BUSINESS ADMINISTRATION
BUSINESS ENVIRONMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Customers
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Competitors
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Suppliers
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Interest Groups
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All of the above
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Detailed explanation-1: -The external environment, also known as the macro environment, is out of the control of an individual business. Factors like competition, market, economic, demographic, and environmental factors all play a role in the external environment of an organisation.
Detailed explanation-2: -The common external environment factors that businesses should consider are political, economic, social and cultural, legal, technological, and environmental/natural.
Detailed explanation-3: -The external environment definition refers to the factors that affect a company’s operations. The external business environment constitutes business environmental factors such as competitive, economic, social, ethical, political, and global factors.
Detailed explanation-4: -External factors include political, economic, sociocultural, technological, environmental, and legal factors.