Class 12 Business Studies - Chapter Business Environment NCERT Solutions | Explain the significance of technologica
Explain the significance of technological advancements in shaping the business environment.
Technological advancements have a profound impact on the business environment, shaping how companies operate, compete, and grow. Key aspects include:
- Automation and Efficiency: Automation technologies reduce labor costs and improve efficiency in manufacturing, logistics, and customer service. Businesses that invest in technology can achieve higher productivity and lower operational costs.
- Innovation: New technologies open up avenues for product innovation, enabling businesses to create unique offerings that meet evolving customer needs. This can provide a competitive advantage in crowded markets.
- Global Connectivity: The rise of the internet and communication technologies allows businesses to operate globally. E-commerce platforms, cloud computing, and digital marketing enable companies to reach international customers, expanding market access and increasing revenue potential.
- Risk and Security: While technological advancements provide numerous benefits, they also introduce new risks, such as cyberattacks. Businesses must invest in robust security systems to protect sensitive data and ensure business continuity.
More Questions From Class 12 Business Studies - Chapter Business Environment
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How would you characterize the business environment? Explain with examples, the difference between general and specific environment.
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The government of India announced Demonetization of ₹ 500 and ₹ 1,000 currency notes with effect from the midnight of November 8, 2016. As a result, the existing ₹ 500 and ₹ 1,000 currency notes ceased to be legal tender from that date. New currency notes of the denomination of ₹ 500 and ₹ 2,000 were issued by Reserve Bank of India after the announcement.
This step resulted in a substantial increase in the awareness about and use of Point of Sale machines, e-wallets, digital cash and other modes of cashless transactions. Also, increased transparency in monetary transactions and disclosure led to a rise in government revenue in the form of tax collection.
a. Enumerate the dimensions of the business environment highlighted above.
b. State the features of Demonetization. - Q:-
National Digital Library of India (NDL India) is a pilot project initiated by the HRD ministry. It works towards developing a framework of virtual repository of learning resources with a single-window search facility. It provides support to all academic levels including researchers, life-long learners and differently-abled learners free of cost. State the dimensions of business environment highlighted above.
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Why it is important for business enterprises to understand their environment? Explain.
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How would you argue that the success of a business enterprise is significantly influenced by its environment?
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Briefly discuss the impact of Government policy changes on business and industry.
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What economic changes were initiated by the Government under the Industrial Policy, 1991? What impact have these changes made on business and industry?
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What are the essential features of:
a. Liberalisation,
b. Privatization and
c. Globalisation? - Q:-
How does understanding of business environment help in improving performance of a business?
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Give an example to show that a business firm operates within numerous inter related factors constituting the business environment.(Hint: example highlighting the inter relatedness of dimensions of business environment).
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