BUSINESS ADMINISTRATION
BUSINESS ENVIRONMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Owners/Management, Employees, Organisational Culture, Organisational Structure
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Customers, Clients, Suppliers, Distributors
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Employees, Employers, Customers, Clients
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Customers, Competitors, Suppliers, Interest Groups
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Detailed explanation-1: -The success of a company depends on its ability to adapt. Micro environmental factors include suppliers, customers, marketing intermediaries, financiers, and public perceptions.
Detailed explanation-2: -A PEST analysis (or STEP analysis) invites you to list all the relevant external forces using four headings: Political, Economic, Sociological and Technological. These are useful headings; it doesn’t matter that some items might be both political and economic (eg taxation and exchange rates).
Detailed explanation-3: -External factors include political, economic, sociocultural, technological, environmental, and legal factors. These are factors that happen outside of the company but still, impact its ability to do business. Internal factors include culture changes, management changes, and employee morale.