Title: Impact of economic conditions on business growth and development
Authors: Harshita Bhargave; Ashish Srivastava
Addresses: Chitkara College of Hospitality Management, Chitkara University, Punjab, India ' Department of Management Studies, IMS Ghaziabad, UC Campus, Ghaziabad, Uttar Pradesh – 201009, India
Abstract: Economic conditions provide important insights to organisations so that business firms adjust their views to attain growth. Hence, authors tried to investigate the effects of economic conditions on business growth where 200 sample sizes are taken for the structured survey. Six progressive modern cities of India have opted for the survey. To obtain the authentic data; Interview and questionnaire survey techniques have been performed. Finally, it is found that higher interest rates lead to failure in achieving business goals. Overall, 64% of the organisations validate the fact. Strengths, weaknesses, opportunities, and threats (SWOT) analysis leads to an accurate evaluation of business performance. It is interesting to notice that only 8% of the business concerns are disagreeing with the fact. Subsequently, it is suggested that it is better for an organisation to be well equipped with strategic tools and competencies in order to beat the economic challenges.
Keywords: economic conditions; business growth; gross domestic product; GDP; gross domestic product; SWOT analysis; economic challenges.
International Journal of Economics and Business Research, 2021 Vol.21 No.2, pp.145 - 155
Received: 10 Dec 2019
Accepted: 01 Feb 2020
Published online: 22 Feb 2021 *