Rajan is employed in Amaze Ltd. He was of a view that continuous scientific improvements and innovations provide new ways of producing goods. That is why he keeps on making innovations in his product and spends a huge amount on R & D. Identify the dimension of Business environment discussed above.

Technological environment

The correct answer is option (4) : Technological environment

The dimension of the business environment discussed above is:

4. Technological environment.

Rajan's focus on continuous scientific improvements and innovations in his product, as well as the significant spending on research
and development (R&D), is indicative of an emphasis on the technological environment. Innovations and advancements in technology
play a crucial role in influencing business strategies and product development.

Certainly, here's an explanation of the other dimensions of the business environment:

1. Economic environment :

- The economic environment refers to the state of the economy in which a business operates. It includes factors such as economic policies, inflation rates, exchange rates, economic growth, and overall economic conditions. Businesses must adapt to and make decisions based on the economic conditions of the country or region where they operate.

2. Political environment: - The political environment encompasses factors related to government policies, regulations, stability, and the impact of government decisions on businesses. Changes in government policies and regulations can significantly affect how businesses operate, their strategies, and their level of government intervention in various aspects of the business.

3. Social environment: - The social environment includes factors related to the society and culture in which a business operates. This dimension involves understanding societal values, demographics, cultural norms, consumer behavior, and societal trends. Businesses need to consider the social environment when developing products, marketing strategies, and engaging with the community to meet the expectations and preferences of their target audience.

Each of these dimensions of the business environment has a significant impact on a company's operations, decision-making, and overall business strategy. Understanding and adapting to these environmental factors is crucial for business success.