Micro and Macro Environment Factors | Assignment

Added on - 12 Nov 2020

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CONTEXT OFBUSINESSES
Table of ContentsINTRODUCTION...........................................................................................................................1L1. Micro and macro environmental factors that have changed the nature of business in theglobal environment......................................................................................................................1L.2 why it is important for organisations and individuals to manage responsibly, sustainablyand behave ethically in relation to social, cultural, economic and environmental issues..........2CONCLUSION................................................................................................................................3REFERENCES................................................................................................................................4
INTRODUCTIONGlobal business environment is defined as a historical process, which is the result ofhuman innovation and technological progress. It refers to increasing integrity among differenteconomies around the world. This essay will analyse dynamic nature of businesses. It will alsoidentify why individual and organisational need to manage and behave ethically in relation todifferent environmental issues such as social, cultural and economic.MAIN BODYThe international environment is going through a historical transformation. Due to theavailability and advancement of technology, it has become easier for business to perform in theglobal market (All business is global,2019). As the environment is changing certain factors haveimpacted it which includes both micro and macro environment factors. Macro factors such arePOLITICAL ENVIRONMENT:Every business have to operate within some specific rules ofthe government. And every country has different set of rule which may affect theperformance of business in the global market. While some countries political system is moresuitable for flourishing and advancement of organisation some countries strict laws maymake it difficult for business to operate in their market(Hanson and et. al., 2016).ECONOMIC ENVIRONMENT:Different countries have different economic structure andsystems. In order to successfully launch a product in the global market organisations needs tostudy their economic structure. Free market system is the best suitable place to launchproduct by companies as it has high success rate in these markets.TECHNOLOGICAL ENVIRONMENT:These have changed the way in which businessesfunctions. Due to advancement in information technology it has taken over every departmentof the organisation. As organisation is bound to update itself every now and then in order tosurvive in the dynamic environment.LEGAL ENVIRONMENT:It includes rules of law. Every countries rules are different fromone another and they keep on changing from time to time. Due to to change in certain lawssuch as laws related to trade, import and export etc(Krugman, 2017). It might effect thebusiness of the organisation as they have to obey to these norm to further operate in theMarket segment.1
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