Question: Elaborate on the meaning of micro environment?
The micro environment refers to the immediate or small-scale environment in which a business operates. It includes factors that are directly or indirectly under the control of the business, such as its customers, suppliers, competitors, and other stakeholders. The micro environment is unique to each business and can have a significant impact on its success or failure. Understanding and managing the micro environment is critical for businesses to identify opportunities, address challenges, and remain competitive in their respective markets. By analyzing the micro environment, businesses can develop effective strategies to achieve their objectives and improve their overall performance.
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