and challenges, as businesses strive to stay competitive and innovate in an ever-evolving landscape. Political and legal factors, on the other hand, can significantly impact business operations through regulations, government policies, and geopolitical events. In navigating this complex business environment, organizations must remain agile and…How does market planning contribute to achieving business objectives?Discuss any Five External Factors affecting the Business Environment.