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Business Studies > Chapter 3: Influences in the business environment > Flashcards

Chapter 3: Influences in the business environment Flashcards

1
Q

Business environment

A
  1. The external environment
  2. The internal environment
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2
Q

What is the external environment

A

factors a business has little/no control
- government policies
- technology
- economic conditions
- social attitudes

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3
Q

What is the internal environment

A

factors a business can control
- Products
- Location
- Management
- Resources
- Business culture

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4
Q

What types of economic influences can influence a business?

A
  • boom periods
  • economic downturn
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5
Q

What is a boom period

A

people spend more money
higher employment rate

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6
Q

What is an economic downturn

A

people spend less
unemployment rate rises

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7
Q

What types of financial factors can influence a business

A

interest rates
lending policies
exchange rates

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8
Q

How do exchange rates influence businesses

A
  1. if $AUD appreciates - imports become cheaper, exports become more expensive (may hurt aus exporters)
  2. if $AUD decreases - imports become more expensive and exports become cheaper (exporters benefit)
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9
Q

What are the four geographic influences

A
  • location
  • population growth
  • demographic changes
  • weather and climate
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10
Q

How does the law influence businesses?

A

Businesses need to comply with current laws and make changes to ensure they are complying with changing laws since laws change often.

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11
Q

Political influences

A

policies, regulations, possible changes to Australia’s labour market laws

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12
Q

Example of institutions that can influence a business in australia

A

examples:
Australian Tax Office
SafeWork Australia

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12
Q

Technological influences

A

ability to produce innovative goods and services to make business processes more efficient.
- risk of glitches or breakdowns

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13
Q

What is business culture

A

They are a set of values expectations and beliefs shared by management and employees.

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14
Q

How can choice of product influence a business

A
  • the type of goods and services produced will affect the internal operations
  • size of business will be based on range and types of goods produces, the level of technology and volume of goods produced.
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15
Q

Factors to consider when choosing location

A

visibility
cost
proximity to suppliers
proximity to customers
proximity to support services

16
Q

What are the four main types of resources that can influence a business?

A

human resources
information resources
physical resources
financial resources

17
Q

Human resources

A

the employees

18
Q

what are information resources

A

Information resources are the knowledge and data required such as market research and legal advice

19
Q

What are the physical resources that can influence a business

A

equipment
buildings
raw materials

20
Q

What are the four main resources that influence a business

A

human
information
physical
financial

21
Q

What are the four essential elements of a business culture

A

values
symbols
rituals
heros

22
Q

Who are stakeholders

A

A stakeholder is either an individual, group or organisation that’s impacted by the outcome of a project or a business venture.

society/ general public
employees
shareholders
customers
environment
competitors

23
Q

Who are shareholders?

A

Shareholders purchase a share in a company and therefore are partial owners. If the business is successful shareholders receive a portion of the profits called dividends. They also make capital gain if the value of the organisation’s share appreciates.

24
Q

How can managers influence a business?

A

A manager’s leadership style can have a major influence on employees and their productivity –> effecting business culture and employee morale.

25
Q

How can employees influence a business?

A

Employees produce the products businesses sell. They influence businesses since the quality of the product depends on their skill and commitment to the process.

26
Q

How do customers influence a business?

A

A business needs to recognise and assess changes in consumer tastes so it can constantly satisfy the consumers’ needs and wants.

27
Q

How does society influence a business

A

They expect businesses to show concern for the environment.

28
Q

Do stakeholders influence a business?

A

YES

29
Q

How do shareholders have an influence on businesses

A

They have voting rights on major business decisions.

30
Q

How does the environment influence businesses

A

There is growing pressure for businesses to adopt ecologically sustainable operating practices.

Business Studies (7 decks)

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