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Free answer of bba assignment bba108 Q1. What are the constituents of the micro external factors in business environment?

AnswerThe different External Factors that affect the business environment:
Suppliers: The suppliers supply inputs like raw materials and components to a company.Suppliers are organizations and individuals that provide the resources needed to produce goods and services. They are critical to an organization's marketing success and are an important link in its value delivery system. Uncertainty regarding
supply would mean uncertainty in production; hence supplies are a very important part of the environment. It is risky to depend on a single supplier as any problem with him would affect performance of your own firm. More problems might arise in case the resource to be supplied is scarce in nature. Hence there is no doubt that the role of the suppliers is indeed very important in determining the nature of the business environment.

Marketing intermediaries: Like suppliers, marketing intermediaries are an important part of the system whodeliver value to customers. Marketing intermediaries are independent organizations that aid in the flow of products from the marketing organization to its markets. They are the “firms that aid the company in promoting, selling and distributing the goods to the final buyers”. They are the middlemen or agents, marketing research firms, media and consulting firms. Financial intermediaries who insure business risks are also included. The intermediaries between an organization and its markets constitute a channel of distribution. These include middlemen (wholesalers and retailers who buy and resell merchandise).

Customers: Creating and sustaining customers is again another key to the success of any organization. Monitoring customer sensitivity is a prerequisite for success. With growing globalization and more effective means of advertising, and with markets becoming more open, customers are becoming more global in their needs too. So the companies should not only look into the global needs of the consumers but also those consumers who mightstill be unwilling to give in, to the newer trends. Understanding customers thus is a part of the business environment.

Market: Organizations closely monitor their customer markets in order to adjust to changing tastes and preferences. A market is people or organizations with wants to satisfy, money to spend, and the willingness to spend it. Each target market has distinct needs which need to be monitored. It is imperative for an organization to know -itscustomers, how to reach them and when customers' needs change, in order to adjust its marketing efforts accordingly. The market is the focal point for all marketing decisions in an organization.

Competitors: Knowing competitors, their moves, their research focus and innovations is a very important task, otherwise in this growing era of newer products, the company can face a complete wipe-out if it is not able to keep up in the race.

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