1. The document defines business environment as the external forces that influence business decisions including economic, social, political, and technological factors outside a business's control.
2. It identifies key components of the general business environment including the economic, social, political, legal, and technological environments. The economic environment includes factors like GDP, inflation, and interest rates.
3. After economic reforms in India in 1991, the government liberalized, privatized, and opened the economy to globalization. This increased competition from foreign and private firms and forced businesses to change, innovate, and improve performance.
A fantastic PPT on Business Environment. It gives the complete understanding of the concept of the Business Environment, its features, significance and its impact on the Indian Businesses. It also gives a description of LPG Policy 1991 and its impact. You will also find a concept of Demonetiszation.
E15 Second Expert Group Meeting
Reinvigorating Manufacturing: New Industrial Policy and the Trade System
Isabelle Ramdoo
Deputy Head of Programme
Trade and Economic Transformation
Geneva, 4-5 December 2014
A fantastic PPT on Business Environment. It gives the complete understanding of the concept of the Business Environment, its features, significance and its impact on the Indian Businesses. It also gives a description of LPG Policy 1991 and its impact. You will also find a concept of Demonetiszation.
E15 Second Expert Group Meeting
Reinvigorating Manufacturing: New Industrial Policy and the Trade System
Isabelle Ramdoo
Deputy Head of Programme
Trade and Economic Transformation
Geneva, 4-5 December 2014
Liberalization, Privatization and Globalization in India. The economy of India had undergone significant policy shifts in the beginning of the 1990s. This new model of economic reforms is commonly known as the LPG or Liberalisation, Privatisation and Globalisation model.
Liberalization is a very broad term that usually refers to fewer government regulations and restrictions in the economy.
Privatization means transfer of ownership and/or management of an enterprise from the public sector to the private sector .It also means the withdrawal of the state from an industry or sector partially or fully.
Globalization implies integration of the economy of the country with the rest of the world economy and opening up of the economy for foreign direct investment by liberalizing the rules and regulations and by creating favorable socio-economic and political climate for global business.
Liberalization, Privatization, Globalization (Six Thinking Hat Technique) Syril Thomas
Six Thinking Hats is a system which describes a tool for group discussion and individual thinking involving six colored hats. "Six Thinking Hats" and the associated idea parallel thinking provide a means for groups to plan thinking processes in a detailed and cohesive way, and in doing so to think together more effectively.
In the further slides me and my team members will be explaining L.P.G (i.e. Liberalization, Privatization and Globalization) using the Six Thinking Hat Technique. The team would be more focusing on India and brushing up some parts of the world in our presentation.
Liberalization, Privatization and Globalization in India. The economy of India had undergone significant policy shifts in the beginning of the 1990s. This new model of economic reforms is commonly known as the LPG or Liberalisation, Privatisation and Globalisation model.
Liberalization is a very broad term that usually refers to fewer government regulations and restrictions in the economy.
Privatization means transfer of ownership and/or management of an enterprise from the public sector to the private sector .It also means the withdrawal of the state from an industry or sector partially or fully.
Globalization implies integration of the economy of the country with the rest of the world economy and opening up of the economy for foreign direct investment by liberalizing the rules and regulations and by creating favorable socio-economic and political climate for global business.
Liberalization, Privatization, Globalization (Six Thinking Hat Technique) Syril Thomas
Six Thinking Hats is a system which describes a tool for group discussion and individual thinking involving six colored hats. "Six Thinking Hats" and the associated idea parallel thinking provide a means for groups to plan thinking processes in a detailed and cohesive way, and in doing so to think together more effectively.
In the further slides me and my team members will be explaining L.P.G (i.e. Liberalization, Privatization and Globalization) using the Six Thinking Hat Technique. The team would be more focusing on India and brushing up some parts of the world in our presentation.
Business Environment-Meaning, Importance, Environmental Factors, Recent Political Environment, Recent
Economic and Financial Environment, Planning In India-Planning Commision-Liberalisation and Planning,
Industrial Policy: New trade policy-1991 onwards, Industrial Licensing in India
LEARNING OBJECTIVES
A. To define what the business plan is who prepares it, who reads it, and how it
is evaluated.
B. To understand the scope and value of the business plan to investors, lenders,
employees, suppliers, and customers.
PLANNING AS PART OF THE BUSINESS OPERATION
Planning is a process that never ends. In the early stages, the entrepreneur should
prepare a preliminary plan. The plan will be finalized as the enterprise develops. Many
different types of plans may be part of any business operation-financial, marketing,
production, and sales plans. Plans may be short term or long term, or they may be strategic or
operational. All of these plans have one purpose: to provide guidance and structure to
management in a rapidly changing market environment.
