Understanding Business Environments

The video tutorial explores the differences between micro and macro environments in business. The micro environment directly affects a business and includes elements like competitors and customers, which are somewhat controllable. In contrast, the macro environment impacts all businesses and includes broader factors like political and economic conditions, which are uncontrollable. The tutorial uses COSMIC and PESTLE analyses to describe these environments and highlights their specific and general nature, respectively.

What are the two main categories of the business environment?

• Short-term and Long-term

• Local and Global

• Micro and Macro

• Internal and External

Which environment is in direct contact with a business organization?

• Micro Environment

• Macro Environment

• Internal Environment

• Global Environment

What does the macro environment influence in a business?

• Employee behavior

• Product pricing

• Business strategy and decision-making

• Daily operations

Which analysis is used to study the micro environment?

• COSMIC Analysis

• PESTLE Analysis

• SWOT Analysis

• Porter's Five Forces

What is the nature of elements in the micro environment?

• General

• Uncontrollable

• Specific

• Global

Which factors are generally uncontrollable by businesses?

• Customer preferences

• Macro environmental factors

• Internal factors

• Micro environmental factors

How do micro environmental factors affect a business?

• Indirectly and occasionally

• Directly and regularly

• Globally and strategically

• Rarely and unpredictably

Which analysis is associated with the macro environment?

• Vessel Analysis

• COSMIC Analysis

• SWOT Analysis

• Porter's Five Forces

What is the nature of elements in the macro environment?

• Local

• General

• Controllable

• Specific

Which environment can affect the routine activities of a business directly?

• Micro Environment

• Macro Environment

• Internal Environment

• Global Environment