micro environment Flashcards
define the meaning of micro environment
The micro environments of a business includes everything inside the business. All the internal affairs of the business are managed by the directors or the owners. The business has full control over its micro environments.
list the 9 components of the micro environment
vision, mission, statement, goals, objectives, organizational structure, management and leadership organizational culture organizational resource resources eats business functions.
what is a vision
Long-term goal of a business
mission statement
Describes what the business provides or producers and why the business exists it explains clearly the aims and the values of the business
goals
goals, long-term plans that the business wants to accomplish they serve as guidelines to help achieve what they sit out to do
objectives
Objectives describe how goals will be achieved. They are the short term steps that will guide the business owner on how to set their goals and how they can be accomplished.
organizational culture
Refers to how things are done in the business for example how the employees communicate among themselves, their dress code and the administration policy organizational culture also includes the value of beliefs, norms at standard that are shared among the employees and management
oraganizarional rescources
The resources of a business can be classified into four main groups, human resources, physical resources, financial resources, and tech, technological resources
management and leadership
The management of a business is the process whereby an individual or individuals guide and direct the organization to achieve its goals. Good managers are able to pluck plan properly organ lead, and control.
leadership
leadership is the ability of an individual to inspire influence or most of it. There are different leadership styles, such as democratic autocratic, laizzes faire transactional, and charismatic
organizational structure
shows the different departments in the organization and how they are organiz known as an organogram shows level of authority, responsibility, and the hierarchy
eight business functions
General management purchasing function, production function, marketing function, public relations human resources, function, administration function, financial function
general management
coordinates the other business functions to achieve the goals and objectives the general management function, plans, organs, leads, and controls resources in the business. They are manufacture orientated
purchasing function
Buys all the resources that the business needs in order to produce goods and services
production function
processing raw materials into finished or semifinished products it ensures that the business create quality products to meet the demands of the target market
marketing function
undertake market research to determine the real needs of the target market responsible for the advertising/promotion of goods and services
public relations
The public relations function is responsible for creating good public image ensures that there is proper communication between the business and its stakeholders
human resources function
responsible for attracting new employees it also manages all people in the business by providing education and training
administration function
Responsible for collecting processing and storing all the data and information required by the business has to be up-to-date with the latest technology
financial function
responsible for determining all the financial needs of the business ensures that the business funds are used effectively managers, all funds and financial assets of the business
purpose of organizational culture
Define the businesses, internal and external identity as well as its core values. It helps businesses to retain its employees and clients. It breaks down boundaries and between teams guides decision-making, and improves productivity.
explain the organizational rescorces
human resources – human resources are set of people who make up the workforce. Physical resources – tangible items that are used in the operation of business example raw materials. Financial resources – the capital that the business owns or has borrowed. Technological resources – or intangible resources, such as software licenses and patents that can improve an organization
importance of organizational structure
ensures smooth, efficient functioning of a business. Ensures work happens with precise coordination, and minimum wastage. Helps business work towards goals.
