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Micro and Macro Environmental Factors of Business

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Added on  2020-10-22

Micro and Macro Environmental Factors of Business

   Added on 2020-10-22

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Context of Business
Micro and Macro Environmental Factors of Business_1
Table of ContentsINTRODUCTION...........................................................................................................................3Task 1 ..............................................................................................................................................3a) Micro and Macro Environmental factors of business-............................................................3Task 2...............................................................................................................................................5b) Importance for individuals and organization to manage sustainably, responsibly andbehave ethically for the benefits of social, economical and environmental factors of business. .....................................................................................................................................................5CONCLUSION................................................................................................................................6REFERENCES................................................................................................................................6
Micro and Macro Environmental Factors of Business_2
INTRODUCTIONBusiness environment comprises all those elements that have direct or indirect impact on working of business and its activities. These elements are classified into Internal factors and External factors. Internal factors consists of company's organizational structure, Human resource,Financial assets and other strengths and weaknesses of company. External factors can be further classified as Micro and Macro environmental factors(Dibrell and et.al., 2015). They are described below- Task 1 a) Micro and Macro Environmental factors of business-Micro factors consists of the factors that have direct impact on Business activities. Theyare- Suppliers- Every business needs raw materials and resources for the production.Suppliers are the person that supply these raw materials and inputs to the business. Thusthere is a direct relation of business with suppliers as delay or shortage in supply of inputscan lead to low inputs being produced and also the high prices being charged by thesesuppliers can increase the cost of production for the company. Hence, every businessneeds to keep contacts with several suppliers to overcome such problems.
Micro and Macro Environmental Factors of Business_3

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