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Macro And Micro Environmental Factors

   

Added on  2020-10-22

6 Pages1284 Words306 Views
Context In Business
Macro And Micro Environmental Factors_1
ContentsINTRODUCTION...........................................................................................................................1MAIN BODY..................................................................................................................................1Lo 1 Macro and micro environmental factors.............................................................................1LO2 Identify the need for individuals and organisations to manage responsibly and sustainablyand behave ethically in relation to social, cultural, economic and environmental issues............2CONCLUSION................................................................................................................................3REFERENCES................................................................................................................................4
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INTRODUCTIONIn present business scenario, global business environment is defined as the internal andexternal condition in which business firm operate their operations at global level (Bell, Brymanand Harley, 2018). In business environment there are also some macro and micro factors thatimpact the effectiveness of business operation in negative and positive manner. Political, social,economic, environmental, competitors and suppliers etc. are forces that impact the business ofenterprises.In this report, all micro and macro drivers are discussed which are essential by anindividual and companies in order to operate business in meaningful manner. MAIN BODY Lo 1 Macro and micro environmental factorsIn present era, it has been observed that large number of factors affect the businessoperation of company at global and local level. Some of the micro forces involve supplier,consumers, suppliers etc. and other macro factors are political, environmental, legal and socialfactors that have influences the proficiency and profitability of company. There are describedunderneath: Micro factors:Competitor: In general, it is defined as the contest or rivalry among two or more business firm,individual or social groups etc. In economic, a competition is referred to be a circumstance inwhich various business or economic entities seeks to obtain of an imperfect good by changingthe fundamentals of the marketing mix: product, price, place and promotion. In the dynamicnature of business it is very important for an organisation to look into each aspect of the nature ofcompetitor business so that sustainability can be maintained at global level. For example, Tescowants to enter in the market of India then it is very important for them to consider the operationof other companies within same industry that help them to survive well in market (Lankoski,2016).Supplier: In business term, a party that used to supply variety or specific goods andservices to companies. There are large numbers of supplier that help an organisation to fulfil therequirement of raw material so that desired product can be produced as per the demands of1
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