Understanding Business

Question 1

what are internal factors

Answer 1

Finance
Employees
Managers
Technology

Question 2

Finance

Answer 2

The amount of money that a business has available will effect how able the business is to meet its objectives

Question 3

Employees

Answer 3

The skill, ability and the number of staff that a business has may restrict what the business hopes to achieve.

Question 4

Managers

Answer 4

If the management team of a business is strong and capable, this team should make good decisions which will lead to the business being successful.

Question 5

Technology

Answer 5

If the technology within the business is up to date and well maintained this will allow for goods and services to be produced more efficiently and cost-effectively.

Question 6

Stakeholders

Answer 6

Stakeholders are people or a group of people who have an interest in a business and how it is run.

They don’t always have to work within the business to be a stakeholder

Internal – stakeholders who are actually within the business i.e. staff.

External – stakeholders who are not within the business e.g. customers, suppliers.