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Natural and Technological Environment

Unit-4 Business Environment Ms. Yamini Sachdev April 2013

Natural Environment
The natural environment is the source and support of everything used by business. It determines what can be done in a society and how institutions can function. Resource availability is the fundamental factor in the development of business in societies.. Thus, geographical and ecological factors, such as natural resources, weather, climatic conditions, location, etc are all relevant to business.

Technological Environment
Technology is one of the important determinants of success of a firm as well as the economic and social development of a nation. Technology includes not only knowledge or methods are necessary to carry on or to improve the existing production and distribution of goods and services, but also the entrepreneurial expertise and professional know-how. The latter two elements may often prove to be the essential competitive advantage possessed by the technology owner.

The type of technology in use, the level of technological developments, the speed with which new technologies are adopted and diffused, the type of technologies that are appropriate, the technology policy, etc. are important to business.

Innovation
Innovation is a very important factor that provides competitive advantage and consequently determines success. Innovation may take any of the following forms: the introduction of a new product; the use of a new method of production; the opening of a new market; a new source of raw material supply, etc. Innovation may be defined as the technical, industrial and commercial steps which lead to the marketing of new manufactured products and to commercial use of new technical processes and equipment. Innovation may help companies to increase market share, capture new markets, create new market segments or even to create entirely new industries and markets. Although innovation is expected to give a company a competitive advantage or success in the market, it is not uncommon that some other company or substitute product steals away the show from the innovator. All innovations need not be commercially successful.

Transfer of Technology
Technology Transfer is the process by which commercial technology is disseminated. The process of transferring skills, knowledge, technologies, methods of manufacturing among Governments/ Universities and other institutions to ensure that scientific and technological developments are accessible to a wider range of users who can then further develop and exploit the technology into new products/ processes/ applications/ materials/ services. In other words, it is a system of movement of innovations, knowledge and techniques from one organisation/ country to another through assistance, investment, licensing, trade or training.

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