components of macro environment (10 mark question)
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Answer:
Macro environment is the remote environment of the firm, i.e the external environment in which it exists. As a rule this environment is not controllable by the firm, it is to huge and to unpredictable to control.
Hence the success of the company, to a large extent will depend on the company’s ability to adapt and react to the changes in the macro environment.
Primarily the company has to closely monitor the various elements of macro environment. This will help them understand the dynamic nature of the macro environment. It also helps them adapt to the constant changes ...
The macro component of the marketing environment is also known as the broad environment. It constitutes the external factors and forces which affect the industry as a whole but don’t have a direct effect on the business. The macro-environment can be divided into 6 parts..
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