Micro Environment Flashcards
Vision
What a business wants to achieve in the future, dream of the business.
Mission statement
Describes the purpose, goals and basic activities of the business. Explains why the business exists and how is aims to achieve vision.
What are goals?
Goals are long- term aims that the business wants to achieve. Give a sense of direction.
2 types of goals
Primary goal : max profit
Secondary goal : customer satisfaction, grow, etc.
Objectives
Explain how the goals will be reached.
Short- term tasks
Specific steps
Organizational culture
‘Personality’ of the business.
Made up of different beliefs, values, norms and expectations.
Influences peoples actions
Organizational resources
Resources are all the assets that business uses to produce goods or services to achieve its goals.
Controlled by management
4 groups Physical resources Financial resources Human resources Information and technical resources
Physical resources
Natural resources Machinery Vehicles Buildings Infrastructure
Financial resources
Loans
Own capital
Human resources
Employees
Contractors
Information and technical resources
Technology
Research
Four main tasks of a manager..
Planning
Organizing
Leading
Control
Business organizational structure
Business must be organized in a basic structure to show each persons’s tasks and level of authority and responsibility.
Chart or organogram
Eight business functions
- General management
- Administration
- Financing
- Purchasing
- Public relations
- Production
- Marketing
- Human resources
