Adapting To Challenges Of The Business Environments

Question 1

Ways in which businesses can adapt to challenges of the business environment

Answer 1

Information management
Strategic responses
Mergers,takeovers,acquisitions and alliances
Organisational design and flexibility
Direct influence on the environment and social responsibility

Question 2

Ways in which businesses can have a direct influence on the environment

Answer 2

Influence it’s suppliers by signing long term contracts
Influence regulators through lobbying and bargaining
Initiate bargaining sessions between management and unions

Question 3

Social responsibility

Answer 3

Increasing pressure in the business environment is forcing businesses to become more socially responsible by giving back to communities

Question 4

Projects that can be undertaken by businesses as part of social responsibility

Answer 4

Businesses must allow employees to get involved in social development
Managers must protect the environment and participate in community upliftment programs.
Environmental friendly campaigns
Making donations to charity organisations
Engaging in economic development
Charity community projects
Benefits for the business increased sales due to customer loyalty
HIV and AIDS awareness programs

Question 5

Benefits of CSI projects for businesses

Answer 5

CSI projects promote teamwork within businesses
Promotes customer loyalty resulting in more sales
The business enjoys the goodwill/support of communities

Question 6

Meaning of lobbying

Answer 6

It involves acquiring public support for an issue such as children or animal rights
It is done by various people with similar motives, beliefs or commercial positions

Question 7

Reasons why businesses lobby

Answer 7

Lobbying advances business men’s cause and builds public trust
Their views are important and heard, thus making a difference and giving solutions to business challenges

Question 8

Types of lobbying

Answer 8

Hedging against inflation
Bargaining sessions between management and unions
Influencing supervisory body/regulators

Question 9

Meaning of Networking

Answer 9

It is a tool that is used by businesses to increase sales
The goal of networking is to reach as many people as possible and to make every connection count

Question 10

Examples of networking

Answer 10

Formal networking
Informal networking
Social media and the internet

Question 11

Advantages of Networking

Answer 11

Plays a role in the marketing and expansion of a business
Assists businesses in making future business decisions
Businesses can be attracting new customers resulting to increased market share and profitability

Question 12

Meaning of Power relations

Answer 12

A business forms relationships with its environment and markets
The power that the business has on the environment determines the status it holds within its industry

Question 13

Ways in which businesses can form power relations

Answer 13

Strategic alliance agreements
Persuasion of large investors
Company representatives influence