3.4 Influences on Business Decisions

Question 1

Corporate Timescales

Answer 1

Strategy and expectation of when return will be achieved

Question 2

Short - Termism

Answer 2

Only interested in quick financial reward

Question 3

Long - Termism

Answer 3

Invest in the future

Question 4

Decision Making

Answer 4

Evidence based
Subjective

Question 5

Evidence Based Decision Making

Answer 5

Strategic analysis -> strategic choice -> strategy implementation

Question 6

Subjective Decision Making

Answer 6

Based on feelings and opnions

Question 7

Corporate Culture

Answer 7

Norms and values of a business

Question 8

Strong Culture

Answer 8

Good communication, focus on core values, based around traditions

Question 9

Weak Culture

Answer 9

Leads to failire, demotivated workforce, poorly managed + bureaucreatic

Question 10

Power Culture

Answer 10

Control radiates from the centre

Question 11

Role Culture

Answer 11

Hierarchical bureaucracy

Question 12

Person Culture

Answer 12

Power lies in each group of individuals

Question 13

Task Culture

Answer 13

No single power source
Teams formed to solve particular problemt

Question 14

Stakeholder

Answer 14

Anyone who has interest in business

Question 15

Internal Stakeholders

Answer 15

Employees, managers, owners

Question 16

External Stakeholders

Answer 16

Customers, competitors, suppliers, local community, government

Question 17

Stakeholder Influences

Answer 17

Business considers al stakeholders in business decisions and objectives

Question 18

Shareholder Influences

Answer 18

Business focuses purely on thier returns in decisions and objectives

Question 19

Pay and Rewards Ethics

Answer 19

Income in equality within businesses

Question 20

Business Ethics of Decisions

Answer 20

Want to appear to be doing the right thing

Question 21

Corporate Social Responsibility

Answer 21

Business approach to contribute to sustainable development by delivering eonomic, social, and environmental benefit to all stakeholders