INFLUENCE OF BUSINESS ENVIRONMENT IN DECISION MAKING
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INFLUENCE OF BUSINESS ENVIRONMENT IN DECISION MAKING
Chapter one
INTRODUCTION
1.0 Background of the Study
Modern business managers work in a dynamic environment. The environmental changes have been quick and unpredictable. Economic variables have been complex in both their structure and impact on company decisions.
The greatest significant transformation has been caused by competitive pressure. The sheer pace of competitive change in today’s Nigerian business climate necessitates adaptation.
The environment of any organisation is the sum of all the conditions, events, and influences that surround and affect it. Understanding the environment is critical to an organization’s survival since it effects it in a variety of ways.
A corporate firm functions within a bigger context. The task environment is the area of the world outside an organisation with which it has frequent operational touch.
Customers, suppliers, competitors, labour and financial markets, government regulatory agencies, social political challenges, and all of these groupings represent the various types of people and institutions that make up Nigeria’s business environment.
Nigerian business organisations work within a larger setting known as the socio-cultural and political environment. All of these factors have an impact on management practice and, more broadly, firm decision-making.
There are various systems in these business sub-environments. Among these, the most essential are the economic, political, proactive, and marketing systems, as well as the resources they direct.
Recently, the Nigerian corporate climate has undergone a number of economic reforms, which include:
– Privatisation and commercialization of certain public companies. This metric has some economic and competitive consequences for current organisational management.
– Self-reliance through an export promotion scheme.
– Agro-economic projects provide an alternative to corporate ventures.
– Self-denial and sacrifice, such as the loss of subsidies, etc. These elements have a significant impact on the firm’s decision-making.
– The purpose of this work is to examine the influence of the environment on an organization’s decision-making.
– A case study of Champion Breweries
1.1 Statement of the Problem
Diverse industrial problems and various social ills that pervade the Nigerian business environment and impede the success of many organisations include: insufficient raw material supply, insufficient energy supply, poor management know-how, inflation network, poor roads, unemployment, poor communication, apparent religious divergences, unstable political system, dishonesty and low ethical standards, governmental policy inconsistency, and so on.
This is the problem.
The research thus seeks to investigate the relationship that exists between these variables and the firm’s decision-making.
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