Surviving In a Dynamic Environment

A company operates in a dynamic environment where a number of external factors like political, social,

economic etc. affect its functioning. This makes it almost obligatory for the company to be flexible and

change its short term goals and working styles according to the changing environment. Management helps

the company to adapt to the changing environment in order to remain successful.

For example:

The leader in fast food, McDonald$$s$,$ had to make many changes in its menu to survive in the Indian market

which was dominated by vegetarians. Identify and explain the ANY FIVE $(5)$ of the external environments $($dimensions$)$ listed in the paragraph that affects

all businesses, provide your own examples for each dimension.