What Is the Business Plan?
A business plan is a written document prepared by the entrepreneur that describes all
the relevant external and internal elements involved in starting a new venture. It addresses
both short- and long-term decision making. The business plan is like a road map for the
business’ development. The Internet also provides outlines for business planning.
Entrepreneurs can also hire or offer equity to another person to provide expertise in preparing
the business plan. In developing the business plan the entrepreneur can determine how much
money will be needed from new and existing sources.
WHO SHOULD WRITE THE PLAN
The business plan should be prepared by the entrepreneur; however, he or she may
consult many sources. Lawyers, accountants, marketing consultants, and engineers are useful
supplemental sources. Other resources are the Small Business Administration, Service Core
of Retired Executives, Small Business Development Centers, universities, friends, and
relatives. To help determine whether to hire a consultant, the entrepreneur needs to make an
objective assessment of his or her own skills.
HOW DO POTENTIAL LENDERS AND INVESTORS EVALUATE THE PLAN
Because the business plan should address the needs of all the potential evaluators,
software packages and Internet samples should be used only to assist in preparation. As the
entrepreneur becomes aware of who will read the plan, changes will be necessary. Suppliers
may want to see a business plan before signing a contract to supply products or services.
Customers may also want to review the plan before buying the product. The business plan
should consider the needs of these constituencies. Potential suppliers of capital will vary in
their needs and requirements in the business plan. Lenders are primarily interested in the
ability of the new venture to pay back the debt and focus on the four C’s of credit:
The entrepreneur’s credit history or character.
Their ability to meet debt and interest payments (cash flow.)
The collateral or tangible assets being secured.
PRESENTING THE PLAN
It is often necessary for an entrepreneur to orally present the business plan to investors.
Typically the Entrepreneur provides a short (20-30 m
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Meaning of business environment2009new
1. Meaning of Business Environment
Environment of a business means the external forces influencing the business decisions. They can
be forces of economic, social, political and technological factors. These factors are outside the control
of the business. The business can do little to change them.
Following features:
1. Totality of external forces: Business environment is the sum total of all things external to
business firms and, as such, is aggregative in nature.
2. (Specific and general forces: Business environment includes both specific and general forces.
Specific forces (such as investors, customers, competitors and suppliers) affect individual
enterprises directly and immediately in their day-to-day working. General forces (such as social,
political, legal and technological conditions) have impact on all business enterprises and thus may
affect an individual firm only indirectly.
3. Dynamic nature: Business environment is dynamic in that it keeps on changing whether in terms
of technological improvement, shifts in consumer preferences or entry of new competition in the
market.
4. Uncertainty: Business environment is largely uncertain as it is very difficult to predict future
happenings, especially when environment changes are taking place too frequently as in the case of
information technology or fashion industries.
5. Relativity: Business environment is a relative concept since it differs from country to country and
even region to region. Political conditions in the USA, for instance, differ from those in China or
Pakistan. Similarly, demand for sarees may be fairly high in India whereas it may be almost non-
existent in France.
Importance of Business Environment
1. firm to identify opportunities and getting the first mover advantage: Early identification of
opportunities helps an enterprise to be the first to exploit them instead of losing them to
competitors. For example, Maruti Udyog became the leader in the small car market because it was
the first to recognize the need for small cars in India.
2. firm to identify threats and early warning signals: If an Indian firm finds that a foreign
multinational is entering the Indian market it should gives a warning signal and Indian firms can
meet the threat by adopting by improving the quality of the product, reducing cost of the
production, engaging in aggressive advertising, and so on.
3. Coping with rapid changes: All sizes and all types of enterprises are facing increasingly dynamic
environment. In order to effectively cope with these significant changes, managers must
understand and examine the environment and develop suitable courses of action.
4. Improving performance: the enterprises that continuously monitor their environment and adopt
suitable business practices are the ones which not only improve their present performance but also
continue to succeed in the market for a longer period.
Dimensions of Business Environment
What constitutes the general environment of a business?
The following are the key components of general environment of a business.
1. Economic environment economic environment consists of economic factors that influence the
business in a country. These factors include gross national product, corporate profits, inflation rate,
employment, balance of payments, interest rates consumer income etc.
2. Social environment It describes the characteristics of the society in which the organization exists.
Literacy rate, customs, values, beliefs, lifestyle, demographic features and mobility of population
1
2. are part o the social environment. It is important for managers to notice the direction in which the
society is moving and formulate progressive policies according to the changing social scenario.
3. Political environment It comprises political stability and the policies of the government.
Ideological inclination of political parties, personal interest on politicians, influence of party
forums etc. create political environment. For example, Bangalore established itself as the most
important IT centre of India mainly because of political support.
