{"id":2600,"date":"2018-04-13T22:52:08","date_gmt":"2018-04-13T22:52:08","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/wm-retailmanagement\/?post_type=chapter&#038;p=2600"},"modified":"2024-04-25T02:01:25","modified_gmt":"2024-04-25T02:01:25","slug":"microenvironment-vs-macroenvironment","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/wm-retailmanagement\/chapter\/microenvironment-vs-macroenvironment\/","title":{"raw":"Microenvironment vs. Macroenvironment","rendered":"Microenvironment vs. Macroenvironment"},"content":{"raw":"<div class=\"textbox learning-objectives\">\r\n<h3>Learning Outcome<\/h3>\r\n<ul>\r\n \t<li>Differentiate between macroenvironment and microenvironment considerations in strategic planning<\/li>\r\n<\/ul>\r\n<\/div>\r\n<strong>Business (or Strategic) management<\/strong> is the art, science, and craft of formulating, implementing and evaluating decisions that will enable an organization to achieve its long-term objectives. It is the process of specifying the organization's mission, vision and objectives, developing policies and plans, often in terms of projects and programs, which are designed to achieve these objectives, and then allocating resources to implement the policies and plans, projects and programs.\r\n\r\n<b>Strategic planning<\/b>\u00a0is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy, including its capital and people. Various business analysis techniques can be used in strategic planning, including SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats ) and PEST analysis (Political, Economic, Social, and Technological analysis) or STEER analysis involving Socio-cultural, Technological, Economic, Ecological, and Regulatory factors and EPISTELS (Environment, Political, Informatic, Social, Technological, Economic, Legal and Spiritual)\r\n\r\nStrategic planning is the formal consideration of an organization's future course. All strategic planning deals with at least one of three key questions:\r\n<ol>\r\n \t<li>\"What do we do?\"<\/li>\r\n \t<li>\"For whom do we do it?\"<\/li>\r\n \t<li>\"How do we excel?\"<\/li>\r\n<\/ol>\r\nIn business strategic planning, the third question is better phrased \"How can we beat or avoid competition?\".\u00a0[footnote](Bradford and Duncan,<i>Simplified Strategic Planning.\u00a0<\/i>Chandler House, 2000. page 1).[\/footnote] In many organizations, this is viewed as a process for determining where an organization is going over the next year or more\u2014typically 3 to 5 years, although some extend their vision to 20 years. In order to determine where it is going, the organization needs to know exactly where it stands, then determine where it wants to go and how it will get there. The resulting document is called the \"strategic plan\".\r\n\r\nStrategic planning may also be a tool for effectively plotting the direction of a company; however, strategic planning itself cannot foretell exactly how the market will evolve and what issues will surface in the coming days in order to plan your organizational strategy. Therefore, strategic innovation and tinkering with the 'strategic plan' have to be a cornerstone strategy for an organization to survive the turbulent business climate.\r\n\r\nStrategic management seeks to coordinate and integrate the activities of the various functional areas of a business in order to achieve long-term organizational objectives. A balanced scorecard is often used to evaluate the overall performance of the business and its progress towards objectives.\r\n\r\nNo discussion of strategic planning can ignore the micro and macro factors that are relevant in the success and possible failure of the retail business.\u00a0The\u00a0<b>business environment<\/b>\u00a0is a\u00a0marketing\u00a0term and refers to factors and forces that affect a firm's ability to build and maintain successful\u00a0customer relationships. The three levels of the environment are. We will focus on micro and macro factors in this module:\r\n<ol>\r\n \t<li>Micro (External) environment \u2013 small forces within the company that affect its ability to serve its customers.<\/li>\r\n \t<li>Internal environment \u2013 can be controlled, however, it can't influence an external environment.<\/li>\r\n \t<li>Macro (external) environment \u2013 larger societal forces that affect the microenvironment.<\/li>\r\n<\/ol>\r\n<h2>Micro Environmental Factors<\/h2>\r\nMicro environments in retail is anything in the immediate environment including suppliers, customers, competitors, and stakeholders.