AOS 3 Flashcards
External environment
Involves surrounding factors of a business which it has minimal control over
Macro factors
social, legal, technological and economic conditions that a business has no control over
Operating factors
Primary external factors which a business has some control over
societal attitudes
the collective values, beliefs and opinions held by a group of people
Societal behavior
way people act and respond in various situations
why should technological developments be considered when planning
can improve different aspects of their business and its operations. eg eftpos, automated production lines, websites and social media
overseas competitors
businesses that are located in different countries that operate in the same industry
overseas markets
any market that are outside of a business’s own country
offshoring of labour
moving its services or processes to another country
online sales
buying and selling goods and services using the internet
global sourcing of inputs
business acquiring raw materials and resources from overseas suppliers
overseas manufacture
business producing goods or services outside of the country where its headquarters are located
global outsourcing
transferring specific business activities to an external business in an overseas country
corporate social responsibility
the ethical conduct
of a business beyond
legal obligations, and
the consideration of
social, economic, and
environmental impacts
when making business
decisions
