Final answer:
Managers must understand the business environment to adapt to changes, gain a competitive advantage, and make effective decisions.
Explanation:
Understanding of Business Environment is crucial for managers due to the following reasons:
- Organizational Response to Changes: Managers need to understand how external factors can impact their organization's operations and strategies.
- Competitive Advantage: Knowledge of cultural influences and global trends can provide a competitive edge in decision-making.
- Effective Decision-Making: Being aware of environmental changes enables managers to make informed and successful decisions.
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