BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -The firm has no control over the economic environment in which it must operate. It is an external macro factor. While it cannot be controlled by the firm it can be studied. So it is important to know the factors which affect the economic environment and how they may impact the firms.

Detailed explanation-2: -Macro No control Businesses have no control over all the features/elements/components of the macro environment. E.g. A business cannot control the increase in the price of petrol announced by the Central Energy Fund but can outsource the transport function to reduce delivery of costs.

Detailed explanation-3: -Resources are organised by employing and managing staff. All components of the market environment work independently of the business. This environment operates outside of the influence of the business. Management of a business has absolutely no control over the components of the macro environment.

Detailed explanation-4: -The macro environment comprises a range of external factors-demographic, physical, natural, economic, technological, political, legal, and socio-cultural conditions. Neither businesses nor governments can entirely control external factors.

Detailed explanation-5: -Macro Environment refers to all those factors or forces that indirectly affect the business operation and working conditions. These factors are uncontrollable and the organization is not capable of exercising any control over them.