What do you think by micro environment of business and Explain its elements?
What do you think by micro environment of business and Explain its elements?
Jeeba Aug. 10, 2018
Broadly speaking, the business environment is classified into micro and macro environment.
Micro-environment is the immediate periphery of an organization which influences its day to day business activities. Micro-environment affects an organization regularly and directly.
Developments in micro-environment have a direct impact on the workings of organizations. The micro-environment includes company itself, its suppliers, Marketing intermediaries, customer market and competitor.
The elements of micro environment are as follows.
- Buyer/consumer
- Supplier
- Market intermediaries
- Market
- Employees/their union
- Competitor
