Challenges in Business Environments

Question 1

Outline a challenge within the micro-environment

Answer 1

Employee turnover, supplier issues, customer dissatisfaction

Question 2

Name a challenge within the market environment

Answer 2

Intense competition, new market entrants, changing customer tastes

Question 3

Recommend a way a business can overcome competition in the market

Answer 3

Innovation, differentiation, strong branding

Question 4

Discuss a challenge within the macro-environment

Answer 4

Economic recession, technological disruption, changes in legislation

Question 5

Give an example of contemporary legislation that may affect business operations

Answer 5

Environmental regulations, data protection laws, labor laws

Question 6

How should you identify challenges from given scenarios or statements?

Answer 6

Analyze the scenario, identify relevant factors, quote from the provided information