The microenvironment refers to the immediate environment surrounding a company, including factors that directly impact its ability to serve customers and conduct business. This includes entities like suppliers, customers, competitors, and intermediaries, all of which play crucial roles in shaping the company's operations and strategies. Understanding the microenvironment helps businesses adapt and thrive by identifying opportunities and threats present within their immediate surroundings.
congrats on reading the definition of Microenvironment. now let's actually learn it.