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ECONOMIC GROWTH AND DEVELOPMENT

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Economics revolves around managing scarcity through wise decisions. Economic growth is crucial, involving rising national and per capita income sustained over a long period. It is tied to factors such as capital formation, technological progress, entrepreneurship, and population growth. Economic development encompasses social and political advancements, and is also impacted by non-economic factors like education and social attitudes.

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BUSINESS ECONOMY

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An economy is any activity that involves the production, consumption, exchange, and distribution of goods and services. The resources are managed to fulfill the needs of the local populace, economy, organizations, and governments. It is widely acknowledged that this social area focuses on the behaviors, exchanges, and external manifestations associated with the creation, utilization, and

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SOCIAL RESPONSIBILITY OF BUSINESS

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A company should conduct business and generate revenue in ways that meet societal standards. Society grants permission to a business enterprise to engage in industrial or commercial activity and generate profits. In actuality, businesses can achieve long-term success by acting in a socially and ethically responsible manner. The business has a duty to make choices

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INTRODUCTION TO MARKETING MANAGEMENT

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Marketing management involves creating and executing strategic plans aligned with business goals, tracking KPIs, and streamlining operations. Goals include expanding into new markets, generating earnings, and improving brand recognition. Key concepts encompass the five marketing concepts, needs, wants, demand, product characteristics, utility, cost, satisfaction, exchange, transaction, transfer, relationships, and defining markets, marketing, marketers, and prospects.

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ASSESSING RISK IN BUSINESS ENVIRONMENT

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Risk assessment is the process of locating potential threats to a company’s capacity to conduct business. These evaluations assist in identifying these innate company risks and offer tools, procedures, and controls to lessen their influence on daily operations. There are several hazards involved in managing a business. Some of these possible risks have the power to completely

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TYPES OF BUSINESS ENVIRONMENT

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There are four types of Business Environment: Different Types of Business Environment Internal Business Environment The organization’s internal business environment is under its control. Important internal influences include, in brief: Culture and Value System: Corporate culture can be thought of as a set of common values and beliefs that influence the standards of behavior within an

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Business Environment

INTRODUCTION TO BUSINESS ENVIRONMENT

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The business environment encompasses all external and internal factors that impact a company, affecting its operations and decision-making. It includes specific and general forces, dynamic nature, uncertainty, complexity, and relativity. Understanding the environment helps identify opportunities, plan, tap resources, improve performance, cope with changes, face competition, and adapt to threats. This knowledge is crucial to business success and growth.

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