Example of external environment in business
Answers
Answer:
External environment includes all those factors which influence business and exist outside the business. Business has no control over these factors.
External environment can be divided into two parts :
1) Micro environment : It refers to all those external factors which are closely related to business and influence each industrial unit differently.
These factors are as under :
Customers
Competitors
Marketing intermediaries
Suppliers
Public
2) Macro environment : It refers to all those external factors which have a distant relation with business and influence all business units almost in the same way
Macro environment can be classified as :
Economic environment
Social environment
Technological environment
Political environment
Legal environment
Explanation:
Hopes it will help you dear