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3.7 STRATEGIC POSITION > Analysing External Environment > Flashcards

Analysing External Environment Flashcards

1
Q

What are 4 key areas of focus?

A

Competition Law
Labour Law
Environmental Legislation
Governmental Policy

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2
Q

What do I need to know for political and legal change?

A

Need to understand the impacts of different types of legislation

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3
Q

What must businesses adhere to?

A

To ensure a fair and sustainable trading environment

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4
Q

What are 3 Scope and effects of competition law?

A

Anti-competitive agreements
Abuse of dominant market position
Merger control

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5
Q

What are anti-competitive agreements?

A

Stops any collusion or arrangements e.g price fixing, discounts, sharing suppliers or markets

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6
Q

What is abuse of dominant market position?

A

Any businesses with 40%+ market share would be considered dominant. Businesses can’t abuse that power

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7
Q

What is merger control?

A

Any mergers or acquisitions will be reviewed to ensure they don’t have a significant impact on reducing competition

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8
Q

Who governs competition law?

A

The CMA and FCA

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9
Q

What does CMA stand for?

A

Competition and Markets Authority

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10
Q

What does FCA stand for?

A

Financial Conduct Authority

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11
Q

What is a benefit for suppliers of competition legislation?

A

Encourages suppliers to differentiate

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12
Q

What is a benefit for consumers of competition legislation?

A

Range of price points

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13
Q

What is an example of employment law?

A

The Equality Act 2010

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14
Q

What are 2 aims of employment legislation?

A

To protect individuals from unfair treatment
To advance equality of opportunity

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15
Q

What is the national minimum wage’s purpose?

A

Covers young people and apprentices

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16
Q

What is the national living wage’s purpose?

A

Older workers - liveable amount

17
Q

What is SWOT?

A

Strengths
Weaknesses
Opportunities
Threats

18
Q

What is PESTLE?

A

a tool that is used to assess/analyse external factors of a business.

19
Q

Why do core competences make the business more competitive?

A

Hard for competitors to copy

20
Q

What is the idea of Elkington’s TBL?

A

That businesses are responsible to all their stakeholders and to the planet

3.7 STRATEGIC POSITION (10 decks)

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