Ch. 1 (Business Environment) Flashcards
the business environment consists of …
the surrounding factors that either help or hinder the development of business
list the five factors of the business environment
economic, technological, social, competitive and legal
describe the legal and regulator environment (regulations)
regulations are laws and rules (made by politicians) which effect how business can operate
list the three examples of laws
Canada small business financing act, the consumer packaging and labelling act, the trade union
the legal and regulatory environment covers… (3)
freedom of ownership, contract laws and elimination of corruption
describe the competition act
preventative measure against monopoly
the economic environment looks at … (3.5)
income, expenditures, and resources that affect the cost of running a business
businesses review: the results of …
the results of major economic indicators such as a consumer spending, employment levels and productivity
the economic environment covers … (4)
tradable currency, minimum taxes and regulation, imports and exports and employment levels and productivity
what is “foreign exchange”?
the movement of a country’s currency relative to other currencies also pertains to the economic environment
another aspect of the economic environment is the …
degree of entrepreneurship that is present
technology refers to …
inventions or innovations from applied science or engineering research
technology covers … (6)
information and technology, databases, bar codes, the internet, wireless communication and social media
what about technology affects productivity?
the use and application of tech
productivity is …
the amount of output you generate given the amount of input
(productivity) effectiveness means …
producing the desired results
(productivity) efficiency means …
producing goods and services using the least amount of resources
(Technological Environment) there are several major types of e-commerce transactions: (4)
Business-to-consumer (B2C), Business-to-business (B2B), Business-to-government (B2G) and Government-to-consumers (G2C)
B2C is the …
regular business that companies do online with individual customers
B2B is …
business doing business with other businesses
B2G means …
the business that companies do with government agencies and departments to supply goods and services
G2C refers to …
the business that government does online with people, such as renewing licenses or applying for permits
E-Business refers to …
a wide range of business activities on the web from simple posting of product photos to B2B marketplaces
E-commerce refers to …
the websites that allow transactions so that customers can buy products online
generally, e-commerce is considered …
a subset of e-business
define “identity theft”
the act of obtaining personal information about a person (such as social insurance number and or credit card number) and using that information for illegal purposes such as making purchases
social media marketing includes which 6 platforms?
YouTube, Facebook, Twitter (X), Instagram, Blogging and microblogs and forums and Pinterest
the competitive environment includes … (4)
customer service, stakeholder recognition, employee service and concern for the environment
list the four competitive strategies
exceed customer expectations, deliver faster, restructuring and empowerment, concern for environment
social environment- we are particularly interested in …
the demographic trends that most affect businesses and career choices
define “demography”
the statistical study of the human population with regard to its size, density and other characteristics such as age, race, gender, and income
social environment includes …
diversity, demographic changes and family
(social environment) more people are living longer due to … (5)
better medical knowledge and tech, better health habits- proper nutrition, more exercise and a reduction in the number of smokers
components of competition (4)
entry into market/barriers, powers of buyers and suppliers, existing competitors and substitutes
(global environment) as businesses expand to serve global markets …
new jobs will be created in both manufacturing and service industries
global trade also means…
rapid changes create a need for …
global competition
continuous learning
(ecological environment) describe a positive outcome of the COVID-19 pandemic
carbon emissions were reduced by 7% as a major industrial and transportation activities were forced to slow down
