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Prelim Business Studies > Internal and External Influences > Flashcards

Internal and External Influences Flashcards

1
Q

What is the difference between the internal and external influences on a business?

A

Internal can be controlled.

External can’t be controlled.

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2
Q

Identify 5 internal influences on a business.

A

Products, location, resources, management and business culture.

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3
Q

Identify 6 external influences on a business.

A

Competition, the economy, financial, geographic, institutional, technology, social, legal, political, markets.

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4
Q

How can controlling products influence a business?

A

Products must suit a target market that exists within an area they will be attracted from. The larger this market is, the higher sales will be.

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5
Q

Identify four things the location of a business influences.

A

Proximity to suppliers, support services, customers and maintenance.

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6
Q

Describe zoning.

A

Zoning restricts the use of locations for only residential, commercial, industrial or agricultural use.

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7
Q

Identify the three types of resources, and give an example of each.

A

Human resources - Staff
Physical resources - Materials
Financial resources - Money

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8
Q

Identify 7 properties of a Classical Scientific management structure.

A 
Hierarchical
Top down information flow
Autocratic leadership
Narrow span of control
Close supervision
Role specialisation
Centralised authority
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9
Q

Identify 7 properties of a Behavioural management structure.

A 
Delayering
Two way information flow
Democratic leadership
Wide span of control
Less supervision
Multi skilled roles
Decentralised authority
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10
Q

Identify 4 strengths and weaknesses of a Classical Scientific management structure.

A

Good for mass production
Consistent production
Regulation
Unadaptive

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11
Q

Identify 4 strengths and weaknesses of a Behavioural management structure.

A

Good for big projects
Inconsistent production
Innovative
Flexible

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12
Q

Define business culture.

A

The values, codes of conduct and ethics of a business.

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13
Q

What are two gauges of good business culture?

A

Average number of sick days

Productivity

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14
Q

What is CSR?

A

Corporate Social Responsibility refers to the responsibility of businesses to self-regulate the ethics of their practices.

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15
Q

What is a Code of Conduct?

A

A statement of ethical rules that a business enforces within their business.

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16
Q

Identify 6 things that business culture can affect.

A 
Staff turnover
Quality of production
Customer service
Customer satisfaction
Public relations
Community support
17
Q

What are the typical effects of boom and bust cycles on businesses?

A

Booms are generally positive

Busts are generally negative

18
Q

Identify two advantages and two disadvantages of a boom cycle.

A

Advantages - Unemployment down consumption up

Disadvantages - Interest rates up, wages up

19
Q

Identify two advantages and two disadvantages of a bust cycle.

A

Advantages - Interest rates down, wages down

Disadvantages - Unemployment up, consumption down

20
Q

What does it mean when we say that financial systems have now become more deregulated?

A

It is easier to borrow money.

21
Q

State three aspects of Australia’s location that has an impact on Australian businesses.

A

It is far away from traditional markets such as the USA and Europe.
It is close to India and China, which are large markets.
It also makes outsourcing easy and cheap.

22
Q

State three influences that globalisation has had on businesses.

A

There is a trend towards monoculturalism, affecting consumers.
Trade barriers are decreasing.
Made outsourcing easier.

23
Q

What is the aim of Trade Unions?

A

To represent workers’ rights.

24
Q

What does ASIC stand for, and what is its role?

A

The Australian Securities and Investment Commission is a federal body that ensures the ASX and public companies follow all legal requirements and also provides consumers with protection.

25
Q

State three influences that technology has had on businesses.

A

Assisted the ability to outsource.
Assisted logistics (stock, shipping, storage) management.
Increased consumer activity online.

26
Q

Describe three social issues that have influenced businesses.

A

The environment has influenced green bags, free range eggs and environmental standards.
The work/life balance has influenced paid maternity leave, on site child care, flexible hours and job sharing.
Factory closure causes crime, drug abuse violence and homelessness, as blue-collar workers often lack skills for other jobs.

27
Q

What are compliance costs?

A

The cost of meeting regulations.

28
Q

State four ways that Australian businesses are regulated.

A

Workplace Health and Safety (WHS)
WorkCover
Award Rates
Refund/Warranty Policies

29
Q

What is the main influence Australia’s high compliance costs have on businesses?

A

It makes Australian businesses less competitive.

30
Q

Identify two taxes that can add costs to goods production.

A

GST and the Carbon Tax.

31
Q

List three things that environmental regulation can restrict.

A

Carbon emissions, pollution and waste disposal.

32
Q

How does the labour market affect wages?

A

The less candidates for a job, the higher the wages.

33
Q

What influence has the internet had on the market?

A

Consumers are now global. Electronic businesses can now reach a global market.

34
Q

Identify four things that the financial market includes.

A

Interest rates
Exchange rates
Investment
The ability to borrow

35
Q

What is ‘market concentration’?

A

The number of competitors in a market.

36
Q

Describe the four types of market concentration.

A

Monopoly - Dominated by one business
Oligopoly - Dominated by few businesses
Monopolistic Competition - Many businesses use differentiation
Perfect Competition - Only differentiation is price
.

37
Q

List three internal and four external stakeholders.

A

Internal
Employees, Managers, Owners

External
Consumers, Customers, Government, Society

Prelim Business Studies (5 decks)

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