Chapter 4- The business environment
environmental change
changes cant be measured
occurs in different waysc
great effect on business environment
environmental variables always changingtopic
technological innovations
economic fluctuations e.g exchange rates
new laws and social factors
Micro-environment
business itself
Includes vision,business functions & resoures
Under direct control of management
managers must know strenghts and weaknesses
3 sets of variables
vision ,mission and objectives
the market environment
intermediaries
consumers
competitors
suppliers
market environment also known as the task environment
macro environment
technological environment
.brings chane and innovaton
social environment
consumer lifestyles
social responsibility
institutional environment
political and legal
Subtopic