Business Environment Test - 37

ETOP stand for Environmental Threat and Opportunity Profile which is a technique to the environment for fundamental business analysis where the threat of the organisation are analysed it is resolved by using the opportunities that are provided to the company by the environment. 

SWOT analysis is a type of environment scanning where SWOT stands for strengths, weakness, opportunities and threats of the business which was first introduced by Albert S Humphrey to analyse different sectors of the business and improve it. It is known as internal-external analysis as it includes both internal as well as external forces of the business.

A vision statement refers to what an organisation wants to be in the upcoming years of its operations. It describes the future view of the company or it terms of operations in future to achieve the organisational goals which it has set in the mission statement. 

Total Quality Management (TQM) is made up of three words, i.e;
Total: means whole
Quality: means Degree of Excellence a product or service provided to the customer in present and future.
Management: means to manage.
Thus the literal meaning of TQM is the art of managing the whole of an activity in order to achieve excellence in it and it emphasize on product quality.

A fishbone diagram is a visualization tool for categorizing the potential causes of problem in order to identify its root cause. It also know as cause and effect analysis and it does not summarize any report. Therefor, it is not a type of schedule report. 

Business environment refers to the forces, factors and institutions with which the businessman has to deal with in order to achieve its objectives. It is the sum total of all external things which includes economic, social, political and technological factors that indirectly affects the conduct of a business and the businessman has no control over these forces.

Environment refers to the forces, factors and institutions with which the businessman has to deal with in order to achieve its objectives. The Specific forces are the forces that affects the business operations directly and the businessman has partial control over these forces. It includes investors, suppliers, customers, competitors of the business etc. 

 Business environment refers to the forces, factors and institutions with which the businessman has to deal with in order to achieve its objectives. It has the following features: 

1. Dynamic in nature: Business environment is highly flexible and keeps on changing. So it is not static or rigid in nature and it need to be monitored continuously due to its dynamic nature. 

2. Largely uncertain: As business environment change very fast and continuously, it is very difficult to predict the changes of business environment. Therefore, it is highly uncertain.