
Long questions with answers for this topic
Micro environment includes factors like customers, suppliers, competitors and intermediaries that directly affect a firm’s day-to-day operations.
Macro environment consists of broad external forces such as economic, political, social, technological, legal and environmental factors affecting all businesses.
SWOT stands for Strengths, Weaknesses, Opportunities and Threats.
PESTLE stands for Political, Economic, Social, Technological, Legal and Environmental factors.
Business environment refers to all internal and external factors that influence the decisions, operations and performance of a business.
Studying business environment helps identify opportunities and threats so that the business can plan and adapt accordingly.
Business environment is dynamic because it changes continuously due to technology, competition and policy changes. It is complex as many factors interact with each other. It is uncertain since future changes are difficult to predict accurately, and it is relative because environment differs across regions and time. Hence businesses must continuously monitor and adapt.
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