Business Studies Grade 11 Notes Components Of The Micro, Market & Macro Environments

Business Studies Grade 11 Notes Components Of The Micro, Market & Macro Environments

Business Studies Grade 11 Notes Components Of The Micro, Market & Macro Environments

Components of the micro environment 

  • The business mission and objectives, 
  • its management structure, 
  • its resources and its culture are primarily controlled by the enterprise’s management 

Components of the market environment 

  • Customers/Buyers; are the final users of the product/services. 
  • Suppliers; include factories/providers of goods/services that businesses would obtain/buy from in order to operate their businesses. 
  • Intermediaries/Agents; who help to promote, sell and distribute products to consumers. 
  • Competitors; which sell the same/similar products/services may have a greater impact on the market of the business. 
  • A regulator ; is a person/organisation with official power to control an activity and make sure that it is done in a satisfactory way/make rules by which enterprises in the different industries must abide. 
  • Strategic allies; refer to two or more businesses that work together to allow them to obtain the expertise they lack from another business. 
  • Unions; are the employee organisations that aim to improve working conditions of the labour force. 

Components of the macro environment

  • Physical/ Natural environment
  • Economic environment
  • Social/Cultural/Demographic environment 
  • Technological environment 
  • Legal/Political 
  • Environmental/Global environment 
  • Institutional environment 

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