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BUSINESS > Business Functions > Flashcards

Business Functions Flashcards

1
Q

Public Sector?

A

Owned by the government and provide collective goods

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2
Q

Private Sector

A

Private entrepreneurs

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3
Q

Private Sector

A

Private entrepreneurs

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4
Q

Formal Sector

A

Are registered by the government

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5
Q

Informal Sector

A

Not registered by the government
these include
hawking
services

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6
Q

Quarternary

A

Intellectual Knowledge based activities

Research and Planning

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7
Q

Quinary

A

Decision making at the top management

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8
Q

Characteristics of a successful Business

A

Strong Leadership
Competive Advantage
Satisfy needs + wants
Ethical

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9
Q

Micro?

A

Inside

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10
Q

Macro and Market?

A

Outside (affecting the success or failure of a business)

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11
Q

Micro internal factors?

A

Resources
Business Policy
Business Culture
Structure

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12
Q

Market Internal elements?

A 
Suppliers
Consumers
Strategic Allianes
NGOs
Intermediaries
Industry Regulators
Competitors
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13
Q

Market Internal elements?

A 
Suppliers
Consumers
Strategic Allianes
NGOs
Intermediaries
Industry Regulators
Competitors
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14
Q

What is an Intermediary?

A

Middlemen who form a link between the consumers and the business

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15
Q

Macro Environment?

A 
Polictical- sanctions 
Economic - inflation and taxes 
Social-diseases, poverty, crime 
Technological - efficiency of machinery, new tech
Legal-laws and acts (LRA) 
Environmental - natural disasters
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16
Q

Characteristics of a Micro, Market and Macro Environment

A

Complex
Multi- Faceted
Dynamic

17
Q

Pull Factors?

A

Unemployment
Job Security
Bad Relationships with employer
No formal training

BUSINESS (2 decks)

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