After reading this article you will learn about business firm and its environment. Business firm may be visualized as an institution in society surrounded by environment i.e., various external forces influencing its functioning. It is said that business is a product of environment OR Business is the creation of its environment. (1) The nature of business, (2) Location of a [...]
After reading this article you will learn about the micro and macro environment of business. Micro Environment of Business: The micro environment consists of the factors of the firm's immediate environment, (Fig. 37.2). These include: a. Suppliers, b. Customers c. Competitors, d. The public, and e. Marketing intermediaries. a. Suppliers: Suppliers or vendors are those persons or firms who supply [...]
After reading this article you will learn about the internal and external business environment. Internal Environment: Survival of a business depends upon its strengths and adaptability to the environment. The internal strengths represent its internal environment. It consists of financial, physical, human and technological resources. Financial resources represent financial strength of the company. Funds are allocated over activities that maximise [...]