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in Business Studies by (66.9k points)

Mr X Chopra’s father has a good business of iron and steel. He wants to go to U.S.A for his M.B.A., but his father wants that he should join the business. Do you think Mr Chopra should send his son to U.S.A? Give 3 reasons. 

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Yes, Mr Chopra should send his son to U.S.A as it will provide the understanding of business environmental content of a business which have the following benefit 

(1) It enables the firm to identify opportunities and getting the first mover advantage. 

(a) Opportunity refers to the positive external trends or changes that will help the firm to improve its performance. 

(2) It helps the firm to identify threats and early warning signals. 

(b) Environmental awareness can help managers to identify various threats on time and serve as an early warning system. 

(3) It helps in tapping resources. 

(c) To engage in any activity a business enterprise assembles various resources like finance, machine, raw material, etc. From its environment including financiers, government and suppliers.

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