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Impact of Micro and Macro Factors

   

Added on  2021-01-08

6 Pages1254 Words109 Views
Context of Business
Impact of Micro and Macro Factors_1
Table of ContentsINTRODUCTION...........................................................................................................................1IMPACT OF MICRO AND MACRO FACTORS..........................................................................1ETHICAL BEHAVIOUR IN RELATION TO SOCIAL, CULTURAL AND ECONOMICALISSUES............................................................................................................................................2REFERENCES................................................................................................................................4
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INTRODUCTION Every organisation is adapting globalisation and expanding their business worldwidebecause it is the latest market trend which is offering new business market, new customers andhigh profitability for existing products to explore (Harrison, 2013). Nowadays, it became easierfor any organisation to do business at international level because of advancement of technologywith availability of resources. But the business ethics should also be considered as an essentialelement, for a firm to sustain in the global market.IMPACT OF MICRO AND MACRO FACTORSMicro environmental factors are the nearby environmental factors which can affect theworking of an organisation (Harrison, 2013). Some of the micro factors that have changed thenature of modern business in the global environment are -The suppliers – They play a very important role in making a business successful as if theysupply poor quality products to the company and resale these goods to the consumer thanthe goodwill of the organisation will be affected by the supplier which will be a big lossfor the firm to survive. Thus, the firm should choose their supplier carefully.The resellers – They are the retailers or wholesalers by whom the product is taken to themarket. These are the individuals who help the firm by selling, promoting and deliveringthe goods to the final buyers (Bell, Bryman, and Harley, 2018). The resellers can impacttheir company both in positive or negative way by their CSR practices.The customers – All the products produced are finally consumed by the consumer. Anyproduct made by the company should be taken into consideration with customerspreferences, choices, and demand. The profitability of an organisation depends on thedemand and purchase of the quality goods by the customer.The competition – As the organisation enters into the global market for its expansion,larger will be the market and larger will be the competition. The firm should advancetheir products with new technology to make loyal customers as well as good brandimage, to make a competitive advantage for sustainability in long run and generate hugerevenues.Macro environmental factors are the external forces which affects the micro environment. Thefollowing are some of the factors affecting the global market environment -1
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