Advance understanding of business environment will help a business in which of the following? |
Planning and Policy Formulation Developing new principles of management Both 1 and 2 None of the above |
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. |