Sac 1 Revision - 5

Question 1

Competitors

Answer 1

Competitors are other businesses or individuals who offer rival, or competing goods or services to the ones offered by the business

Question 2

Competitive Advantage

Answer 2

Competitive advantage is the ability of a business to develop strategies that ensure is has an ‘edge’ over competitors.

Question 3

Customers

Answer 3

Customers are the people who purchase goods and services from the business, expecting high quality at competitive prices.

Question 4

Suppliers

Answer 4

Suppliers are businesses or individuals who supply materials and other resources to a business so that it can conduct its operations.

Question 5

Members of the community

Answer 5

Members of the community increasingly expect businesses to show concern for the environment.

Question 6

Corporates Social Responsibility

Answer 6

Corporate social responsibility is the obligations a business has over and above its legal responsibilities to the well being of employees and customers, shareholders and the community as well as the environment.

Question 7

Triple Bottom Line

Answer 7

The triple bottom line refers to the economic, social and environmental performance of a business.

Question 8

Relationship Between Management Styles and Skills

Answer 8

Management styles and skills are closely related. The type of management style that a manager selects will determine the range and degree of skills they use.