Question

List three ways that a company’s arenas can be classified.

Answer 1

Question: List three ways that a company’s arenas can be classified.

Answer: A company's arena refers to its surrounding environment which helps companies to grow and give their best performance.

Following are the three ways company's arena can be classified:

• TECHNOLOGY: There is a constant change in technological environment which helps the companies in their better performance. Businessmen should be flexible to keep up with the pace of changing technology.
• ECONOMY: This factor help the companies in their operation and also lead a path to success. Economic environment refers to all external factors that influence customers behavior and affects company's performance. Economic environment consist of two factors such as
  • Macro-economic factor: This affects the whole economy, which includes:
    • Unemployment,
    • Inflation,
    • Consumers confidence,
    • Exchange rate,etc
  • Micro-economic factor: This affects individual company or individual consumer, which includes:
    • Demand,
    • Supply,
    • Competitors,
    • Suppliers,
    • Distributors,etc
• SOCIAL: Social factor refers to fulfillment of social responsibility by companies. Employees and other individual in a company must perform their work ethically. The Social work includes:
  • Awareness campaign about health issues,
  • Donation/Charity,
  • Promoting educational value,
  • Providing medical aids, etc.