\u00a0 Any government and other regulating body can be thought of as a stakeholder.\u00a0 Typically the micro environment is local to the business and any business owner should be well aware of those factors affecting the retail business.\r\n<h2>Macro Environmental Factors<\/h2>\r\nMacro environments are often outside of the retailer's control and are typically of a larger scale and are usually of an economic and industry viewpoint.\r\n<h2>SWOT Analysis<\/h2>\r\n<img class=\"alignright wp-image-5994\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/2986\/2018\/04\/20003703\/SWOTAnalysis_012-288x300.jpg\" alt=\"Chart of swot analysis. S stands for strengths. W stands for Weaknesses. O stands for Opportunities. T stands for Threats. Strengths are helpful to achieve the objective and have an internal origin. Opportunities are helpful to achieving the objective and have an external origin. Weaknesses are harmful to achieving the objective and have internal origins. Threats are harmful to achieving the objective and have an external origin.\" width=\"450\" height=\"469\" \/>\r\n\r\nIn understanding micro and macro environments a SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis is commonly used in retail. Strengths and weaknesses are those internal factors impacting an organization while opportunities and threats are external factors that are outside of the organization's control.\u00a0 Look at these slides reporting on a\u00a0<a href=\"https:\/\/pt.slideshare.net\/9276325\/swot-analysis-of-gap-inc\/2\" target=\"_blank\" rel=\"noopener\"><span class=\"j-title-breadcrumb\">SWOT analysis of GAP Inc<\/span><\/a>\u00a0then let's walk through a SWOT analysis for the GAP below.\r\n\r\nSome of the positive internal attributes are franchising opportunities and global brand recognition.\u00a0 Strengths answer question such as:\u00a0 What value do we bring to the customer?\u00a0 What do we do well?\u00a0 What is making a difference?\u00a0 Some of the weaknesses include a dependence on outside vendors as well as long term debt.\u00a0 They also have a dependence on an older consumer.\u00a0 Weaknesses address questions such as:\u00a0 What needs improving?\u00a0 What isn't working?\u00a0 What do our customers dislike? In looking at those external opportunity factors affecting Gap that are positive you can see they have a market for plus size women's apparel and they are growing the online business.\u00a0 There is also an opportunity for growth in Asia.\u00a0 Opportunities address the following questions:\u00a0 What should be changed?\u00a0 What should the company start or stop doing?\u00a0 Finally, threats are those external factors that can't be controlled but are still a consideration.\u00a0 The Gap has strong competition, slow economic recovery, and increased labor costs.\u00a0 Threats answer the following questions:\u00a0 What are the threats to the business?\u00a0 Are there any economic, political, or customer trends?\u00a0 Are there any financial threats such as cost or debt?\r\n\r\nIn addition, PEST (Political, Economic, Social, and Technological) as well as Porter's 5-Forces analysis is also used as a way to understand new competition, the threat of new competition, the bargaining power of suppliers and customers, and the level of competition.\r\n\r\n<img class=\"aligncenter wp-image-2934\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/2986\/2018\/04\/20163727\/Pest-analysis-1024x984.jpg\" alt=\"PEST Analysis chart. P stands for political and within the political category, bullet points include Political stability, regulation and de-regulation, statutes, laws, codes of conduct, government funding, subsidies, support for specific industries, fiscal\/ monetary policy, tax rates, and trade agreements. E stands for economic and within the economic category bullet points include economic trends, economic stability-inflation, wages growth, GDP, GNP, Exchange rates, trade agreements, seasonality, and economic cycles, consumer confidence, consumer purchasing power-discretionary incomes. S stands for social. In the social category bullet points include demographic changes-population growth, age distribution, population density, geographic distribution, consumer attitudes-tastes and preferences, social influencers-role models, opinion leaders, shopping habits-preferred channels, channel switching, online and offline shopping. t stands for technological. in the technological category bullet points