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The Five Elements in the Business Environment

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Identify and discuss each of the five elements in the business environment. Please be very specific/detailed.

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This solution identifies and discusses in detail each of the five elements in the business environment.

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1. Identify and discuss each of the five elements in the business environment. Please be very specific/detailed.

By definition, a business environment " encompasses all those factors that affect a company's operations, and includes customers, competitors, stakeholders, suppliers, industry trends, regulations, other government activities, social and economic factors, and technological developments." (1)

Business functions could be analogically classified in terms of the five elements. Wang (2002) has endeavored to assign the business functions to the five elements by analogy: the research and development function as Wood, the marketing function as Fire, the operations and human resources functions as Earth, the financial, accounting and purchasing functions as Metal, and the innovation as well as information functions as Water. The interactions of business functions could also be represented by the nourishing and controlling ...

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