CSEET · Economic and Business Environment · Business Environment
Which of the following is an example of a micro (task) element of the external environment of a firm?
Suppliers of raw materials are a micro or task element of the external environment because they interact directly with the firm and affect its operations. Inflation, GDP growth and cultural values are macro factors that influence all businesses in general rather than a particular firm.
- AInflation rate in the economy
- BSuppliers of raw materials to the firmCorrect
- COverall rate of GDP growth
- DCultural values prevailing in society
Explanation
Micro external factors are those in the firm's immediate operating surroundings, such as suppliers, customers, competitors, marketing intermediaries and the public. Inflation, GDP growth and cultural values affect all firms and are macro factors.
Did you get it right without looking?
One question tells you little. A timed set on Business Environment shows your real accuracy, how long you take and where you lose marks.
More Business Environment questions
- A textile company in Surat finds that changes in consumer tastes, new import policy and a rival's price cut all affect its sales together, a…
- Which of the following is an example of a change in the technological component of the macro environment of Indian businesses?
- Which of the following is generally regarded as a characteristic of the external business environment?
- A Pune-based packaged snacks company finds that rising disposable incomes and a growing share of working women in the population are shiftin…
- Which of the following is an internal environmental factor for a business firm?
- Which of the following is a recognised limitation of SWOT analysis?