a. Economic environment – factors that affect buyers’ ability to buy the goods and services by a business. They include changes in buyers’ income, changes in tax rate s and changes in prices of other related goods and services.
b. Demographic environment – this refers to population change. That is the size of the population, geographical distribution, age and sex distribution, density, birth and death rates. A big population leads to a wider market for goods and services. Demand of services and goods increases if there is migration to towns.
c. Legal-political environment – the government monitors business and passes laws and policies that regulate their activities. Business should know these laws and the policies plus their consequences
d. Technological environment – this refer to the levels of knowhow, efficient use of tools and equipment. Advancement in technology leads to better quality goods and services. Business should develop in technology to avoid closure.
e. Cultural environment – this refer to the norms that regulate behavior of people in a society. This includes customs, values and beliefs that are shared by a given society. One cannot open pork butchery in Muslim region.
f. Competitive environment –this is an environment whereby firms try to outdo each other in their effort to maximize profits. They could be generic or enterprise competitions
g. Physical environment – this include factors like relief, climate, and infrastructure like roads, water supply, electricity, telephone, security, and banks
joseph rimiru answered the question on November 21, 2017 at 19:27
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