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Context of Business Micro and Macro Factors

   

Added on  2020-10-22

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CONTEXT OF BUSINESS
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TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3MAIN BODY...................................................................................................................................31. Micro and macro factors that changed business in global context.....................................32. Importance of individual and organization in relation to manage social, economic, culturaland environmental factors......................................................................................................4CONCLUSION................................................................................................................................5REFERENCES................................................................................................................................7
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INTRODUCTIONBusiness is uncertain and there are factors which affect it and the factors can be internal aswell as external. Every business wants to sustain and grow but it can only grow with managingthese factors and have a control on these factors to have a competitive advantage. This report isin the context of business which includes micro and macro factors that affect the business and itsworking operations. The micro factors consist of individual like suppliers, customers etc. thataffect the business whereas macro factors include social economic factors and it shows theimportance of organisation and individual in managing these macro factors. MAIN BODY1. Micro and macro factors that changed business in global contextBusiness gets affected by micro and macro factors either in a good way or in a bad way. Itaffects its sales, profitability, sustainability and market share of the business and many moreattributes.Micro factors that affect business are -Suppliers – Suppliers are the persons who supply raw materials to the business.Suppliers of the business affect the firm's operations and sales globally. There are times whenlabors are on strikes or there is a condition of supply shortage which can affect the sales of thecompany and can damage the reputation of the company, therefore to depend upon one suppliercan turn out to be risky that is why a company have multiple supply sources.Customers – A business is nothing without its customers. The success and sustainabilityas well as stability of the business depends upon its customers (Sindhuja, 2018). The customersof business consist of individuals, other firms etc. who consume the goods and services or theirpersonal consumption as well as further supply. The business must study its customersindividually as the taste and preferences of customer changes quickly. Customer's in today'sworld switch to products in a click therefore satisfying them is very important with the servicesso that the company can retain them.Competitors – Every business gets affected by its competitors. The successful firm isthat which offer better products and services to its customers and who can gain competitive
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