Context Of Business Assignment PDF
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Added on 2021-01-22
Context Of Business Assignment PDF
Added on 2021-01-22
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Context Of Business
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1LO1..................................................................................................................................................1Understanding the dynamic and changing nature if business ....................................................1LO 2.................................................................................................................................................2Importance of managing sustainability, responsibility, ethics in relation to environmental,social, cultural and economic issues...........................................................................................2CONCLUSION ...............................................................................................................................3REFERENCES................................................................................................................................4
INTRODUCTIONBusiness may be defined as an economic system where goods and services are exchangedfor money and business activity is depends upon the micro and macro environment in which thebusiness operates (Ahokangas and et.al., 2016). This report discusses about the macro and microenvironmental factors which changed the nature of modern business. Present report also includesthat importance of managing the responsibility, sustainability and why organisations have tobehave ethically in relation to cultural, social, economic and environmental issues. LO1Understanding the dynamic and changing nature if business There are various micro and macro environmental factors which have changed the natureof modern business in the global environment some of these factors can be summarised below:Micro environmental factorsCustomers: With the advancement in technology and collaborations it has become really easy tobuild a product or a service but it has become equally difficult to sell these products and servicesto customers which means it has become really difficult for the organisations to create, increaseand sustain customers (Holotiuk and Beimborn, 2017). Customer's level of satisfaction hasgrown therefore managers of the organisations have to pay strong attention towards customersdimension of task environment as it is the customer's purchases which keeps the organisationalive.Suppliers: Suppliers are those persons who supply raw materials or inputs to the organisations,is the quality and reliability which have an impact on the smooth functioning of a business.Organisation have to maintain good relationships with the suppliers in order to keep steady flowof inputs in an organisation.Market intermediaries: Market intermediaries are those individuals which help in promoting,selling as well as distributing of goods to final consumers which includes middle man, marktingservice agencies, physical distributors, etc which have changed the modern business and arereally important for the survival of a business.Competitors: Competition is growing in every business sector, in the present world thecompetition has grown to such an extent that it has forced the companies to changes theirbusiness policies.Macro Environmental Factors1
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