MBA 1st Year Introduction Micro Business Environment Very Short Question Answer Sample Paper

MBA 1st Year Introduction Micro Business Environment Very Short Question Answer Sample Paper :- In this Post you will find MBA 1 year related to important questions related to the answer such as the Introduction Micro Business Answer and many other important questions. Very Short Questions are answer in English section A

More MBA 1ST year Question Answer in English

MBA 1st Year Introduction Micro Business Environment Very Short Question Answer Sample Paper
MBA 1st Year Introduction Micro Business Environment Very Short Question Answer Sample Paper

Section A 

VERY SHORT ANSWER QUESTIONS

Q.1. What is business?

Ans. The business comprises of all profit-seeking activities and enterprises that provide goods and services necessary to an economic system. It is the economic pulse to a nation, striving to increase society’s standards of living. Profit is a mechanism for motivating these activities

Q.2. Give two features of modern business are:

1. It is dynamic and not static.

2. It is characterized by mass production and mass marketing, fetching economies of scale to the manufacturers and passing the benefits to the final buyers.

Q.3. What factors make up the total economic environment?

Ans. Industrial and agricultural production, planning, economic setup, infrastructure, national and per capita income, money supply, general, price level, saving, rent of growth and economic conditions make up the total economic environment.

Q.4. Give two uses of studying the business environment.

Ans. The two uses of studying the business environment are:

1. It helps in developing broad strategies and long-term policies of the firm.

2. It enables us to visualize the impact of socio-economic changes and accordingly make necessary adjustments.

Q.5. What do you mean by business?

Ans. According to Urwick and Hunt, ‘Business is any enterprise which makes, distributes or provides any article or service, which other members of the community are able and willing to pay for’

According to Alfred Marshall, Business is taken as to include all provisions for the want of others which is made in the expectations of payment directly or indirectly from those who are to be benefitted!

MBA 1st Year Introduction Micro Business Environment Very Short Question Answer

Q.6. Define environment.

Ans. According to William F. Gluck and Lawrence R. Jounch, ‘The environment includes factors outside the firm which can lead to opportunities or threats to the firm. Although there are many factors, but the most important are socio-economic, technological suppliers, competitors, and government

Encyclopedia Britannica has defined the environment as, ‘Environment is complex of physical and biotic factors that act upon an organism or an economical community and ultimately determine its formal and survival!

Q.7. Define business environment.

Ans. According to A. M. Weimer, Business environment is the climate or set of conditions: economic, social, political or institutional in which business operations are conducted!

According to William Gluck and launch, ‘In environment, there are external factors which constantly. spins out opportunities and threats to the business firm.

According to Richman and Copen, “There are lots of pressures and controls which are mostly outside the control of individual firm and its managers.

Q.8. Explain the cultural environment.

Ans. The people of different cultures might use the same product but the mode of the consumption conditions of use, or the purpose of use etc. might differ among them prompting the company to change the product attributes, presentation methods, promotion methods, which may be more suitable to changing the character of the market.

Q.9. What are the objectives of environmental study?

Ans. The objectives of environmental study are as follows:

1. It provides knowledge on current position and potential changes taking place, which helps one to frame long-term strategy for planning new technologies.

2. It provides inputs for making strategic decisions. But mere collection of data is not enough, the data and information collected must be interpreted and used.

3. It stimulates strategic thinking.

Q.10. Give any two significances of the study of business environment.

Ans. The two significances of the study of business environment are as follows:

1. It helps in developing broad strategies and long-term policies of the firm.

2. It is essential for the development of action plans to deal with technological advancements.

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