AN ANALYSIS OF BUSINESS ENVIRONMENT ON THE SUCCESS AND GROWTH OF THE ORGANISATION
- Project Research
- 1-5 Chapters
- Quantitative
- Chi-Square
- Abstract : Available
- Table of Content: Available
- Reference Style: APA
- Recommended for : Student Researchers
- NGN 5000
Background to the study
Business refers to any commercial or economic activity that is focused on maximizing profit for the firm. The primary purpose of business organizations is to generate money, develop their operations, and survive in their respective markets. In today's world, the environment in which companies operate is a complex, multi-faceted dynamic that has a significant impact on the operations of these firms (Rosenberg, 2018).
The environment has a tendency to shape the vision and ambitions of an organization by placing constraints on them. In the context of an organization's purpose, constraints may take the form of competition, which sets a limit on the organization's declared aims. For example, if a trade union demands a salary increase, this will have an impact on the shareholder dividend payout. Unethical conduct has a negative influence on profitability as well. These factors have an impact on the organization's operations as well as on the quality of its products and how they are produced (Oghojafor, 2018).
It is fairly uncommon in management to use the phrase, "Environment" to refer to more than just the physical environment, but rather to all of the elements that influence specific enterprises. The phrase, "business environment" refers to anything that surrounds and affects a company's operation. It has an impact on the decisions made by the company, as well as on its strategy, procedures, and overall performance. The environment is made up of elements that are beyond of the control of the business (STEP), such as social, technological, economic, legal, and political variables, amongst others. It either opens up new opportunities for the organization or poses a threat to its survival and viability. Managers in any firm must interact with, and respond to, environmental aspects that are either internal or external to the corporation since business produces demand for society and society creates need for business (Rosenberg, 2018).
The business environment, as defined by management, is the sum of all of these interrelationships inside the organization as well as those between the enterprise and the rest of the society. The capacity of organizations to adapt adequately to a complex and fast changing environment is critical to their long-term survival and success. To be successful in business, senior management must be able to identify and assess potential external opportunities and dangers. The internal environment should be assessed in terms of its strengths and shortcomings, as well as its potential and current state. It must respond swiftly in order to identify areas where it may be able to gain a competitive advantage over its competition. This means that every business must continuously watch or search its surroundings (Oghojafor, 2018).
Because of the oil boom of the 1960s and early 1970s, the business environment in Nigeria has shifted considerably. Austerity measures implemented in the early 1980s and the structural adjustment program implemented in the late 1980s, both of which were derived from the 1960s company act and related matter decree implemented in the 1990s, undoubtedly created opportunities for some businesses to exploit or obstacles to the continued existence of many others in the 1980s. When one considers that businesses do not operate in a vacuum and that effective management in a complex and dynamic society such as Nigeria necessitates an assessment of the organization's strengths and weaknesses, as well as the opportunities and threats posed, as well as the challenges posed by the external environment, the significance of studying the business environment becomes apparent. It is necessary for organizations to adapt to these changes in order to survive and grow. Specifically, the goal of this investigation is to analyze the business environment on the successful and growth of the organization.
Statement of the problem
Recently, the business environment has witnessed only little improvement, as seen by poor growth, high unemployment, low industrial output, and a decline in demand for services and physical commodities. The energy crisis continued unabated, forcing the majority of businesses to depend only on generators for their energy needs. Businesses are unable to achieve sustainable growth when confronted with these obstacles (Rosenberg, 2018). When it comes to social issues, business has certain obstacles to tackle as a socially responsible entity. Protection of public health and safety, prevention of environmental harm, development and implementation of ethical standards and practices, adherence to cultural and social norms, and striking a balance between the interests of the business and those of its customers, shareholders, and suppliers are just a few of the considerations (Rosenberg, 2018). Businesses in Nigeria have been forced to shut, stall, fail, or relocate as a result of harsh environmental conditions. As a consequence, the study attempts to determine the influence of the business environment on the performance and growth of the company.
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