Posted on: Monday, September 18, 2017
The environment of business is an extremely complex and dynamic phenomenon. It is the product of the technological, political legal, economic, social cultural, global and natural factors among which it functions. The environmental factors vary from country to country, even region to region. Environment is a mixture of economic, social, political, legal and technological forces.
Arthur M. Weimer writes the business environment is the climate or set of conditions; economic, social, political or institutional in which business activities are conducted.
In the wards of William Gluck and Jauch, “Environment contains the external factors that create opportunities and threat to the business. This includes socioeconomic conditions, technology and political conditions.”