include, innovation, breakthroughs or technological developments, new product materials or ingredients, new packaging solutions, improved production processes or business models, new ways of transacting business, new machinery or software. \" width=\"580\" height=\"558\" \/>\r\n<div class=\"textbox key-takeaways\">\r\n<h3>Additional Resources<\/h3>\r\n<ul>\r\n \t<li><a href=\"https:\/\/carpenterstrategytoolbox.com\/2016\/01\/20\/add-a-pest-to-your-analysis\/\" target=\"_blank\" rel=\"noopener\">A PEST to Infest your Analysis<\/a><\/li>\r\n<\/ul>\r\n<\/div>\r\n<div class=\"textbox tryit\">\r\n<h3>practice questions<\/h3>\r\nhttps:\/\/assess.lumenlearning.com\/practice\/bcfc3679-04fe-4f9a-a87c-bb2e1744aab8\r\n<\/div>","rendered":"<div class=\"textbox learning-objectives\">\n<h3>Learning Outcome<\/h3>\n<ul>\n<li>Differentiate between macroenvironment and microenvironment considerations in strategic planning<\/li>\n<\/ul>\n<\/div>\n<p><strong>Business (or Strategic) management<\/strong> is the art, science, and craft of formulating, implementing and evaluating decisions that will enable an organization to achieve its long-term objectives. It is the process of specifying the organization&#8217;s mission, vision and objectives, developing policies and plans, often in terms of projects and programs, which are designed to achieve these objectives, and then allocating resources to implement the policies and plans, projects and programs.<\/p>\n<p><b>Strategic planning<\/b>\u00a0is an organization&#8217;s process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy, including its capital and people. Various business analysis techniques can be used in strategic planning, including SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats ) and PEST analysis (Political, Economic, Social, and Technological analysis) or STEER analysis involving Socio-cultural, Technological, Economic, Ecological, and Regulatory factors and EPISTELS (Environment, Political, Informatic, Social, Technological, Economic, Legal and Spiritual)<\/p>\n<p>Strategic planning is the formal consideration of an organization&#8217;s future course. All strategic planning deals with at least one of three key questions:<\/p>\n<ol>\n<li>&#8220;What do we do?&#8221;<\/li>\n<li>&#8220;For whom do we do it?&#8221;<\/li>\n<li>&#8220;How do we excel?&#8221;<\/li>\n<\/ol>\n<p>In business strategic planning, the third question is better phrased &#8220;How can we beat or avoid competition?&#8221;.\u00a0<a class=\"footnote\" title=\"(Bradford and Duncan,Simplified Strategic Planning.\u00a0Chandler House, 2000. page 1).\" id=\"return-footnote-2600-1\" href=\"#footnote-2600-1\" aria-label=\"Footnote 1\"><sup class=\"footnote\">[1]<\/sup><\/a> In many organizations, this is viewed as a process for determining where an organization is going over the next year or more\u2014typically 3 to 5 years, although some extend their vision to 20 years. In order to determine where it is going, the organization needs to know exactly where it stands, then determine where it wants to go and how it will get there. The resulting document is called the &#8220;strategic plan&#8221;.<\/p>\n<p>Strategic planning may also be a tool for effectively plotting the direction of a company; however, strategic planning itself cannot foretell exactly how the market will evolve and what issues will surface in the coming days in order to plan your organizational strategy. Therefore, strategic innovation and tinkering with the &#8216;strategic plan&#8217; have to be a cornerstone strategy for an organization to survive the turbulent business climate.<\/p>\n<p>Strategic management seeks to coordinate and integrate the activities of the various functional areas of a business in order to achieve long-term organizational objectives. A balanced scorecard is often used to evaluate the overall performance of the business and its progress towards objectives.<\/p>\n<p>No discussion of strategic planning can ignore the micro and macro factors that are relevant in the success and possible failure of the retail business.\u00a0The\u00a0<b>business environment<\/b>\u00a0is a\u00a0marketing\u00a0term and refers to factors and forces that affect a firm&#8217;s ability to build and maintain successful\u00a0customer relationships. The three levels of the environment are. We will focus on micro and macro factors in this module:<\/p>\n<ol>\n<li>Micro (External) environment \u2013 small forces within the company that affect its ability to serve its customers.