Explain how each factor affects the business operations.
1. NATURAL AND PHYSICAL ENVIRONMENT
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2.DEMOGRAPHY
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3.TECHNOLOGY
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4.CULTURE
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5. GOVERNMENT REGULATIONS
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6.ECONOMY
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Answer:
The following has effects on Business Operations:
1. Natural and Physical Enviroment- Location has a big effect on the business to market itself. Natural and Physical environment determines the success of business considering traffic. It would determine the number of people passing through at the same time location also has direct effect on the cost of business as well as the capability to serve it's market. Example: It is very hard to open a restaurant in a place where there is no enough space for parking. The best choice to open restaurants or foodchain are areas wherein there is a high traffic of people, near offices or residential areas.
2. Demography- same as location the demographic status also has a big effect on business operations. Would there be enough population who would patronize my business is the number 1 question to consider. If you would open a big supermarket, you wouldn't want to open it in rural areas where there are only a few households.
3. Technology - indeed has a big effect on operating a business. Technology and innovation makes our lives easier by providing resources and easily monitoring because of computers and online transactions.
4. Culture - culture binds the people together in running a business. Rapport and engagement make a business operation successful because of the output and satisfaction received by your market. Culture has also an impact on how we manage both employees and customers based on the values they have been surrounded by.
5. Government Regulations - as a law-abiding citizen each business owner should be following the government regulations to maintain a worry-free business. These regulations are given to monitor and help business owners at the same time.
6. Economy- has the biggest effect on business operations. The ups and downs of economy status determine the performance of a business and highly affects it. The law of supply and demand helps operators to determine what business they should work on. #BrainlyFast
Explanation: