Chapter 1: Different Business Environments

Question 1

Micro environment: 9 business functions

Answer 1

1. General management
2. Risk management
3. Finance
4. Purchasing
5. Marketing
6. Public relations
7. Administration
8. Human Resources
9. Production

Question 2

Micro environment: 4 tools to analyse

Answer 2

1. Resource based analysis
2. Environmental scanning
3. SWOT analysis
4. Value chain analysis

Question 3

Market environment: porters 6 forces

Answer 3

1. Power of buyer
2. Power of supplier
3. Availability of complimentary products
4. Availability of substitute products
5. Level of rivalry
6. Threat of new entrants

Question 4

Macro environment: PESTLE

Answer 4

1. Political
2. Economical
3. Social
4. Technological
5. Legal
6. Environmental