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Learn Business Environment with Francis Cherunilam's Book: Features and Benefits

Business Environment Book By Francis Cherunilam Free 18

If you are looking for a comprehensive and updated book on business environment, you might want to check out Business Environment by Francis Cherunilam. This book is a popular choice among students and professionals who want to learn about the various aspects and dimensions of the business environment. In this article, we will give you an overview of what this book is about, what are its features, and how you can get it for free online.

Business Environment Book By Francis Cherunilam Free 18

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What is Business Environment?

Business environment refers to the sum total of all the internal and external factors that influence and affect the functioning and performance of a business organization. It includes all the elements that create opportunities and threats for a business in its current and future operations. Business environment is dynamic, complex, uncertain, and multidimensional. It requires constant monitoring and analysis by managers and decision-makers.

Why is Business Environment important?

Business environment is important because it determines the success or failure of a business in achieving its goals and objectives. By understanding and analyzing the business environment, a business can:

  • Identify its strengths and weaknesses

  • Exploit its opportunities and overcome its threats

  • Adapt to changing conditions and customer needs

  • Innovate and improve its products and services

  • Gain competitive advantage and market share

  • Reduce risks and uncertainties

  • Enhance its profitability and sustainability

However, business environment also poses many challenges and difficulties for a business, such as:

  • Competition from rivals and new entrants

  • Regulations and policies from government and authorities

  • Fluctuations and crises in the economy and markets

  • Social and cultural changes and preferences

  • Technological advancements and disruptions

  • Legal and ethical issues and conflicts

  • Environmental and ecological concerns and responsibilities

What are the components of Business Environment?

Business environment can be divided into two main components: internal factors and external factors. These factors can have a positive or negative impact on the business depending on the situation and context.

Internal factors

Internal factors are those that are within the control and influence of the business. They include:

  • Resources: The physical, financial, human, and intangible assets of the business

  • Capabilities: The skills, knowledge, competencies, and abilities of the business

  • Culture: The values, beliefs, norms, and practices of the business

  • Structure: The organization, hierarchy, communication, and coordination of the business

  • Strategy: The vision, mission, goals, objectives, and plans of the business

  • Processes: The activities, operations, functions, and systems of the business

  • Performance: The outcomes, results, achievements, and feedback of the business

External factors

External factors are those that are outside the control and influence of the business. They include:

  • Political: The government, laws, regulations, policies, and institutions that affect the business

  • Economic: The market, demand, supply, price, income, expenditure, and growth that affect the business

  • Social: The culture, demographics, lifestyle, values, attitudes, and behavior of the customers and society that affect the business

  • Technological: The innovation, invention, development, and diffusion of technology that affect the business

  • Legal: The rules, norms, standards, contracts, and disputes that affect the business

  • Ethical: The morals, principles, rights, duties, and responsibilities that affect the business

  • Environmental: The natural resources, climate change, pollution, and sustainability that affect the business

How to study Business Environment?

To study business environment effectively and efficiently, a business needs to use various methods and tools for conducting a business environment analysis. Some of the most common and widely used methods and tools are:

PESTEL analysis

PESTEL analysis is a framework that helps to analyze the external factors of the business environment. It stands for:

  • P: Political factors

  • E: Economic factors

  • S: Social factors

  • T: Technological factors

  • E: Environmental factors

  • L: Legal factors

A PESTEL analysis helps to identify the opportunities and threats that arise from these factors for a business. It also helps to understand the trends and changes that occur in these factors over time.

SWOT analysis

SWOT analysis is a framework that helps to analyze both the internal and external factors of the business environment. It stands for:

  • S: Strengths of the business

  • W: Weaknesses of the business

  • O: Opportunities for the business

  • T: Threats to the business

A SWOT analysis helps to evaluate the current situation and position of a business in relation to its environment. It also helps to formulate strategies and actions to leverage its strengths, overcome its weaknesses, exploit its opportunities, and counter its threats.

Porter's five forces analysis

Porter's five forces analysis is a framework that helps to analyze the competitive environment of a business. It consists of five forces that determine the intensity and attractiveness of competition in an industry. They are:

Force Description --- --- Rivalry among existing competitors The degree of competition among existing firms in an industry Threat of new entrants The ease or difficulty of new firms entering an industry Threat of substitute products or services The availability or absence of alternative products or services that can satisfy customer needs Bargaining power of buyers The ability or inability of customers to influence the price and quality of products or services Bargaining 71b2f0854b


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