Question
Explain the factors which constitute an internal business environment.
Answer
i) Human resources: The people working within a business organization, including employees, managers, and leaders, who contribute their skills, knowledge, and expertise to the functioning of the company.
ii) Financial resources: The monetary assets, funds, and capital available to a business for its operations, investments, and financial obligations. These resources enable the business to support its activities, manage cash flow, and make strategic financial decisions.
iii) Business structure: The organizational framework and arrangement of roles, responsibilities, and relationships within a business. The business structure determines how the company is organized, the hierarchy of authority, and the flow of communication and decision-making.
iv) Management style: The approach, strategies, and techniques employed by the management team to lead, guide, and direct the operations and employees of the business. Management style can vary and may include autocratic, democratic, participative, or laissez-faire approaches, among others.
v) Technology used: The tools, systems, software, and equipment employed by a business to carry out its operations, processes, and activities. Technology plays a crucial role in enhancing efficiency, productivity, and innovation within the business.
in summary, the elements that make up the internal business environment include:
i) Human resources
ii) Financial resources
iii) Business structure
iv) Management style
v) Technology used
ii) Financial resources: The monetary assets, funds, and capital available to a business for its operations, investments, and financial obligations. These resources enable the business to support its activities, manage cash flow, and make strategic financial decisions.
iii) Business structure: The organizational framework and arrangement of roles, responsibilities, and relationships within a business. The business structure determines how the company is organized, the hierarchy of authority, and the flow of communication and decision-making.
iv) Management style: The approach, strategies, and techniques employed by the management team to lead, guide, and direct the operations and employees of the business. Management style can vary and may include autocratic, democratic, participative, or laissez-faire approaches, among others.
v) Technology used: The tools, systems, software, and equipment employed by a business to carry out its operations, processes, and activities. Technology plays a crucial role in enhancing efficiency, productivity, and innovation within the business.
in summary, the elements that make up the internal business environment include:
i) Human resources
ii) Financial resources
iii) Business structure
iv) Management style
v) Technology used
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