Solved Context Of Business Assignment PDF
Added on 2021-01-03
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CONTEXT OF BUSINESS
Table of ContentsINTRODUCTION...........................................................................................................................1MAIN BODY ..................................................................................................................................1Micro and macro environmental factors......................................................................................1Reasons for managing responsibly, sustainably and behaving ethically in relation to social,cultural, economic and environmental issues..............................................................................2CONCLUSION................................................................................................................................3REFERENCES................................................................................................................................4
INTRODUCTIONWith advent of globalization and technological advancements, it is important to maintainthe reliability and transparency to control the micro and macro environmental factors. It hasbecome easier to evaluate the overall impact on driving the success of businesses. However,ethical standards might get compromised and affect the working cultures. This assignment isbased on understanding the dynamics of the modern business to sustain the competition at theglobal and local marketplaces. It also examines the corporate social responsibility concept atworkplace. This would assist in managing the works with responsibility to bring changes atsustainable and socio-economic manner.MAIN BODY Micro and macro environmental factorsIt is clearly demonstrated that business dynamics is based on the micro and macroenvironmental factors and is necessary to understand the global concepts for conductingbusinesses in effectual manner. Herein the micro factors reflect upon the internal workings of thebusiness environment and additionally, it focuses on managing the macro parameters in terms ofpolitical, socio-economic, environmental and cultural issues. Furthermore, micro environment factors such as customers, employees, shareholders andmedia. Customers play vital role in maintaining the demand-supply of the products or servicesin the marketplaces. They directly impact the success of any product or service and direct thechanged nature of modern business in the global environment. For e.g. Tesco focuses ondiscounts or special offers to attract customers and gain competitive advantages over their rivalslike ASDA etc. In addition, employees are company specific whose motive is to bringinnovation by optimising the resources and requirements of the involved people. Media has thecapability to either put the company's value at risk or improve it by generating news in relation torevenues, profits or any scams. Moreover, the Shareholders make the decisions throughmonetary gains and this directly depends on changing business factors like type of product,targeted market (Testa and et.al., 2016). These micro environmental factors help in assessing theworkplace environment.In regard to this, macro environmental factors involves number of impacts which help theorganizations to maintain brand value and reputation in the global markets. Economic factorincludes about the fluctuations in the inflation rate which affect the marketing strategic planning1
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