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business unit 1 > AOS3- external business environment and planning > Flashcards

AOS3- external business environment and planning Flashcards

unit one

1
Q

external environment

A

the elements outside of the business, which can impact a businesses’ operations

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2
Q

operating environment stakeholders

A

-customers
-competitors
-suppliers
-special interest groups

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3
Q

macro environment factors

A

-legal and government regulations
-societal attitudes and behaviours
-economic conditions
-technological considerations
-global considerations
-corporate social responsibility considerations

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4
Q

customers

A

the people who purchase goods and services from the business, expecting high quality at competitive prices

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5
Q

competitors

A

other businesses or individuals who produce and sell rival, or competing, goods or services to the ones offered by the business

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6
Q

suppliers

A

the businesses or individuals that supply materials and other resources that the business needed to conduct its operations

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7
Q

special interest groups

A

the groups of people who attempt to directly influence or persuade a business to adopt particular policies or procedures, including lobby groups, business associations and unions

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8
Q

legal and government regulations

A

the laws or regulations made by parliaments and courts, which affect how businesses operate and behave

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9
Q

societal attitudes and behaviour

A

the factors relating to changes in the attitudes, behaviour, tastes and lifestyles of communities on a local, national and international scale

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10
Q

economic conditions

A

the set of influences that relate to economic activity, including interest rates, wages, unemployment, exchange rates and inflation

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11
Q

technological considerations

A

the issues related to the growing use of tools, techniques or systems

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12
Q

global considerations

A

the pressures that arise as a result of businesses operating in worldwide markets and competing on a global scale

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13
Q

corporate social responsibility
considerations

A

the pressures on a business to take into account environmental considerations to ensure broader social welfare

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14
Q

federal government obligations

A

-payment of taxes for employees and businesses with company tax
-provision of superannuation
-customs regulation

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15
Q

state government obligations

A

-provision of employee entitlements
-payment of payroll taxes
-abiding by relevant legislation

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16
Q

local governments have control over?

A

-approving new development
-fire regulations
-parking regulations

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17
Q

key laws and regulations

A

-new business laws
-location laws
-health regulation laws
-employment regulations
-anti-discrimination laws
-os&s laws
-tax laws
-trade practices
-environmental legislation

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18
Q

societal attitudes

A

the ideas, values, and beliefs that people in a particular society hold

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19
Q

societal behaviours

A

relates to how people express their ideas, values, and beliefs (societal attitudes)

20
Q

why are societal attitudes and behaviours important for business?

A

-they dictate what is socially acceptable behaviour, therefore businesses need to align with these to be successful
-they can change regularly and businesses need to keep up

21
Q

why are trends important for business?

A

-businesses that plan for these changing demographics (trends) are likely to thrive, while those that don’t may struggle

22
Q

societal values and beliefs

A

-shared principles and morals of a group of people or society
-eg protecting environment and the expectation that businesses will contribute positively to society

23
Q

trends

A

the general direction in which people’s attitudes or behaviours in society are developing or changing

24
Q

economic conditions

A

-the many influences that relate to economic activity in a country, region, or the world
-includes interest rates, wages, exchange rates, and inflation

-changes in taxes directly affect business profits
-higher employment levels lead to increased business activity

25
Q

interest rates

A

-the cost of borrowing money (extra money to be paid back)
-rises negatively affect business activity and customer’s lives (expensive for businesses to take out loans)

26
Q

business and consumer confidence levels

A

-how they feel about the economy

-when consumer confidence is high consumers will be optimistic about their financial condition
-when business owner confidence is high they can feel positive about the future and may plan to expand business

27
Q

technological considerations

A

-relates to the growing use of, and dependence on, tools, techniques, or systems by businesses to solve problems or to serve a purpose in operations

-technology continues to advance, and businesses need to adapt to new technology to stay relevant and profitable

28
Q

what do businesses use technology for?

A

-increase efficiency and productivity
-create new products
-improve the quality and range of goods and services
-hopefully make a profit

29
Q

globalisation

A

means that businesses now operate in a worldwide market

facing challenges (competing on a global scale) and opportunities (selling to a global market)

30
Q

global issues

A

-overseas competitors and markets
-offshoring labour
-exchange rates
-protection of IP at a global level
-online sales

31
Q

movement in exchange rates

A

-depreciation: fall in value of country’s currency in relation to another (exports cheaper, imports expensive)

-appreciation: rise in value of country’s currency in relation to another (exports expensive, imports cheaper)

32
Q

offshoring

A

-moving some of a business’ processes or services overseas under same or different business)

33
Q

how can a business be socially responsible?

A

-avoid conflicts of interest
-ensure business is free of corruption
-become involved in community
-minimise waste and pollution
-develop skills of employees

34
Q

how do customers affect/influence businesses?

A

-customers needs change over time, so businesses must respond, and these needs have to be prioritised

35
Q

competitive advantage

A

something unique to the business which it does better than its competitors

36
Q

how do competitors affect business planning?

A

businesses will need to create new strategies and/or products/services to counter competitors

37
Q

how do businesses deal with competitors?

A

businesses will need to respond by either becoming highly efficient, or offering a valuable/unique product/service

38
Q

supply chain

A

-the network of suppliers from which the business purchases resources
-management is critical, as if there are problems in the chain it can affect the final product

39
Q

why should businesses care about suppliers?

A

-guarantees efficient running of the business
-having number of suppliers makes it less vulnerable to supply difficulties

40
Q

how do suppliers affect business planning?

A

businesses need to ensure stability with suppliers to avoid any problems which could arise

41
Q

main types of special interest groups

A

-specific issue groups
-environmental lobby groups
-business associations
-unions
-consumer groups

42
Q

why do specific interest groups (eg environmental lobby groups) exist, effect on business planning, and example?

A

-interest: to focus on an issue important to the local community
-effect: causes businesses to take actions to improve operating (eg undertaking environmental impact studies)
-example: youth unemployment, environment groups

43
Q

why do business associations exist, effect on business planning, and example?

A

-interest: supports businesses
-effect: provides reports on relevant issues etc
-example: australian chamber of commerce and industry (ACCI), speaks on behalf of Australian businesses at both national and international levels. ACCI publishes and distributes research and reports on a range of issues that may be relevant to planning a business

44
Q

why do unions exist, effect on business planning, and example?

A

-interest: represents employees
-effect: businesses focus more on looking after employees
-example: cfmeu (union for people in construction industries etc)

45
Q

why do consumer groups exist, effect on business planning, and example?

A

-interest: to monitor business performance in product safety, packaging, pricing etc
-effect: holds businesses accountable, ensures products are high quality etc
-example: choice

46
Q

positive of advances in technology

A

-helps businesses creates new products
-increases efficiency
-improves quality of goods and services

47
Q

negatives of advances in technology

A

-decrease in number of employees needed
-products have short life cycle and may not last long
-businesses may have to spend more money to ensure online spaces are safe

business unit 1 (5 decks)

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