Business environments

Question 1

Microenvironment

Answer 1

-Refers to the business itself, which is characterized by all the functions within the business

-It refers to the internal environment in which the business operates

-Full control

Question 2

Market environment

Answer 2

-Refers to the immediate external environment

-Refers to the components immediately outside the business

-Limited control

Question 3

Macro-environment

Answer 3

-Refers to the external environment that is directly outside the market environment

-Refers to the uncontrollable factors outside the business

-The external factors affect the operations of the business

-No control

Question 4

Common challenges for microenvironment

Answer 4

-Strikes
-Difficult employees
-Lack of vision
-Outdated objectives

Question 5

Common challenges for the Market environment

Answer 5

-Competition
-Supply shortages
-Changes in customer behaviour
-Socio-cultural factors

Question 6

Common challenges for macro-environment

Answer 6

-Political changes
-Labour restrictions
-Globalisation changes
-Technological advances