Advance understanding of business environment will help a business in which of the following?

Planning and Policy Formulation

When a business has an advanced understanding of its business environment, it can plan more effectively. This involves anticipating potential challenges, identifying opportunities for growth, and developing strategies to navigate the ever-changing market conditions. In essence, it's like having a well-informed roadmap. This understanding is crucial for formulating policies that align with the business goals and help in making informed decisions.