Here are some important tips and guidance from our Quality Dissertation team for those who need help in Business Environment Assignment:
A business works within an environment consisting of its surroundings. Naturally, this environment impacts the performance of the business. Broadly, the immediate environment of any business consists of national and further global political, economic, social, technological, legal and environmental conditions (PESTLE).
Hence, Business Environment Studies is considered as an important subject in every MBA school. Given that it’s a multifold subject, whenever writing about assignments on topics related to this, a student needs to keep in mind that what is expected from the assessor.
For example, a typical assignment may judge you on only one or the other constituent of the environment, say, you’re understanding of the purpose of business, its nature as well as the nature of the national environment in which business operates. You should be able to display great knowledge of the behavior of organization in its market environment and be able to assess the significance of the global factors that shape national business activities.
You can explain the impact of a nation’s political and economic environment on a business by giving a live example. Any nation’s fiscal and monetary policies influence the activities and performance of its business organizations in considerable manner, as these policies control the monetary transactions within the market and bring in stability in the price level and availability and demand of products. Purpose of both of these policies is to stabilize the market economy through equalizing the prices, reducing the possibility of unemployment and availability of the products and services in the market, yet they follow different paths for achieving this particular goal.
Similarly as suggested by our assignment writing help experts, political decisions of the ruling government party may also affect business. Some parties believe in protection of domestic emerging businesses making it difficult for foreign investment based organizations difficult and expensive to survive, some have difficult trade norms or sometimes they don’t offer enough stability which can possess the threat to a business of uncertainty in future. Some governments have liberal outsourcing norms which also impacts businesses internationally.
You can also explain the concept of Globalization that can be defined as the process of integration of international corporations for interchanging the views, consumer products and different mechanisms. It has been identified that the economies of most countries go through considerable influence of globalization which not only impacts consumer and supplier behavior, but also ultimately influences a nation’s economy and the activities of business organizations belonging to it.
While listing the above concepts is important, students can also relate this topic to multiple tools that enable companies to analyze its business environment before making crucial decisions and investing huge sum of capital. One of such most important scanning tools is PEST or PESTLE analysis.
PEST/ PESTLE analysis:
This is a very effective, comprehensive and systematic way of scanning a business environment. The letters in PEST, PESTLE, also called PESTEL, denote the following things:
- Political factors
- Economic factors
- Social factors
- Technological factors
- Legal factors
- Environmental factor
Further, each factor consists of some peculiarities that can be tested before making any vital business decision. Some political factors that you can study are government policies, taxes laws and tariff, stability of government, entry mode regulations etc. Whereas, economic factors can be inflation rate, interest rate, disposable income of buyers, credit accessibility, unemployment rates, monetary or fiscal policies or foreign exchange rate. Factors like cultural, gender, demography, etc. are considered as social factors. Technology is one factor which has gained a lot importance lately. Indicators like internet, broadband speed, new discoveries and advances enable technology. Geographical location, weather, climate, energy resources and consumption, etc. are prime environmental factors. Some companies also add another E to this, which stands for Ethics. This is particularly general trend of corporate governance prevailing in a sector or country.
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