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Business > Chapter 1: Business enviroments > Flashcards

Chapter 1: Business enviroments Flashcards

1
Q

What is the Public Sector?

A

Businesses that operate in the public sector are owned by the government & are created to provide goods,eg. infrastructure, & services to the people living in the community.

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2
Q

What is the private sector?

A

Businesses that are established by private entrepreneurs. The aim of these businesses is to satisfy needs and wants while making a profit.

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3
Q

What is the formal sector?

A

Businesses that pay tax and contribute to the GDP of a country.

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4
Q

What is the informal sector?

A

Businesses that don’t adhere to the legal requirements of paying tax and therefore aren’t included in the calculation of the GDP.

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5
Q

Economic Sectors
Primary sector?

A

consists of the extraction or harvesting of raw materials from the earth. Eg, farming,mining,etc.

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6
Q

Secondary Sector?

A

Materials extracted in the primary sector are turned into manufactured goods.

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7
Q

Tertiary Sector?

A

Is where goods and services are sold.

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8
Q

Quaternary Sector?

A

Comprises mainly of intellectual activities aimed at future growth and development. Eg, education and research.

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9
Q

Quinary Sector?

A

Refers to decision making at the highest levels of society. These decisions can affect every industry.

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10
Q

5 Characteristics of a successful business?

A
  1. Has strong leadership
  2. Focuses efforts to create a competitive advantage
  3. Satisfies the needs and wants of the target market
  4. Uses resources from the 4 factors of production
  5. Is a responsible, accountable and transparent corporate citizen.
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11
Q

4 Factors of production?

A

Raw materials, financial capital, human capital and entrepreneurship.

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12
Q

6 Important objectives of a business?

A
  1. Survival: Needs to innovate
  2. Profitability and growth
  3. Creating competitive advantage
  4. Employee development and relationships
  5. Technological Development
  6. Social responsibility
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13
Q

8 Business functions

A
  1. General management
  2. purchasing
  3. Production
  4. Marketing
  5. Financial function
  6. Administration
  7. HR
  8. Public relations
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14
Q
  1. General management?
A

Vision, mission, goals, strategy, planning, organizing, leading, control, communication, delegating.

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15
Q
  1. Purchasing?
A

Right
Quality
Price
Quantity
Place
Time
Supplier

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16
Q
  1. Production
A

Lowest cost for maximum output.

17
Q
  1. Marketing
A

-What’s in demand?
-How much are people willing to pay?
-Where is the product sold?
-What’s the best method of communication with target market?

18
Q
  1. Financial function
A

Fixed Capital:(Long term) used to buy fixed assets such as land, buildings, vehicles and equipment.

Working Capital:(Short term) used to buy trading inventory, pay creditors and pay business expenses.

19
Q
  1. Administration
A

Collects data and processes it into meaningful and accurate info.

20
Q
  1. HR
A

Responsible for overall manpower of the business.
Acts the business has to follow include, LRA. Basic conditions of employment act, bbeea, sda.

21
Q
  1. Public relations
A

Relationship with the public.

22
Q

Market environment
1.Suppliers
2. Consumers?

A

Buyer isn’t always the consumer.

23
Q
  1. Competitors?
A

Competitive advantage.

24
Q
  1. Strategic Alliances?
A

When 2 or more businesses join forces to take advantage of opportunities in the market.

25
Q
  1. Intermidiaries?
A

“Middlemen” who form the link between the business and it’s consumers.

26
Q
  1. NGOs
A

Non-profit businesses that help people in need and the environment etc.

27
Q
  1. Industry regulaters?
A

These groups provide guidelines to businesses on how to act and ensure the business operates with an ethical manner. Eg, Trade unions.

28
Q

Characteristics of the business environment
Complex?

A

Diff business environments are complex due to competitive and hostile factors in each environment.

29
Q

Multi-faceted?

A

The business has to consider how stakeholders will be affected by decisions.

30
Q

Dynamic?

A

The business needs to constantly remain flexible when dealing with anomalies in environments. Eg, Plan B.

Business (10 decks)

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