Question: Read the Article below and answer ALL questions that follow. A perfect storm: The macro forces impacting global companies. In business, everything changes, everything evolvesyet
Read the Article below and answer ALL questions that follow. A perfect storm: The macro forces impacting global companies. In business, everything changes, everything evolvesyet nothing can compare to the levels of disruption and uncertainty leaders are facing in 2020. Even before the coronavirus (COVID-19) pandemic, a variety of political, economic, social, environmental and technological factors were percolating, creating a perfect storm for disruption. These macro forces continue to challenge the ways organizations think about doing business, raising many questions about what the new normal will look like when the dust settles. With this in mind, its understandable that many organizations are struggling. How do you plan for the future with so many unknowns? How do you prioritize when so many external forces can reshape your business in the blink of an eye? How do you stay focused when the pace of change potentially requires your business to change tack with little or no warning? As we will discuss, in order to bounce back, businessesand the finance function more specificallyneed to fundamentally change how they operate. Its important to state that this new operational challenge is not solely a result of Covid-19. The winds of change have been coming for a while, but it often takes a significant event to drive such a fundamental shift. Businesses must look hard at their level of agility and ability to react quickly to change, and revisit relationships with stakeholdersfrom employees and customers to shareholders. Finally, organizations must plan and scale for the future, positioning themselves for change whilst accepting the fact that I dont know might be the only answer available in todays uncertain world. Source: Dunne (2023)
Marketers need to have an understanding of the macro-environment in order to know how businesses perform and make decisions. This is so that they may assist these businesses in ultimately attracting a loyal customer base by way of developing winning marketing strategies. Define the marketing environment with relation to micro and macro environment. In addition, discuss the SIX (6) macro - environmental factors that have an impact on global companies.
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