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Why is it important for business enterprises to understand their environment? Explain briefly

General Awareness BUSINESS-ENVIRONMENT IN GENERAL AWARENESS 2 years ago

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It is important for business enterprises to understand their environment because of the following reasons:
(i) It helps business firms to identify opportunities and get the first mover advantage.
(ii) It helps business firms to identify threats and get warning signals
(iii) It helps in coping with rapid changes
(iv) It helps in planning and policy formulation.
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Posted on 06 Oct 2022, this text provides information on General Awareness related to BUSINESS-ENVIRONMENT IN GENERAL AWARENESS. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.

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