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