Task Description Prepare and write a professional report on key factors, trends or changes in the macro and micro environment for a particular industry (refer to your textbook for an outline of these...

STRATEGIC MANAGEMENT
Table of Contents
Introduction    3
Environment Factors Identified    3
Political Factors    3
Economic Factors    4
Social Factors    4
Technological Factors    4
Environmental Factors    4
Legal Factors    4
Company Information    4
Reaction to the Changes    5
References    7
Introduction
An industry is influences by its micro and macro environment, in which it performs. The micro-environment being its sector of performance and the immediate location including its components of customers, competitors and intermediaries, the macro-environment can be analysed by the DEPEST theory, which represents demography, ecology, political, economy, socio-cultural and technological factors. The business environment depends on the trend of each of the micro and macro environments in marketing.
All the mentioned environments highly influence the success of an industry and its collaboration with other business. In this report, we will address the business environment regarding to the JB Hi-Fi electrical company in Australia.
Environment Factors Identified
The environment factors, which are identified affecting the retail business, can be analysed by the PESTEL analysis. As mentioned by Rosa, Sassanelli and Terzi (2019), the retail business can improve its business trend through the macro-environmental factors.
Political Factors
These factors determine the long-term security of the retail business in the market through its legal trading. Price regulation and tax maintenance will help it to maintain its position. As stated by Karabag (2019), the failure of a business industry mainly depends on the reluctant political behaviour.
Economic Factors
The economic factors, which affect the industry, are the inflation rate, supply and demand rate, the foreign exchange rate, the interest and savings rate and the investment rate of the company. According to Thakur and Mangla (2019), the economic growth rate is the trend to create a sustainable business.
Social Factors
The demographical population affects the business of any industry. The level of education within the population and the cultural beliefs affects the business trends. JB Hi Fi tries to include all the cultural group of employees to increase the diversity in business.
Technological Factors
Technology has taken over each sector of the business in the recent years and it is highly included the electronic sector of business. From electrical transportation to electrical payment methods, all are run by...