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Macro environment5/4/2023 ![]() You as a business should ask how your prices and products can differ from others in order to reap the better results. The market value and competition should be analyzed and the way your competitors sell their products must be taken into account. Competitors: The competitors who sell the similar products and services as your must be considered as the micro environment factor that can influence the business.The reasons of the customers for buying your products must be evaluated to create the best marketing strategy based on the products and services. Customers: Knowing the customers and their needs can play a major role in impacting the growth of the business.Thus, intermediaries or resellers must help the organization to deliver their products from its starting point to the destination. The performance of the intermediaries can impact the overall success of the business. Intermediaries: If the products of the company are given in the hands of 3 rd party or resellers or market intermediaries such as retailers, wholesalers etc, they can circulate and offer the products to the purchasers.Lack of supply can harm the consumer’s loyalty and rise in the supply expenses can change the organizational deals. The supplier’s products are the vital part of the buyer’s finished product. However, suppliers have the power if they are the largest supplier of the goods. They can control supply of the products that influence the revenue of the business company. Suppliers: Suppliers can hold the power to decide the success and the failure of the business.Now, let’s discuss briefly about the micro environmental factors that affects as the external influence on the potential competition within the industry that determines how much profit a firm can earn. Porter’s five forces is the tool that can help to analyse the external micro environment. Thus, the company’s ability to provide services to its customers is managed by controlling or regulating micro environmental factors to some extent. Its elements include suppliers, competitors, marketing intermediaries, customers and the firm itself. These forces have a major impact on the performance of the company and are associated with the company functions and day to day operations but for the short period of time. ![]() Microenvironment is defined as the collection of factors that are in direct contact with the business organization which affects the routine activities and practices of the business. 6 Hire Professional UK Writers to do your Assignments accurately Definition of Microenvironment
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