influences in the business environment

Question 1

what is business environment?

Answer 1

the surroundings conditions in which the business operates and can be divided into two broad categories

Question 2

external environment

Answer 2

includes those factors over which the business has little control, such as government policy, technology, economics conditions and social attitudes

Question 3

internal environment

Answer 3

includes those factors over which the business has some degree of control, such as products, location, resources, management and business culture

Question 4

what are some external economic influences?

Answer 4

inflation, wage rates, consumer spending

Question 5

what are some external legal influences?

Answer 5

taxation, work health and safety, consumer law, copyright laws

Question 6

what are some external market influences?

Answer 6

financial, labour (demand and supply for labour), consumer market

Question 7

what are some external tech influences?

Answer 7

can increase efficiency and productivity and create new products whilst improving the quality and range of products and services due to technological influences, even basic tasks like note-taking are more innovative with advances in technology

Question 8

competitive situation

Answer 8

competition in businesses in when two or more companies compete for the same thing – end goal being profit

Question 9

what are some internal location influences?

Answer 9

cost of location, visibility, proximity to customers, proximity to suppliers

Question 10

what is business culture?

Answer 10

refers to the values, ideas, expectations and beliefs share by members of the organisation

Question 11

what are the 6 types of stake holders?

Answer 11

managers, shareholders, employees, customers, society, environment