Answer to Question #302864 in Management for Marencia

Question

Identify and discuss with practical examples one element of the following environments that influences your organisation.

1. The external (macro) environment

2. The market environment

3. The internal (micro) environment

Answer 1

1. Government policies. This is an external environment factor that affects the legal factors of the business brought by the government.

2. Inflation. This is a market factor caused by consistent increase in prices of goods and services.

3. Management. This refers to how decisions are made in the business by the individuals tasked to manage it.