Micro environment Flashcards
Business functions
Various departments in the business which require specific knowledge
Goals
Long term plans of what the business what to achieve
Leadership
The way an individual influences others behaviour
Management
The way in which a business is managed Entails planning, leading, organising and controlling
Micro-economics
Everything happening inside the business
All internal factors
Business has full control
Misson statement
What the business provides or produces
Objective
How will the businesses goals will be achieved
Vision
Dream of the business
Internal enviroment
Environment which business operates
Decision making environment
Components of micro environment
Vision
Mission statement
Goals
Objectives
Leadership and management
Organisational resources
Eight businesses functions
Organisational culture and structure
Explanation of vision
What the business aims to achieve
Answer to the question where are we going from here
Explanation of mission statement
Purpose and basic activities of the business
What it does to achieve vision
Explanation Goal
Long term objectives
Sense of direction
Explanation of Objectives
Short term tasks
Deadline for achievement
organizational culture
How things are done in the business
Employee communicate
Dress code
Administration policy
Values
Beliefs
Standards that are shared
Purpose of organisational culture
Identify Internal and external factors
Power to turn employees to ambassadors
Retrain employees and clients
Breakdown boundaries between teams
Organizational resources
Assets businesses use to provide goods and services
Types of organizational resources
Human resources
Physical resources
Natural resources
Financial capital
Enterpreneurial resources
Human resources
People with knowledge and skills
Contribute to achieving goals of the business
Natural resources
Assets from nature used to offer goods and services
Physical resources
Raw materials used to operate the business
Financial resources
Money invested to aquire production goods
Technological resources
Computers, emails, voicemail, production tools that give businesses an advantage over competitors
Entrepreneurial resources
Responsible for combining factors of production to generate income
Leardship values
Influence, inspires and motivate subordinates
Management values
Plan, leads, organize and controls
organizational structure
Shows how different departments in a company. It’s also called organogram
Purpose of organizational structure
Makes business run smoothly and efficiently
Helps businesses reach its goals
Factors that influence organizational structure
Size of organization
Strategy
Technology
Resources
Functional organizational structure
Employees report to multiple managers
Businesses tasks determine who gives values
Project organizational structure
Focused on projects
Employees are grouped in temporary project teams
Matrix organizational structure
Employees work on projects in their original departments
Projects are handed out to different teams
Business functions
General management
Production function
Public relations function
Purchasing function
Market function
Human resource function
Administration function
Financial function
General management
Co ordinates all the other functions
Purchasing function
Responsible for buy resources
Production function
Responsible for turning raw materials into finished goods
Public relation function
Responsible for creating company image
Human resource function
Responsible for attracting new employees
Market function
Responsible for advertising and promoting goods and services
Administration function
Collecting, processing and storing data and information
