Course Name: Business Environment
The objective of this course is to provide requisite knowledge for successful business manager. To develop the understanding of the cultural, demographic, social, economical, political, technological and legal environment within which the business operates. Provide knowledge on how to adapt with the changing environmental situation. It also discusses the issues related to the relationship between business and society. The question is how much we have learnt from this course? Let us find out the answer to this question.
The global environment or total environment is an enormously complicated, dynamic and changing system. It is the …show more content…
4. Customers: The company must study its customer closely because they are the king and they are the main focal point of every business activity. There are different types of customers. They are: customer market, industrial market, reseller market. Each market type has unique characteristics that call for careful study by the business man.
5. Competitors: To be successful a company must satisfy the needs and wants of consumers better than its competitors. So the marketers should carefully evaluate the strategies and policies of its competitors.
6. Public: A public is any group that has an actual and potential interest in or impact on an organizations ability to achieve its objectives. Every company is surrounded by several types of public e.g. financial publics, media publics, citizen action publics, local publics, general publics etc. The company would have to design an offer to this public attractive enough to produce the desire response.
The Macro Environment
Macro environment refers to all the larger social forces that effect the company's micro environment. These factors are uncontrollable and thus, it must carefully watch and respond to these forces. The macro environment consists of the following major factors: