Context of Business Report
Added on 2020-12-24
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CONTEXT OFBUSINESS
Table of ContentsINTRODUCTION...........................................................................................................................3Micro and macro environmental factors that changed nature of modern business in globalenvironment............................................................................................................................3Individuals and organisations managing responsibly, sustainably and behaving ethically inrelation to social, cultural, economic and environmental issues............................................5CONCLUSION................................................................................................................................5REFERENCES................................................................................................................................7
INTRODUCTIONGlobal environment consists of micro and macro environment factors that has greatimpact on the business operations. The following constructed report will discuss the micro andmacro environmental factors which has a impact on the nature of modern business operatingwithin the global environment. It will also discuss the need to behave responsibly, ethically andsocially by the individuals and the organisations in the external business environment. Micro and macro environmental factors that changed nature of modern business in globalenvironmentAs, the world is changing with a very fast pace in all the manners, the buisnessorganisations are also facing changes in their nature and also there are many factors which has adirect impact on the modern business activities in the global envrionment. Some factors can becontrolled by the management and in case of some other factors business organisation has nocontrol on them (Warkentin, 2012). The factors which can be controlled are the microenvironment factors and uncontrollable actors are the macro environment factors. Both thesefactors has a role to play in affectring the modern business operations executed on the globalplatform. The imkpact of these factors are expalined as follows: Micro Environment Factors The micro environment factors affects the business operations on the grounds of thebusiness size, capacity, capapbilities, strategies. These elements deals with the impact of microenvironment factors of the modern business which are as follows:Competitors: In this rapidly changing world, the competitive environment of the modernbusiness consists of very common terms which are required by the organisations to take intoconsiderations in their daily business operations. In, the business environment there are hardlycompanies present which enjoys monopoly in the market. The business companies generallyface competition from their rivals who deals in the same products and services. For example,samsung mobiles faces huge competition from the rivalry companies like nokia, oneplus, apple,etc. This intense competition leads in constructing effective strategies to cpature the large marketshare and increae their profitablity. Suppliers: The organisations executing their functions in the market requires materialsand raw items to turn them into finished products and this process can only be fulfilled with the
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