Cheat sheet · Class 12 · CBSE · Commerce Business Studies
Business Environment cheat sheet
The whole chapter on one page: key formulas, facts and the points to remember, for quick revision before a test.
CBSE Class 12 · Business Studies
Cheat sheet
Chapter 3Business Environment
PESTL: Political, Economic, Social, Technological, Legal.
1. Dimensions
- economic
- social
- technological
- political
- legal
- Features: totality of external forces, specific + general forces, interrelated, dynamic, uncertain, complex, relative.
2. Importance
- Identify opportunities early (first-mover).
- Spot threats.
- Tap resources.
- Cope with rapid change.
- Improve performance.
3. Economic Reforms (1991): LPG
| Policy | Meaning |
|---|---|
| Liberalisation | fewer licences, controls |
| Privatisation | bigger private-sector role, disinvestment |
| Globalisation | integration with the world economy |
Demonetisation (Nov 2016) and GST (July 2017) are also major changes.
4. Key Points
- Impact: more competition, demanding customers.
- Managers must adapt.
- Environment is beyond the firm's control.
- Need for change and HR development.
Remember: PESTL | importance | LPG
Business Environment: questions and notes
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