"Understanding of the business environment by managers can be appreciated if the manager considers one of the following aspects of the business environment".

Identify the point of importance of business environment from the following.

Early identification of opportunities and getting first mover advantage

The correct answer is option 3- Early identification of opportunities and getting first mover advantage.

Early identification of opportunities and getting first mover advantage is the point of importance of business environment highlighted in the given statement.

Understanding the business environment allows managers to spot emerging trends, identify new opportunities before competitors, take action early and gain a competitive edge, also known as the first-mover advantage. This is a key importance of understanding the business environment, as it helps organizations stay ahead of the curve and seize opportunities quickly.

Opportunities refer to the positive external trends or changes that will help a firm to improve its performance. Environment provides numerous opportunities for business success. Early identification of opportunities helps an enterprise to be the first to exploit them instead of losing them to competitors. For example, Maruti Udyog became the leader in the small car market because it was the first to recognise the need for small cars in an environment of rising petroleum prices and a large middle class population in India.