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Business Management > Outcome 2 > Flashcards

Outcome 2 Flashcards

1
Q

Define CSR (Corporate Social Responsibility)

A

Corporate Social Responsibility is the ability for a business to go above and beyond their legal obligations to consider the impact of their operations on their employees, the community and the environment.

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2
Q

Internal Environment

A

Allows the business to manage the working environment for its employees and managers. It also focuses on the location and legal business structure. E.g. Westpac has a safe working environment for its managers and employees.

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3
Q

Elements of Internal Environment

A

The business structure, which is the size of the business, the location and the employee satisfaction.

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4
Q

Operating Environment

A

Gives the business less control over factors such as customers, competitors, suppliers and special interest groups. E.g. Maccas has a large number of customers, competitors, suppliers and groups, but the customer base is changing.

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5
Q

Macro Environment

A

Changed which are not in control, affecting your business such as political influences, societal issues, economic conditions, technological issues, global issues and CSR issues. E.g. Retail companies were affected by covid which was not in their control, affect business sales by closing their doors

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6
Q

Global Issues

A

Viruses and natural disasters, political issues, laws in the government, societal issues, change in lifestyle in the community, economical issues, interest rates, wages and employees and technological issues, tools or systems breaking.

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7
Q

Anti Discrimination Regulations

A

To ensure every employee is safe and given equal pay

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8
Q

Work health and safety regulations

A

To make sure no employee gets injured or ill at work

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9
Q

Taxing Regulations

A

To pay the government so they can improve infrastructure, health and safety.

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10
Q

Trade practises and consumer protection

A

To ensure product safety to the customer, giving them a refund or replacement

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11
Q

Environmental Protection Legislation

A

Have little to no environmental damage

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12
Q

Laws relating to location

A

Which zoning can your company be located in, is it residential, commercial or industrial?

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13
Q

Values and beliefs

A

Values and beliefs refer to what a group or community of people eat, wear, behave and where and how they live. This can affect planning by people not buying your product because of their beliefs

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14
Q

Trends

A

Business should consider peoples attitudes changing, a trend is an aging population. The age is rising to make customers older over the years, it could provide opportunities or challenges for your business. You could do an elderly discount at your shop to gain a larger customer base.

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15
Q

Technological issues

A

Issues relating to the growing use of its tools, techniques or systems by businesses to solve problems or serve a purpose.

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16
Q

Benefits of technological development

A

Improved productivity, less problems, more organised, easier to keep track of employee wages.

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17
Q

Limitations or costs of new technology

A

Less mobile, might break, expensive and heavy

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18
Q

Domains

A

May need to maintain the robots, also getting robots for each store will be expensive.

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19
Q

Economic Conditions

A

The set of influences that relate to economic activity, including interest rates, wages, unemployment, exchange rates and inflation

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20
Q

Expansion

A

Increasing consumer spending, sales and profits rising, unemployment falling.

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21
Q

Contraction

A

Decreasing consumer spending, sales and profits decreasing, unemployment rising

22
Q

Peaks

A

Wages and salaries at highest levels, sales and profits at max, low level of unemployment

23
Q

Troughs

A

Wages and salaries at lowest levels, sales and profits at lowest, high levels of unemployment

24
Q

Interest Rates

A

The price changed or paid for the use of money. Used to calculate the proportion of a loan.

25
Q

How can interest rates affect planning?

A

Interest rates can affect business planning by infecting the loans the business has, it can change by the rate rising or falling.

26
Q

Tax Rates

A

Is the percentage of income or value of a good, service or asset paid as a tax

27
Q

Business and Consumer Confidence Levels

A

If the business owner thinks his consumer levels are high he can expand the business

28
Q

Environmental Considerations

A 
No negative or serious impacts on the environment
Renewable Energy
Sustainable ingredients
Waste Reduction
Environmentally friendly supplier
29
Q

Production of good and services in a way that benefits society

A

A safe workplace
Staff Health
Resources from suppliers that are safe

30
Q

Operating Environment

A

A business operating environment, sometimes called the tasle environment, is made up of stakeholders, external to the business which have a direct impact on the operation of the business. The business has less control over these factors than internal environment factors.

31
Q

Customer needs and expectations

A

Customers are the people who purchase goods and services from the business, expecting hight quality at a competitive price

32
Q

Customers Pt2

A

Businesses must respond to the needs of customers, making sure that the right product is delivered at the right time. High levels of customer service result in improved customer satisfaction and greater potential for maximum profit

33
Q

Customer Expectations

A 
Quality of product
Size of product
Quality service
Healthier food options
Clean, safe and green
34
Q

Competitiors

A

Other businesses or individuals who process and sell rival or competing goods or services to the ones offered by the business

35
Q

Competitive Advantage

A

The ability of a business to develop strategies that ensure it has an edge over its competitors. Customers will utilize the business that they believe has the competitive advantage over others.

36
Q

Suppliers

A

Those businesses or individuals that supply the materials and other resources that the business needs to conduct its operations.

37
Q

Supply Chain

A

The range of suppliers from which the business purchases materials and resources,

38
Q

Factors affecting the supply chain

A

Transport, price

39
Q

Special interest groups

A

The groups of people who attempt to directly influence or persuade a business to adopt particular policies or procedures, including lobby groups, business associations and unions.

40
Q

Specific Issue Groups

A

These are formed to focus on one specific area.

41
Q

Specific Issue Groups Interests

A

Youth Unemployment, Civil Liberties, Anti-Globalisation, Environmental Protection.

42
Q

Specific Issue Groups Effect on Business Planning

A

Can affect your business by undertaking environmental impact studies and rehabilitation works

43
Q

Business Associations

A

Organisations that support businesses

44
Q

Business Associations Interest

A

Provide training, education programs, advice and information

45
Q

Business Associations Effect on Business Planning

A

Can improve workers productivity, educate employees can give you advice and give new technology

46
Q

Unions

A

Organisations formed by employees in an industry, trade or occupation to represent them in efforts to improve wages and working conditions

47
Q

Unions Interests

A

To improve employees wages and working conditions

48
Q

Unions Effect on Business Planning

A

Can affect business planning by having to pay your employees more or give them better-working conditions

49
Q

Consumer Groups

A

A lobby group that monitor a business’s performance in terms of its product safety, packaging, pricing and advertising.

50
Q

Consumer Groups Interests

A

To check and monitor businesses products and services

51
Q

Consumer Groups Effect on Business Planning

A

Can get fined if the products are unsafe, may get you to remove products for safety.

52
Q

External Environment

A

The external environment includes those factors over which the business has little control, such as economic conditions, government policies, competitors and technology. It may be further divided into the operating environment and the macro environment.

Business Management (3 decks)

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