influences in the business enviroment

Question 1

name the ten external influences

Answer 1

economic
financial
social
geographic
political
legal
institutuional
technological
competitive situation
markets

Question 2

economic influence

Answer 2

economic will influence how consumers will spend their money,impacting the business

Question 3

financial influence

Answer 3

refers to cost of borrowing and if people are saving

Question 4

institutional influence

Answer 4

the accc will determine how the markets will operate and punis if business mislead

Question 4

list the internal influences

Answer 4

products
location
resource
management

Question 5

who are the external stakeholders

Answer 5

govt
customers
competitors
society
environment

Question 6

who are the internal stakeholders

Answer 6

employees managers owners

Question 7

what are the four stages of the business life cyle

Answer 7

establishment,growth,maturity,
post maturity

Question 8

establishment phase

Answer 8

first enters market, owner decides how to setup, risky, cash flow shortage,

Question 9

growth phase

Answer 9

increasing sales, staff change with better management, increased profit, steady increase

Question 10

maturity phase

Answer 10

sales start to steady, increased competition, stop innovation

Question 11

post maturtity stage

Answer 11

Steady state: business maintains position.
Decline: business isn’t able to successfully cope with challenges. declines
Renewal: new marketing strategies or new products. Growth in sales.
Cessation: business closes down (voluntary or involuntary)