The Busines Environment

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The Busines Environment

Market Environment

Competitors

Assessing Competitors

Number of existing competitors

Availibility or non-availibility of substitute products

Bargaining power of suppliers

Bargaining power of clients and consumers

Possibility of new entrants

How Competitors functions

Competitors ofers the same or similiar price as your business

Competitors leads to higher productivity

Determines how much of a profit is sold and at what price.

Intermediaries

Bridges the gap between the manufactures and the consumer.

Suplpliers

Supplies raw materials to business

Consumer Market

Aimed at large groups of individuals

Examples of these products

Services e.g Communcation

Semi-durable e.g Food

Durable products e.g Cars

What is its function

Buyer has the demand and has the means to pay for it

Has full control and influence over this market

Where the buyer and seller meet.

Macro Environment

External Environment

Direct influence on fortunes of a business

Micro Environment

Internal Environmet

Objectives

Set of goals business wants to achieve

Mission Statement

Reason for the business's existence

Vision

Subtopic