The operational environment Flashcards
How can political factors impact the success of an enterprise?
Government support and inflation can influence access to financing for new ventures.
What social factors can affect an enterprise’s success?
Changing attitudes to saving, spending, and social responsibility, along with demographic trends and shifts in consumer preferences.
How does technology influence enterprises?
Technology impacts businesses through automation, improved communications, internet marketing, and the use of social media.
What environmental factors might impact an enterprise’s success?
Carbon emissions, waste, recycling, pollution, and adherence to corporate social responsibility (CSR) standards.
How can legal issues affect enterprises?
New laws and regulations can impose changes in how businesses operate and make decisions.
What are the components of the SWOT analysis technique?
SWOT stands for strengths, weaknesses, opportunities, and threats.
How do physical and human resources impact businesses?
Availability and costs of premises, machinery, and staff influence operations and expenses.
What does PESTEL stand for in decision-making techniques?
It represents Political, Economic, Social, Technological, Environmental, and Legal factors.
What is the impact of social responsibility requirements on enterprises?
Enterprises must align with social values and expectations regarding ethical practices.
How does the operational environment affect financing for new ventures?
Political and economic factors can impact the availability of financing sources for startups.
