Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

11BS Glossary > Influences in the business environment > Flashcards

Influences in the business environment Flashcards

1
Q

Business ( corporate ) culture

A

The values, ideas, expectations and beliefs shared by members of the organisation.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

business environment

A

refers to the surrounding conditions in which the business operates. It can be divided into two broad categories: external and internal.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Complementary business

A

One that sells a similar range of goods and services.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

deregulation

A

the removal of government regulation from industry, with the aim of increasing efficiency and improving competition.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Ecologically sustainable

A

When economic growth meets the needs of the present population without endangering the ability of future generations to meet their needs.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

economic cycles

A

(or business cycles) the periods of growth (‘boom’) and recession (‘bust’) that occur as a result of fluctuations in the general level of economic activity.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

External environment

A

Includes those factors over which the business has very little control.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

financial resources

A

the funds the business uses to meet its obligations to various creditors.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Globalisation

A

The process that sees people, goods, money and ideas moving around the world faster and more cheaply than before.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

human resources

A

the employees of the business; generally its most important asset.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Information resources

A

The knowledge and data required by the business, such as market research, sales reports, economic forecasts, technical material and legal advice.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

internal environment

A

includes those factors over which the business has some degree of control.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Market concentration

A

Refers to the number of competitors in a particular market. There are four main types of market concentration.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

monopolistic competition

A

where there is a large number of buyers and sellers in a particular market (e.g. local retailing shops)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Monopoly

A

Complete concentration by one business in the industry.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

oligopoly

A

where a small number of larger firms have a greater control over a market (e.g. car manufacturers)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Perfect competition

A

Where there is a large number of small firms that sell similar products. They are unable to differentiate products from each other and so can only use price as a way of achieving market share.

18
Q

physical resources

A

the equipment, machinery, buildings and raw materials used by the business.

19
Q

Regulations

A

Rules, laws or orders that businesses must follow.

20
Q

stakeholder

A

any group or individual who has an interest in, or is affected by, the activities of a business.

21
Q

Support services

A

The activities needed to assist the core operations or prime function of a business.

22
Q

sustainable competitive advantage

A

refers to the ability of a business to develop strategies that will ensure it has an ‘edge’ over its competitors for a long period of time.

23
Q

What are the external influences on a business?

A

Economic, financial, geographic, social, legal, political, institutional, technological, competitive situation, markets.

24
Q

The external environment includes…

A

Those factors over which the business has very little control.

25
Q

The internal environment includes…

A

Those factors over which the business has some degree of control.

26
Q

What do ECONOMIC influences on a business relate to? ( external influence )

A

The economic environment, which is dependent on changes in economic growth. These are characterised by boom and recession periods in the economic cycle.

27
Q

What do MARKET influences on a business relate to? ( external influence )

A

Global and domestic financial markets which influence the cost of borrowing money and therefore directly affect the level of investment by a business.

28
Q

What are the 3 major GEOGRAPHICAL factors that affect business activity? ( external influence )

A
  1. Australia’s geographical location within the Asia - Pacific region. 2. Changing demographic factors. 3. The process of globalisation.
28
Q

What do SOCIAL influences on a business relate to? ( external influence )

A

Changes in fashion and consumer culture, which in turn affect business sales and profits.

29
Q

What are 3 social issues that have has a significant impact on business practices? ( external influence )

A
  1. growing awareness of the environment. 2. Growing desire for family-friendly workplaces. 3. Growing belief that workplaces must cater for workplace diversity.
30
Q

What do LEGAL influences on a business relate to? ( external influence )

A

The regulations within which a business must operate.

31
Q

What do POLITICAL influences on a business relate to? ( external influence )

A

State and federal government polices, including free trade policies and the process of deregulation.

32
Q

What do INSTITUTIONAL influences on a business relate to? ( external influence )

A

Include government, regulatory bodies and other groups such as trade unions and employer associations.

33
Q

What do TECHNOLOGICAL influences on a business relate to? ( external influence )

A

New technological advancements and how technology can be used within a business to increase business productivity and communication.

34
Q

What do COMPETITIVE SITUATION influences on a business relate to? ( external influence )

A

Local and foreign competition, marketing strategies, and gaining sustainable competitive advantage.

35
Q

What do the internal influences on a business include?

A

Product, location, resources, management and business culture.

36
Q

What do PRODUCT influences on a business relate to? ( internal influence )

A

The good or service that a business is offering. Branding, packaging, logos, etc.

37
Q

What do RESOURCE influences on a business relate to? ( internal influence )

A

Human Resources, information resources, physical resources and financial resources.

37
Q

What do LOCATION influences on a business relate to? ( internal influence )

A

The visibility, cost, proximity to suppliers and customers is all relating to the location of the business and will impact sales and profits.

38
Q

What do MANAGEMENT AND BUSINESS CULTURE influences on a business relate to? ( internal influence )

A

Unwritten or informal rules that guide how people in the organisation behave.

39
Q

What are the 4 essential elements of a business culture?

A

Values, symbols, rituals, and heroes.

11BS Glossary (13 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions