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business Flashcards

1
Q

external environment

A

involves the impact of the surrounding factor of a business. It has minimal control over. Such as operating and macro

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2
Q

macro environment

A

has no control. Such as legal and government regulations

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3
Q

operating environment

A

has some control. Such as special interest groups

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4
Q

legal and government regulations

A

rules and laws made by government and laws that help a business:
- employment regulations
- industry regulation
- environmental regulations

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5
Q

triple bottom line
SEE

A

business planning that incorporates economic, environmental and social aspects

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6
Q

customer expectations

A

Customer satifsfaction which grows loyal customers

customers expect high quality products. if not adhere to those aspects, customers might not return

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7
Q

special interest groups

A

various groups that influence the activities and planning of a business.
E.g - unions
- business associations
- environmental lobby
groups

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8
Q

economic conditions
TECI

A

the financial and productive performances side of the business. such as these four elements.
E.g. - tax rates
- employment rates
- consumer confidence
- interest rates

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9
Q

global markets

A

a business needs to consider global issues such as:
- overseas competitors
- overseas markets

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10
Q

global consideration
COM

A

factors that a business may need to consider when interacting with suppliers or customers overseas.
E.g - competitors
- offshoring of labour
- markets

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11
Q

CSR

A

is to be in a ethical work environment how to do good and stop bad

When a business needs to consider the impact of the community and to give up and above the legal requirements.
E.g. - paying above the amount
of award
- community sponsorship

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12
Q

supply management

A

the act of acquiring, managing resources and suppliers

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13
Q

out sourcing

A

having people handle resources or work offshore

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14
Q

societal behaviours and altitudes

A

when planning a business, a business should consider the social factors such as values e.g. religious diversity and trends e.g. clothing trends

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15
Q

When planning a business the business owner will need to consider changing social values, beliefs and trends. Why?

A

Too consider competitors work and gain a competitive advantage

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16
Q

disadvantages and advantages of CSR

A

Advantage:
- increase employment
- supports local and global community
disadvantage:
- impact on public image
- CSR Costs Money to Implement

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17
Q

importance of supply management

A

keeps the mechanisms of supply and demand operating smoothly so that people have access to goods and services

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18
Q

explain two external factors

A

macro- technological
operating - suppliers

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19
Q

Motivation

A

is what drives the employee to put effort into the job/career
intrinsic ( internal)
extrinsic ( external)

20
Q

personal motivation

A

the personal motivation to start a business is for independence and freedom

21
Q

source of business opportunities

A
  1. market oppo- demands
  2. changing customer needs
  3. research and development
    ideas come from:
    - family
    - personal inspiration
    - looking overseas
22
Q

business concept

A

when a specific direction allows the operation of a business
market research process of systematically
recording and analysing information
. social responsbility
. infrastructure

23
Q

intellectual property

A

any creation of the mind such as new invention, a brand that a business has full rights over

24
Q

protect intellectual property

A

trademark- a right grant to represent products and services
patent- a right granted
domain name- a registered name

25
Q

feasibility study

A

an assessment of the business ideas potential success
location
market
competition

26
Q

support for innovation and entrepreneurship

A

government investment
council grants

27
Q

SWOT analysis

A

a business plans
strengths: IP and staff
weakness: debt and customers
opportunities: changing a trend in a market
threats: competitors

28
Q

CSR

A

an ethical conduct beyond legal obligations
internal: happiness and satisfaction
external: the fair trade products
employees: reducing carbon footprint and improving labour policies

29
Q

businesses models

A

a business model outlines a business plan of how it will function and make a profit
. online business
. direct to consumer business
. bricks and mortar

30
Q

support services

A

it may be difficult for owners to be knowledge so the will utilise assistance to help operate their business
. legal support services- legal assistance
. financial support- accountants
. technological support- It

31
Q

source of finance

A

business owners should consider how they will fund their business operations. there are various source of finance available to owners
.overdraft
. trade credit
. loan
. lease
. debt

32
Q

Social enterprise

A

is an organisation that improves to maximise and promote the social, environmental and financial factors of a business such as charity

33
Q

market research

A

is a process of systematically collecting, recording and analysing information concerning a specific market

34
Q

contributions business makes

A

contributions business make to the economic and social wellbeing
. GDP
.employment
. infrastructure

35
Q

SMART GOALS

A

S- specific
M- measurable
A- achievable
R- relevant
T- time bound

36
Q

Internal business

A

involves factors within a business that a business has control over
- business location
- business support services
- resources
- source of finance

37
Q

Types of businesses

A

when planning, owners must consider and decide on what type of business they want.
- partnership
- sole trader

38
Q

business resources

A

capital- man made goods
labour - that conduct the business ( employment)
natural- raw materials from the environment

39
Q

supply management

A

the act of identifying, acquiring and managing resources and suppliers that are essential to the operations of a business organisations

40
Q

gap in the market

A

an area that businesses don’t currently serve however, there is customer demand for

41
Q

public listed

A

A public company is a company whose ownership is organised via shares of stock which are intended to be freely traded on a stock exchange or in over-the-counter markets

42
Q

private listed

A

A private company is a firm held under private ownership. Private companies may issue stock and have shareholders, but their shares do not trade on public exchanges

43
Q

establishing a business

A

when individuals with innovative ideas start a business that is not yet present in the market.
adv:
- owners had full decision making
disadv:
- difficulty in making a customer base

44
Q

purchasing a business

A

to buy a business that is directly set up and operating.

45
Q

societal attitudes and behaviours

A

when planning a business should consider the social factors such a beliefs and values.
Values:
- culture diversity
trends:
- clothing

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