Macro Environment and How Businesses Respond to Change

The macro environment refers to the broad, ______________ external factors that influence a company's operations and strategic decisions.

Categorise these macro environmental factors

Groups:

(a) Socio-cultural

,

(b) Technological

,

(c) Economic

,

(d) Environmental

• attitudes in society

• changes in consumer preferences

• unemployment

• sustainable manufacturing

• the move away from plastic

• use of robotics

• population lifestyle changes

• artificial intellegence

• tap and go payments

• inflation

• interest rates

• ecofriendly packaging

• exchange rates

Categorise these macro environment factors

Groups:

(a) Political

,

(b) Legal

,

(c) Ethical

• copyright laws

• government regulations

• taxation

• corruption

• bribery

• employment legislation

• anti-discrimination laws

• confidentiality

• government grants

• consumer protection legislation

Socio-cultural factors exclusively consider social influences and their effects on a business.

• True

• False

Technological factors are the influence of ____________ in technology that can affect a business.

Economic factors are

• how governmental actions and policies impact business operations, strategies, and overall performance

• laws or legal actions that impact a business’s rights, responsibilities and operations

• the combined influence of factors such as inflation, unemployment, interest rates, wages, exchange rates and consumer confidence on a business

• the positive or negative outcomes from following or ignoring moral values in decisions and actions.

Environmental factors are the influence of environmental and ______ issues on the way businesses operate.

Political factors are how governmental actions and ________ impact business operations, strategies and overall performance.

Legal factors are laws or legal actions that impact a business's rights, ________________ and operations.

Ethical factors consider the positive or negative outcomes from following or ignoring _____ values in decisions and actions