Question

Question
Micro and Macro Environmental forces create opportunities as well as threats for business and commercial organizations. Elaborate this statement. Also discuss the techniques to eliminate hazards and improves openings from these forces and means to overcome fears.?

Answer 1

Explanation:

Micro Environmental Factors

Micro environments in retail is anything in the immediate environment including suppliers, customers, competitors, and stakeholders. Any government and other regulating body can be thought of as a stakeholder. Typically the micro environment is local to the business and any business owner should be well aware of those factors affecting the retail business.

Macro Environmental Factors

Macro environments are often outside of the retailer’s control and are typically of a larger scale and are usually of an economic and industry viewpoint