4. Legal environment This consists of legislation that is passed by the parliament and state
legislatures.Examples of such legislation specifically aimed at business operations include the
Trade mark Act 1969, Essential Commodities Act 1955, Standards of Weights and Measures Act
1969 and Consumer Protection Act 196.
5. Technological environment It includes the level of technology available in a country. It also
indicates the pace of research and development and progress made in introducing modern
technology in production. Technology provides capital intensive but cost effective alternative to
traditional labor intensive methods. In a competitive business environment technology is the key to
development.
Economic Environment in India
In order to solve economic problems of our country, the government took several steps including
control by the State of certain industries, central planning and reduced importance of the private
sector. The main objectives of India’s development plans were:
1. Initiate rapid economic growth to raise the standard of living, reduce unemployment and poverty;
2. Become self-reliant and set up a strong industrial base with emphasis on heavy and basic
industries;
3. Reduce inequalities of income and wealth;
4. Adopt a socialist pattern of development — based on equality and prevent exploitation of man by
man.
As a part of economic reforms, the Government of India announced a new industrial policy in
July 1991.
The broad features of this policy were as follows:
1. The Government reduced the number of industries under compulsory licensing to six.
2. Disinvestment was carried out in case of many public sector industrial enterprises.
3. Policy towards foreign capital was liberalized. The share of foreign equity participation was
increased and in many activities 100 per cent Foreign Direct Investment (FDI) was permitted.
4. Automatic permission was now granted for technology agreements with foreign companies.
5. Foreign Investment Promotion Board (FIPB) was set up to promote and channelise foreign
investment in India.
Liberalization:
• The economic reforms that were introduced were aimed at liberalizing the Indian business and
industry from all unnecessary controls and restrictions.
• They indicate the end of the licence-pemit-quota raj.
• Liberalization of the Indian industry has taken place with respect to:
1. Abolishing licensing requirement in most of the industries except a short list,
2. Freedom in deciding the scale of business activities i.e., no restrictions on expansion or
contraction of business activities,
3. Removal of restrictions on the movement of goods and services,
4. Freedom in fixing the prices of goods services,
2
3. 5. Reduction in tax rates and lifting of unnecessary controls over the economy,
6. Simplifying procedures for imports and experts, and
7. Making it easier to attract foreign capital and technology to india.
Privatisation:
• The new set of economic reforms aimed at giving greater role to the private sector in the nation
building process and a reduced role to the public sector.
• To achieve this, the government redefined the role of the public sector in the New Industrial Policy
of 1991
• The purpose of the sale, according to the government, was mainly to improve financial discipline
and facilitate modernization.
• It was also observe that private capital and managerial capabilities could be effectively utilized to
improve the performance of the PSUs.
• The government has also made attempts to improve the efficiency of PSUs by giving them
autonomy in taking managerial decisions.
Globalisation:
• Globalizations are the outcome of the policies of liberalisation and privatisation.
• Globalisation is generally understood to mean integration of the economy of the country with the
world economy, it is a complex phenomenon.
• It is an outcome of the set of various policies that are aimed at transforming the world towards
greater interdependence and integration.
• It involves creation of networks and activities transcending economic, social and geographical
boundaries.
• Globalisation involves an increased level of interaction and interdependence among the various
nations of the global economy.
• Physical geographical gap or political boundaries no longer remain barriers for a business
enterprise to serve a customer in a distant geographical market.
Impact of Government Policy Changes on Business and Industry
1. Increasing competition: As a result of changes in the rules of industrial licensing and entry of
foreign firms, competition for Indian firms has increased especially in service industries like
telecommunications, airlines, banking, insurance, etc. which were earlier in the public sector.
2. More demanding customers: Customers today have become more demanding because they are
well-informed. Increased competition in the market gives the customers wider choice in
purchasing better quality of goods and services.
3. Rapidly changing technological environment: Increased competition forces the firms to develop
new ways to survive and grow in the market. New technologies make it possible to improve
machines, process, products and services. The rapidly changing technological environment creates
tough challenges before smaller firms.
4. Necessity for change: In a regulated environment of pre-1991 era, the firms could have relatively
stable policies and practices. After 1991, the market forces have become turbulent as a result of
which the enterprises have to continuously modify their operations.
5. Threat from MNC Massive entry of multi nationals in Indian marker constitutes new challenge.
The Indian subsidiaries of multi-nationals gained strategic advantage. Many of these companies
could get limited support in technology from their foreign partners due to restrictions in
3
4. ownerships. Once these restrictions have been limited to reasonable levels, there is increased
technology transfer from the foreign partners
4