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‘On Your Marks’ is a good shoe manufacturing company. The company is the first to start a shoe having a unique technology giving it a long life. However the company knows that it exists in an environment where everything around it counts; so everything around it matters. Therefore, it is trying to observe every small aspect of the business environment. There are various factors which are closely related to each other and can’t be understood in isolation like change in lifestyle which can be linked to the improved demand of technologically advanced shoes. However, the company can’t be self satisfied. It will have to adjust to rapidly changing technology, fragmentation of market, changing brand loyalties, etc. It has got good man power and a very well established production department. It knows that various resources in the form of inputs have to be transformed into the best products and sold for increasing its revenue. However, there are various challenges which the company is facing. These are in the form of protests done by labour unions throughout the country which sometimes assume the form of strikes. The board of directors is keen to adapt to this difficult situation. Government is playing a very positive role, like it did a few years back, and is freeing the business environment from unnecessary restrictions and government controls. The company is hopeful of emerging as a winner under such government support.
The company is dealing with rapidly changing technology, fragmentation of markets, and changing brand loyalties. Which characteristic of the business environment does this represent?
Relativity
Uncertainty
Complexity
Specificity
Explanation: The business environment is dynamic, meaning it constantly changes. Factors like technological advancements, shifting consumer preferences, and market fragmentation create uncertainty, making it difficult for businesses to predict future trends accurately.
By: Roshni Gautam ProfileResourcesReport error
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