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Describe how technology, diversity, and a global environment affect business approaches?

Describe how technology, diversity, and a global environment affect business approaches?

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Answer #1

Technology, diversity and global environment are different aspects which have their own impacts in business.

Technology is one factor which has the ability boost a business as well as if not updated then it will also bring a business down. Technology can lower man power costs thereby increasing production. Increase in production will attribute to increased profits.

Diversity is one aspect which will again attribute to the growth of the business. Diversity will help the business for having sustained growth. Diversification will aid the business to have a balance when one product line fails. Diversity has to be managed efficiently since different market lines without proper strategy will make the business fail.

Global Environment : Global environment will affect the environment in all aspects since not all countries will have the same purchasing power. Few other countries might experience recession and certain other countries might have a economic breakdown. Hence a business strategy or approach is essential for a successful business.

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