BUSINESS ADMINISTRATION
BUSINESS ENVIRONMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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political and technological
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suppliers and buyers
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economic and socio cultural
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Detailed explanation-1: -It is a collection of forces or factors that are close to the organization and can influence the performance as well as the day to day activities of the firm. Six components of micro environment are: Company, Suppliers, Marketing Intermediaries, Competitors, General Public and the Customers.
Detailed explanation-2: -Suppliers are another important component of the micro environment. Organizations depend on many suppliers for equipment, raw material, etc. to maintain their production. Suppliers can influence the cost structure of the industry and are hence a major force.
Detailed explanation-3: -Micro environmental factors are specific to a company and can influence the operation of a company and management’s ability to meet the goals of the business. Examples of these factors include the company’s suppliers, resellers, customers, and competition.
Detailed explanation-4: -Suppliers are part of the macro-environment.
Detailed explanation-5: -the factors or elements in a firm’s immediate environment which affect its performance and decision-making; these elements include the firm’s suppliers, competitors, marketing intermediaries, customers and publics.