Question

B. With a critical analysis of the micro environmental forces which are forces close to the
company that affects its ability to serve its customers; all those factors that are closely
associated with the operations of the business and influences its functioning including
suppliers, customers, marketing intermediaries, competitors and publics; discuss the
effects of COVID-19 on Five (5) micro environmental forces within the financial
service sector in Ghana today.

Answer 1

Covid 19 effected all sector of economy all over the world on different extent. Ghana countries value chain,s micro environmental factors also effected by this.

Supply of raw material as well as final goods also affected as transportation and work force are affected by social distancing and lockdown .

Customer also demanded less for finance during pandemic lock down and social distancing scenerio as all investment opportunities are badly affected.

Market intermediaries also affected as all value chain is stopped or working at very low level of production. Market intermediaries are advertiser, broker, mutual funds, insurance company, pendion intermediaries,stockhist etc.

Competition also affected badly as big financial company can survive in such situation ,where small financial company are not profitable as profit earning opportunities are at lowest.

Publics also demanding less for investment as uncertainty about future market of investment and it's return pattern due to economies are entering into recession and people prefer more to invest in gold, government bonds etc ,rather then in financial system like banks ,mutual funds, insurance etc.