BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -When a firm operates in an economy and a society, there are factors in its environment that it has no control over. These are elements of its macro environment or its general external environment.

Detailed explanation-2: -Macro environment is the environment which is external to the business. It deals with the PESTLE effect. These are Political, Economical, Social, Technological, Legal and Environmental. Hence, competitive forces are not a part of macro environment.

Detailed explanation-3: -In general, the macro environment includes trends in the gross domestic product (GDP), inflation, employment, spending, and monetary and fiscal policy. The macro-environment is closely linked to the general business cycle as opposed to the performance of an individual business sector.

Detailed explanation-4: -Although there are various approaches to complete an analysis of the macro environment forces affecting your business, I will focus on seven (7) distinct forces: competitive, cultural, demographic, economic, natural/physical, political, and technological.