The correct answer is option (3) : Technological
The dimension of the business environment that may render existing products obsolete is the technological dimension.
- Rapid advancements and innovations in technology can quickly make existing products outdated and less competitive in the market. New technologies often lead to the development of more efficient, effective, and innovative products, rendering older products obsolete and less desirable for consumers.
Legal Dimension:
- This dimension of the business environment refers to the various laws and regulations that businesses need to comply with. It includes aspects such as labor laws, tax regulations , environmental regulations, and other legal requirements that govern business operations.
Social Dimension :
- This dimension involves the social factors that influence businesses, such as cultural norms, values, beliefs, and trends. It encompasses aspects like consumer preferences, social responsibility, demographic trends, and cultural shifts that can impact the demand for products and services.
Technological Dimension:
- This dimension pertains to the technological advancements and innovations that affect businesses. It includes factors like automation, digital transformation, advancements in communication technology, and the impact of new technologies on product development, production processes, and service delivery.
Economic Dimension :
- The economic dimension encompasses factors related to the overall economic conditions, such as economic growth, inflation rates, interest rates, and employment levels. It also includes aspects like consumer spending patterns, income levels, and overall market demand, all of which significantly influence business operations and decision-making.
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