<\/li>\n<li>Internal environment \u2013 can be controlled, however, it can&#8217;t influence an external environment.<\/li>\n<li>Macro (external) environment \u2013 larger societal forces that affect the microenvironment.<\/li>\n<\/ol>\n<h2>Micro Environmental Factors<\/h2>\n<p>Micro environments in retail is anything in the immediate environment including suppliers, customers, competitors, and stakeholders.\u00a0 Any government and other regulating body can be thought of as a stakeholder.\u00a0 Typically the micro environment is local to the business and any business owner should be well aware of those factors affecting the retail business.<\/p>\n<h2>Macro Environmental Factors<\/h2>\n<p>Macro environments are often outside of the retailer&#8217;s control and are typically of a larger scale and are usually of an economic and industry viewpoint.<\/p>\n<h2>SWOT Analysis<\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignright wp-image-5994\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/2986\/2018\/04\/20003703\/SWOTAnalysis_012-288x300.jpg\" alt=\"Chart of swot analysis. S stands for strengths. W stands for Weaknesses. O stands for Opportunities. T stands for Threats. Strengths are helpful to achieve the objective and have an internal origin. Opportunities are helpful to achieving the objective and have an external origin. Weaknesses are harmful to achieving the objective and have internal origins. Threats are harmful to achieving the objective and have an external origin.\" width=\"450\" height=\"469\" \/><\/p>\n<p>In understanding micro and macro environments a SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis is commonly used in retail. Strengths and weaknesses are those internal factors impacting an organization while opportunities and threats are external factors that are outside of the organization&#8217;s control.\u00a0 Look at these slides reporting on a\u00a0<a href=\"https:\/\/pt.slideshare.net\/9276325\/swot-analysis-of-gap-inc\/2\" target=\"_blank\" rel=\"noopener\"><span class=\"j-title-breadcrumb\">SWOT analysis of GAP Inc<\/span><\/a>\u00a0then let&#8217;s walk through a SWOT analysis for the GAP below.<\/p>\n<p>Some of the positive internal attributes are franchising opportunities and global brand recognition.\u00a0 Strengths answer question such as:\u00a0 What value do we bring to the customer?\u00a0 What do we do well?\u00a0 What is making a difference?\u00a0 Some of the weaknesses include a dependence on outside vendors as well as long term debt.\u00a0 They also have a dependence on an older consumer.\u00a0 Weaknesses address questions such as:\u00a0 What needs improving?\u00a0 What isn&#8217;t working?\u00a0 What do our customers dislike? In looking at those external opportunity factors affecting Gap that are positive you can see they have a market for plus size women&#8217;s apparel and they are growing the online business.\u00a0 There is also an opportunity for growth in Asia.\u00a0 Opportunities address the following questions:\u00a0 What should be changed?\u00a0 What should the company start or stop doing?\u00a0 Finally, threats are those external factors that can&#8217;t be controlled but are still a consideration.\u00a0 The Gap has strong competition, slow economic recovery, and increased labor costs.\u00a0 Threats answer the following questions:\u00a0 What are the threats to the business?\u00a0 Are there any economic, political, or customer trends?\u00a0 Are there any financial threats such as cost or debt?<\/p>\n<p>In addition, PEST (Political, Economic, Social, and Technological) as well as Porter&#8217;s 5-Forces analysis is also used as a way to understand new competition, the threat of new competition, the bargaining power of suppliers and customers, and the level of competition.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-2934\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/2986\/2018\/04\/20163727\/Pest-analysis-1024x984.jpg\" alt=\"PEST Analysis chart. P stands for political and within the political category, bullet points include Political stability, regulation and de-regulation, statutes, laws, codes of conduct, government funding, subsidies, support for specific industries, fiscal\/ monetary policy, tax rates, and trade agreements. E stands for economic and within the economic category bullet points include economic trends, economic stability-inflation, wages growth, GDP, GNP, Exchange rates, trade agreements, seasonality, and