Ch1 Flashcards
Technological environment
The amount of technology available to help out you and your business
E-commerce
Buying and selling of goods on the Internet
Competitive environment
Your ability to compete in the current market through empowerment or restructuring
Empowerment
Giving frontline worker more training and authority so that they have the capability to help customers achieve what they want.
Global environment
Globalization has made every business interconnected the environment could be affected by other countries economies or war or terrorism or the overall climate change
Greening
Trend towards saving energy
The social environment
The demographic state of the area you are trying to start a business in
What are the 5 actors of production?
Land Labor Capital Entrepreneurship Knowledge
The economic and legal environment
Based on government regulations on free trade, tax rates, and allowing private ownership
