Barriers To Authority Delegation When you are flooded by various tasks as a manager, you may not effectively execute them. As such, it is a good choice to delegate some of the authority and tasks to your subordinates. However, it is not that straightforward, different obstacles may come that way. Here we will explore 15 … Read more
What is an Environmental Factor? Environmental factor of business refers to external elements like climate, resources, societal trends, and regulations that impact a company’s operations and success. These factors, beyond a company’s control, play a vital role in shaping strategies and outcomes. Like political and economic factors, environmental factor is also an essential element of … Read more
What is Legal Environment? The legal environment of business encompasses government actions toward a country’s trade and commerce, including economic controls, taxation policies, historical business developments, and market competition regulations. It involves authentic legalization, contract freedom, investor relationships, and fostering a healthy environment. The term ‘legal environment’ denotes government strategies shaping a country’s business ecosystem. … Read more
What is a Technological Environment? The technological environment of business encompasses external elements within technology that impact business operations. Changes in technology can reshape how a company operates, prompting significant shifts in the organization’s strategies. It resides in the company’s external realm, is tied to technological developments, and holds the potential for both threats and … Read more
What is Socio Cultural Environment? The dynamic and evolving sociocultural environment plays a pivotal role in shaping businesses. It encompasses attitudes, behaviors, and values in society, closely linked to population, lifestyle, culture, tastes, customs, and traditions. This complex web, incorporated by communities and inherited across generations, defines the social and cultural landscape. The socio-cultural environment … Read more
What is Economic Environment? The economic environment of business encompasses external economic influences that impact consumer and business behavior, thus affecting a company’s performance. It comprises macroeconomic (large-scale) and microeconomic (small-scale) factors that interact and shape an organization’s strategies. These factors include market conditions, consumer purchasing power, resource availability, and economic trends. For instance, agricultural … Read more
