Influences On A Business

Question 1

What does technology bring to a business?

Answer 1

Increase in speed and efficiency,remote working

Question 2

Examples of how technology impacts a business

Answer 2

Manufactureing(automation),business communication(dont need to be in the same office),less workers in the office= rent smaller office.

Question 3

What are Ethics?

Answer 3

Ethics in business can be defined as; moral principles (for example, knowing right from wrong) that govern business behaviour or the conducting of an activity

Question 4

What is ethical behaviour?

Answer 4

• Most businesses operate to meet the needs of
the owners or shareholders
• Ethical businesses operate to meet the wider
needs of their stakeholders, and try to act in a
way that is honest and fair
• For example; Fairtrade organisations try and
meet the needs of their employees and
suppliers

Question 5

Ways a business could become more ethical include:

Answer 5

Paying workers higher wages, Improved working conditions,Reducing pollution,Buying Fairtrade supplies/agreeing to pay more to suppliers,Donations to the community,Reducing packaging

Question 6

What is a benifit of being more ethical as a business?

Answer 6

A business may get increased sales from their reputation of ethical trading (e.g. Body Shop) this
may mean higher sales revenue and that may mean higher profits

Question 7

A Drawback of being an ethical business

Answer 7

Moving production into some countries where child labour and poor health and safety are
the norm may be very expensive for the business to put right – UK consumers will no
longer tolerate these practices in the supply chain (e.g. Primark)

Question 8

What is a trade off?

Answer 8

A trade-off is a compromise between one thing and another.There has to be a trade-off or compromise between making a profit and being ethical so everyone is happy