1. Introduction Flashcards
1
Q
What is a business?
A
Organisation or economic system where goods and services are exchanged for one another or for money
2
Q
Micro environment
A
Nearby environment, under which the firm operates
3
Q
Macro environment
A
General environment, that can affect working of all business enterprises
4
Q
Micro environment elements
A
Competitors Organisation itself Suppliers Market Intermediaries Customers
5
Q
Micro nature of elements
A
Specific
6
Q
Macro nature of elements
A
General
7
Q
Are micro and macro factors controllable?
A
Micro = Yes Macro = No
8
Q
Micro and Macro influence
A
Micro = Directly and regularly Macro = Indirectly and distantly
9
Q
Key environmental factors
A
PESTle: Political Economic Socio-cultural Technological Legal Ethical
10
Q
Legal structures
A
Size
Type of industry
Sector (e.g. private, public)
Legal status (e.g. sole trader, partnership etc)
11
Q
Private sector organisations
A
Sole trader
Partnership
Limited companies (LTD and PLC)
