bma

Question 1

1 How can planning assist a business in finding opportunities when considering factors outside the control of the business?

Answer 1

Businesses must take into consideration a range of issues & conditions (in the external business environment) when developing & planning their business. Planning allows for a business to prepare & to respond to any issues & conditions developing in the external environments.

Question 2

Legal and Gov Regulations:

Answer 2

laws regarding occupational health and safety , trading, envrionmental protection and privacy

Question 3

Societal Attitudes:

Answer 3

Society attitudes have changed after Covid – more into hybrid working (working from home) as well as wanting the convenience of online shopping.

Question 4

Economic Conditions:

Answer 4

Economic conditions are tough at the moment, interest rates are high, cost of living is high & inflation needs to be lowered. This is important as consumer confidence is low & does not encourage spending which impacts businesses.

Question 5

Technological Considerations:

Answer 5

Technology has become an area of concern for business, hacking, reliability of internet & the constant need to update technology is a constant issue for businesses using technology.

Question 6

Global Considerations:

Answer 6

We are operating in a global economy, many external factors can have an impact on the businesses in Australia eg. Wars can impact supplies for business, international trade & the exchange rate will also impact business.

Question 7

CSR Considerations:

Answer 7

It is important for business to adopt CSR practices (social eg. Education/ volunteer programs or environmental eg. Businesses can achieve Self sustainablility by having solar panels). Businesses should strive to be good corporate citizens, businesses can benefit by having a good reputation.

Question 8

Customers:

Answer 8

Customers form an important part of the operating environment of a business. It is important to focus on customer needs which will increase profits when these needs are met.

Question 9

Competitors

Answer 9

Businesses must monitor competitors & the products & services they offer. Any changes to competitors’ products or services can directly affect a business & must be planned for. Changes to competitors’ products & services can create opportunities or be threats.

Question 10

Suppliers:

Answer 10

Suppliers provide the necessary resources needed to run a business, its important they have a reliable source of inputs to be able to provide their products & services.

Question 11

Interest Groups:

Answer 11

Special interest groups & lobby groups can influence the actions of businesses. For example, the lobby group Extinction Rebellion impacts businesses by stopping traffic & bringing attention to their cause which stops customers from reaching businesses.

Question 12

3) Give an example of a law that employers in the food service industry must abide by

Answer 12

Any person/business must get a licence to prepare & serve food. Staff will also need to undertake food handling skills to be able to prepare food & serve it.

Question 13

Outline one change in societal attitudes that may impact business planning..

Answer 13

One change in societal attitudes is convenience shopping. Having access to online shopping 24/7. If businesses do not have an online presence, they risk missing out on business to their competitors.

Question 14

6. Explain why many businesses may find it difficult to allow employees to work from home rather than in the office.

Answer 14

Trust issues. Businesses want to ensure that workers are paid for time on tasks. This may be difficult to assess when business owners are unable to see & monitor workers at all times.

Question 15

8. Define business confidence:

Answer 15

Business confidence refers to conditions that allow for a business to either expand their product/service range or to grow & expand. This is due to economic conditions being favourable to do so, ie. Inflation is low, interest rates are low & consumer confidence is high.

Question 16

employment levels

Answer 16

Employment levels refer to the number of people who are in the workforce. Levels of employment can have an effect on a business when it is planning.

Question 17

taxation rates

Answer 17

Managing tax obligations need to be factored int to business planning.

Question 18

interest rates

Answer 18

Interest rates are simply the cost of borrowing. When interest rates are low, businesses are more likely to borrow money to set up or expand their business.