
Long questions with answers for this topic
The business environment is the sum total of internal and external forces that influence business decisions and performance.
It is dynamic (it keeps changing due to technology, policies, competition, etc.).
Micro environment refers to the close/near factors like customers, suppliers and competitors that directly affect a firm’s day-to-day working.
Macro environment includes broad forces like economic, political, social, technological, legal and environmental factors that affect all businesses.
Environmental scanning is the process of collecting and analyzing information about environmental changes to identify opportunities and threats.
Example: Inflation rate (economic environment).
Any three characteristics:
(Write any three with a brief explanation.)
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