economic cycles, consumer confidence, consumer purchasing power-discretionary incomes. S stands for social. In the social category bullet points include demographic changes-population growth, age distribution, population density, geographic distribution, consumer attitudes-tastes and preferences, social influencers-role models, opinion leaders, shopping habits-preferred channels, channel switching, online and offline shopping. t stands for technological. in the technological category bullet points include, innovation, breakthroughs or technological developments, new product materials or ingredients, new packaging solutions, improved production processes or business models, new ways of transacting business, new machinery or software.\" width=\"580\" height=\"558\" \/><\/p>\n<div class=\"textbox key-takeaways\">\n<h3>Additional Resources<\/h3>\n<ul>\n<li><a href=\"https:\/\/carpenterstrategytoolbox.com\/2016\/01\/20\/add-a-pest-to-your-analysis\/\" target=\"_blank\" rel=\"noopener\">A PEST to Infest your Analysis<\/a><\/li>\n<\/ul>\n<\/div>\n<div class=\"textbox tryit\">\n<h3>practice questions<\/h3>\n<p>\t<iframe id=\"assessment_practice_bcfc3679-04fe-4f9a-a87c-bb2e1744aab8\" class=\"resizable\" src=\"https:\/\/assess.lumenlearning.com\/practice\/bcfc3679-04fe-4f9a-a87c-bb2e1744aab8?iframe_resize_id=assessment_practice_id_bcfc3679-04fe-4f9a-a87c-bb2e1744aab8\" frameborder=\"0\" style=\"border:none;width:100%;height:100%;min-height:300px;\"><br \/>\n\t<\/iframe>\n<\/div>\n\n\t\t\t <section class=\"citations-section\" role=\"contentinfo\">\n\t\t\t <h3>Candela Citations<\/h3>\n\t\t\t\t\t <div>\n\t\t\t\t\t\t <div id=\"citation-list-2600\">\n\t\t\t\t\t\t\t <div class=\"licensing\"><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Shared previously<\/div><ul class=\"citation-list\"><li>Business Strategy\/Overview of Strategic Planning. <strong>Provided by<\/strong>: Wikibooks. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/en.wikibooks.org\/wiki\/Business_Strategy\/Overview_of_Strategic_Planning\">https:\/\/en.wikibooks.org\/wiki\/Business_Strategy\/Overview_of_Strategic_Planning<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by-sa\/4.0\/\">CC BY-SA: Attribution-ShareAlike<\/a><\/em><\/li><li>SWOT Analysis. <strong>Authored by<\/strong>: Xhienne. <strong>Provided by<\/strong>: Wikimedia Modification by Lumen Learning. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/en.wikipedia.org\/wiki\/File:SWOT_en.svg\">https:\/\/en.wikipedia.org\/wiki\/File:SWOT_en.svg<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by-sa\/4.0\/\">CC BY-SA: Attribution-ShareAlike<\/a><\/em><\/li><li>PEST Analysis. <strong>Authored by<\/strong>: BronHiggs. <strong>Provided by<\/strong>: Wikimedia. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/commons.wikimedia.org\/wiki\/File:Pest-analysis.jpg\">https:\/\/commons.wikimedia.org\/wiki\/File:Pest-analysis.jpg<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by-sa\/4.0\/\">CC BY-SA: Attribution-ShareAlike<\/a><\/em><\/li><li>Market Environment. <strong>Provided by<\/strong>: Wikipedia. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/en.wikipedia.org\/wiki\/Market_environment\">https:\/\/en.wikipedia.org\/wiki\/Market_environment<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by-sa\/4.0\/\">CC BY-SA: Attribution-ShareAlike<\/a><\/em><\/li><\/ul><\/div>\n\t\t\t\t\t\t <\/div>\n\t\t\t\t\t <\/div>\n\t\t\t <\/section><hr class=\"before-footnotes clear\" \/><div class=\"footnotes\"><ol><li id=\"footnote-2600-1\">(Bradford and Duncan,<i>Simplified Strategic Planning.\u00a0<\/i>Chandler House, 2000. page 1). <a href=\"#return-footnote-2600-1\" class=\"return-footnote\" aria-label=\"Return to footnote 1\">&crarr;<\/a><\/li><\/ol><\/div>","protected":false},"author":82555,"menu_order":16,"template":"","meta":{"_candela_citation":"[{\"type\":\"cc\",\"description\":\"Business Strategy\/Overview of Strategic Planning\",\"author\":\"\",\"organization\":\"Wikibooks\",\"url\":\"https:\/\/en.wikibooks.org\/wiki\/Business_Strategy\/Overview_of_Strategic_Planning\",\"project\":\"\",\"license\":\"cc-by-sa\",\"license_terms\":\"\"},{\"type\":\"cc\",\"description\":\"SWOT Analysis\",\"author\":\"Xhienne\",\"organization\":\"Wikimedia Modification by Lumen Learning\",\"url\":\"https:\/\/en.wikipedia.org\/wiki\/File:SWOT_en.svg\",\"project\":\"\",\"license\":\"cc-by-sa\",\"license_terms\":\"\"},{\"type\":\"cc\",\"description\":\"PEST 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