Q.Write about any three micro environmental factors of business.

Micro environmental factors are close, business-specific forces — e.g. customers, suppliers and competitors — that directly affect the firm.

The micro (task) environment is made up of forces in a firm's immediate surroundings that directly and specifically influence its operations. Any three of these factors are:

1. Customers: the individuals or organisations who buy the firm's products. Their tastes, preferences and buying power decide what the firm should produce; keeping them satisfied is essential for survival.
2. Suppliers: those who provide the raw materials, components and other inputs. Their reliability, price and quality directly affect the firm's cost of production and continuity of supply, so good supplier relations are important. …