Influences on Business Environments (Grade 11 NSC Matric Business Studies): Flashcards
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Name the 3 business environments
Name the 3 business environments
Micro, market, and macro environments
Define micro environment
Define micro environment
Internal business environment with full control
Level of control over micro environment
Level of control over micro environment
Full control - can manage and control directly
Alternative name for micro environment
Alternative name for micro environment
Internal operating system
Define market environment
Define market environment
Immediate external environment with limited control
Level of control over market environment
Level of control over market environment
Limited control but can influence through relationships
Define macro environment
Define macro environment
Broad external environment with no control
How must businesses respond to macro environment?
How must businesses respond to macro environment?
Adapt - cannot control, must monitor and adjust strategies
5 key components of market environment
5 key components of market environment
Customers, suppliers, intermediaries, competitors, civil society
7 macro environment factors (name 3 types)
7 macro environment factors (name 3 types)
Social, political, legal, economic, technological, physical, global