macro environment

Question 1

meaning of macro environment

Answer 1

located outside the business
external environment
business can not control this environment but can influence it

Question 2

features of macro environment

Answer 2

TIESLIP
Technological
Institutional
economic
social , cultural n demographic
legal
international
physical

Question 3

why macro environment can be a challenge to businesses

Answer 3

macro environment is always developing and changing
management in business have no control over the macro environment

Question 4

physical description and challenges to business

Answer 4

forces presented in natural environment
c: pollution n environmental damage provide new challenges for business

Question 5

economic description and challenges to business

Answer 5

factors that affect financial matters
inflation
c: high inflation mean customers will have less money to spend on goods and services

Question 6

social description and challenges to business

Answer 6

involves people
c: social n cultural diversity has potential to create conflict in workplace

Question 7

technological description and challenges to business

Answer 7

rise of IT
c: can be hacked by fraudsters

Question 8

legal

Answer 8

consists of legislation that has passed
c: it affects NCA , CPA

Question 9

International

Answer 9

increase of trade between countries
c:increased competition

Question 10

institutional

Answer 10

3 spheres of government
c:provincial government has indirect impact