The micro-environment, or the task environment or operating environment, is the immediate environment that directly influences a business. It includes factors closely linked to the business operations and directly impacts its performance and decision-making.
The critical components of a micro-environment are:
The micro-environment is significant because it directly influences a company's ability to serve its customers effectively. Understanding the micro-environment helps a company identify opportunities and threats, formulate strategies, make informed decisions, and maintain a competitive edge.
From Chapter 2:
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