BU288 Lecture 8: Bu288 lesson 8
Document Summary
A business can achieve competitive advantage if it adapts with the environment and manages itself accordingly. Adaptation refers to the adjustment with the emerging environmental conditions and trend. It helps to maximize the environmental opportunities and mitigate likely threats. Stability is business activities is important for sustainability. Fluctuation in business activities adversely affects the functional areas as production, marketing, finance, and human resource. For stability, a business should monitor its environment regularly and adjust accordingly. It eventually provide sustainability to achieve business goals. A firm can collect information from the environment if it studies it continuously. Further, it can detect the emerging trend and scenario from the environment and prepare itself to cope with the likely changes. A business alone cannot influence the general environment. However, the environment may be influenced through formation of organized body like industry and trade federations. Environmental study and analysis enable them to understand the environment and lobby further to make it congenial.
