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Discuss the role of macro environment of business. |
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Answer» This is the general or overall environment in which the business operates. The success of a business is dependent on its ability to adapt to the macro environment. Role of Macro-environment: 1. The business is an integral part of the economic system prevalent in a nation. 2. Business is a part of the society. Social environment refers to the sum total of factors of the society in which the business is located. 3. The success of a business lies in its ability to adapt and sustain to political and legal changes. The legislative, executive and judiciary are the three political institutions which directs, and influences a business. 4. The natural, geographical and ecological factors have a bearing on the business. |
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