BUSINESS ADMINISTRATION
BUSINESS ENVIRONMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Economic Environment
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Competitors
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Social Environment
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Political Environment
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Detailed explanation-1: -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-2: -Macro Environmental factors Six components of macro environment are Demographic, Economic, Natural, Technological, Political and Cultural environments.
Detailed explanation-3: -Competitive Forces – rivalry among firms who serve your target market with similar products and services. One key measurement of the environment in which your business competes is the rivalry among firms competing with your business and selling similar products or services.