Micro Environment The actors close to the company that affect its ability to serve its customers – the company‚ suppliers‚ marketing intermediaries‚ customer markets‚ competitors‚ and publics. 1. The Company a. All groups/departments in a firm are interlinked. 2. Suppliers a. Suppliers form an important link in the company’s overall customer value delivery system. 3. Marketing intermediaries a. Helps the company to promote‚ sell and distribute the goods and services to final buyers. These
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MICROECONOMICS | MACROECONOMICS | As the term “micro” imply‚ microeconomics facilitates decisions of smaller business sectors.Micro Economics studies the problems of individual economic units such as a firm‚ an industry‚ a consumer etc.Micro Economic studies the problems of price determination‚ resource allocation etc.While formulating economic theories‚ Micro Economics assumes that other things remain constant.The main determinant of Micro Economics is price.Microeconomics is the study of decisions
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3/19/2013 Opening Case • It was the early 1930s when a physician –turned textile trade in rural Karnataka found his business getting interrupted for want of regular supplies of cloth from the weavers. When he enquired with weavers about the reason for their irregularity‚ he was told that there was no working capital available to them. There were no banks in the area. The one located in the town was not interested in lending to small operators particularly in the rural area. Local money lenders used
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Macro Environment The larger societal forces that affect the microenvironment- demographic‚ economic‚natural‚ technological‚ political‚ and cultural forces. These factors represent constraints within which all organizations including the automobile industry must function. Macro Environment For any decision there is n number of factors which influences the decision. Be it a decision related to any organisation‚ any business concern or even an individual. Thus it is per se very much necessary
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CHAPTER 1 Business Environment Contents • Introduction • Business • Objectives of business • Environmental influences on business • Environmental analysis • Characteristics of business environment • Components of business environment • The micro and macro environment • Competitive environment • Porter’s five forces model–competitive analysis Learning Objectives The present chapter aims at: • Definitions and objective of business • Examine environment analysis‚ characteristics
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Micro Economics:- Microeconomics is a branch of economics that analyzes the market behavior of individual consumers and firms in an attempt to understand the decision-making process of firms and households. It is concerned with the interaction between individual buyers and sellers and the factors that influence the choices made by buyers and sellers. In particular‚ microeconomics focuses on patterns of supply and demand and the determination of price and output in individual markets (e.g. coffee
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describe the macro environment‚ can be identified and examined. These There are a number of common approaches how the external factors‚ which are mentioned in the factors indirectly affect the organization but cannot be controlled by it. One approach could be the PEST analysis. PEST stands for political‚ economic‚ social and technological. Two more factors‚ the environmental and legal factor‚ are defined within the PESTEL analysis (or PESTLE analysis). The segmentation of the macro environment according
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MICRO ENVIRONMENT/ INDUSTRY ANALYSIS The environment which is close to business and affects its capacity to work is called micro or operational environment. Industry is a group of companies which offer same or similar product or services. These products and services are close substitutes of each other. It consists of: 1 Suppliers Supplier are the people who supply raw materials and required components to the companies. Increasing prices and reducing the quality of their products are potential
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Jesse Selchow Professional Practices Wednesday 6pm Micro VS. Macro Management In a simple definition management is the person or persons who control or direct a business or other enterprise. However‚ management is much larger than just one person or small group of people. Management is also the practice of handling‚ supervision‚ direction‚ and control (www.dictionary.com). It is much larger than one person‚ or even a small group of people; management is everywhere. We use management in all aspects
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evaluate the environment not only prior to the start-up of their business but also during the growth stage of ventures. The environment means the situation where the company business ventures operate. As we know‚ ventures environment can be divided into two sections that are External environment and Internal environment. And the external environment also divided into two parts‚ which are Macro environment and Micro environment. But in this section‚ I just discuss about Macro environment. The elements
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