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Globalisation of The Modern Business

   

Added on  2020-12-18

6 Pages1016 Words160 Views
Context Of Business
Globalisation of The Modern Business_1
TABLE OF CONTENTSImpact of macro and micro environment factors on nature of modern business ...........................1Role of organisations and individuals in managing cultural, social, environmental andeconomical issues ............................................................................................................................2REFERENCES ...............................................................................................................................4
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Impact of macro and micro environment factors on nature of modernbusiness Micro factors: In the globalisation the modern business nature is affected by several microenvironmental factors. These factors can be considered as the factors which are closely related tothe organisation and are an integral part of its functionality. For instance the competitors,customers, shareholders, suppliers and distributors are key micro environment element. With theglobalisation the distribution channel of the companies is expanding with great rate and rapidly(Alfaro, 2016). In order to widen this distribution and supplier network businesses are usingadvanced technology and management strategies so that they can achieve their targets. As compare to earlier most of the services of modern business are personalised andcustomised as per the needs of customers. For instance ranging from the product design tofeedback mechanism all strategies of business depends upon consumers. Since the competition isat peak in the global business market, companies cannot deny the fact that without changingbusiness plans as per the trends and needs of customers their survival is impossible. Though thecompetitive analysis has been always important in business but with globalisation the companiesare also facing threats of domestic as well as international businesses (Abrham and et.al., 2015). Macro Factors: Political: The political measures will impact the setting up of business policies and variousbusiness operations that will impact the overall performance of business organisation. Thesetting up of trade policies, maintaining the operational capabilities and handling the businessfunctions will also influence the performance.Economic: This will help in setting up of the financial policies and the factors that will impactthe overall operations of the organisation. This will help in improving the performance of theorganisation in most effective way (Welford, 2016). Social: The unemployment rate, cultural backgrounds and other factors are the major elementsthat will help in improving the setting up of effective business measures at the workplace. Anorganisation is required to effectively set the connection with its customer of social level to havea good execution of operations.1
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