Answer to Question #248366 in Management for Keerthu

Question

Explain the various business environmental factors which you like to consider while you think of a business start up

Answer 1

1. Government regulations, it important to consider if the business complies with the rules and the impact of the government on business operations

2. Competition, it is essential to consider the level of competition in the market to determine how and what strategies to tackle it.

3. Target customers, having product or service to sell cannot be profitable if customers are there, it is crucial to analyze the target market develop marketing strategies

4. location, a business star-up should be accessible and strategically positioned to attract target customers