What is meant by task environment? Explain the components of task environment?

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 The task environment consists of outside forces that are immediately relevant for the achievement of the goals of business organizations. It is composed of factors that are directly related to the competitive position of a business. It consists of different stakeholders who have a direct or indirect interests in the performance of the business. Stakeholders' support and response play important roles in the growth and development of a business A business can influence the stakeholders through effective strategy. To some extent, the task environment can be controlled by businesses.

The components/elements of the task environment are discussed below.

1. Customer: The customer is the most important component of the task environment. All business activities are directed toward satisfying customer needs and retaining them effectively. Customers may be an individual, families, or businesses. Besides purchasing goods and services, they are also the source of information and ideas for the business. An organization should focus on addressing the changing needs and demands of customers and build a long-term relationship with them.

2. Suppliers: Suppliers are the persons or firms who provide inputs to the business needed to produce goods or services. The quality of the product depends on the quality of input. Besides inputs, price, delivery time, and other terms and conditions are also very important for a business. A good relationship with the suppliers creates opportunities for the business.

3. Competitors: Competitors are firms that provide similar products in a similar market. Businesses compete for customers. Hence, a business needs to analyze the competitors through competitive intelligence in which a firm gathers data and information to understand competitors' objectives, strategies, assumptions, and capabilities. The competition takes place within the strategic group. A strategic group is a set of firms emphasizing similar strategic dimensions to use similar strategies. Hence, the activities of key competitors from the same strategic group are very important for a business.

4. Creditors/financial institutions: Creditors/financial institutions are very important for business funding they provide funds for short as well as long-term financial requirements. Besides funds, they also provide other services. They may be banks, insurance companies, and other institutions related to the capital market. A sound relationship with the creditors/ financial institutions create opportunities for the business.

5. Distributors: Distribution management is an important factor that determines the effectiveness of a business. A sound distribution system enables a business to avail the product and services to the consumer in the stipulated time. Distributors even provide strong manpower and cash support to the supplier or manufacturer's promotional efforts. Hence, it is essential for a business to have a close relationship with the distributors.

6. Media: A business is closely related to media. Media have a very close look at business activities. They largely influence the image of a business. A number of opportunities may be created by continuous interaction with the media. Hence, it is necessary to address the media promptly.

7. Government agencies: Government regulates the business system. It further formulates different policies for the development of businesses in the country. It attempts to protect the interest of the consumer as well as the general public. Hence, the regulations and policies of the government exert a considerable impact on the operation of a business.

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