Answered

13.Explain by giving any three reasons why understanding of Business Environment is important for
managers.(3)



Answer :

GinnyAnswer

Final answer:

Managers must understand the business environment to adapt to changes, gain a competitive advantage, and make effective decisions.


Explanation:

Understanding of Business Environment is crucial for managers due to the following reasons:

  1. Organizational Response to Changes: Managers need to understand how external factors can impact their organization's operations and strategies.
  2. Competitive Advantage: Knowledge of cultural influences and global trends can provide a competitive edge in decision-making.
  3. Effective Decision-Making: Being aware of environmental changes enables managers to make informed and successful decisions.

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