unit 1 aos 3 external environment Flashcards

1
Q

the external enviroment

A

The external environment involves the surrounding factors that can impact
a business, which it has minimal control over.

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2
Q

macro factors

A

are social, legal, technological, global, and economic conditions that a business operates in and has no control over.

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3
Q

operating factors

A

are the primary external factors impacting a business that it has some control over.

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4
Q

legal and governement regulations

A

are the laws and rules made by parliaments and governments, as well as decisions made by the courts.

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5
Q

Employment laws and regulations

A

are rules that govern the relationship between employers and employees.

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6
Q

Environmental legislation

A

is the set of laws that aim to preserve the environment.

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7
Q

Industry regulations

A

are rules that are specific to businesses within a certain industry.

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8
Q

Council regulations

A

are local government rules made to govern businesses operating in a specific geographic area.

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9
Q

Taxation requirements

A

are laws and rules related to tax that apply to all businesses.

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10
Q

Societal attitudes

A

are the collective values, beliefs, and opinions held by a group of people.

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11
Q

Societal behaviour

A

is the way people act and respond in various situations

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12
Q

Values and beliefs

A

are the principles, standards, and assumptions upheld by individuals or a group of people, which influence how they make decisions.

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13
Q

Economic conditions

A

are the conditions that exist in relation to the productive performance and financial stability of a nation or other geographical area.

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14
Q

interest rates

A

An interest rate is the price paid for money
that has been borrowed, expressed as a percentage

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15
Q

tax rates

A

A tax rate is the percentage of income
or spending that is required to be paid to the government by individuals or businesses.

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16
Q

business confidence

A
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17
Q

consumer confidence

A

is a measure of consumers’ feelings and expectations about current and future economic conditions.

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18
Q

Technological developments

A

are the invention and innovation
of tools that solve problems and enhance processes.

19
Q

Productivity

A

is the number of goods or services that are produced compared to the number of resources used in the production process.

20
Q

Effectiveness

A

is the extent to which a business achieves its stated objectives.

21
Q

Automated production lines

A

are machinery and equipment that are arranged in a sequence, and the product is developed as it proceeds through each step.

22
Q

Overseas competitors

A

are businesses that are located in other countries that operate in the same industry and offer a similar good or service.

23
Q

Globalisation

A

is the process by which governments, businesses, and people across the globe are becoming more interconnected, allowing for increased international trade and cultural exchange.

24
Q

Differentiation

A

involves a business distinguishing its goods and services from competitors that are selling similar items in the market.

25
Q

A free trade agreement

A

is an international contract that reduces or eliminates trade barriers between two or more countries.

26
Q

Offshoring of labour

A

involves a business moving its services or processes
to another country.

27
Q

An exchange rate

A

is the relative price at which
the currency of one country can be exchanged for the currency of another country.

28
Q

CSR

A

refers to a business’s ability to go above and beyond legal obligations about social, economic, and environmental considerations.

29
Q

customer needs

A

are the essential requirements that customers intend to fulfil with the purchase of a good or service from a business.

30
Q

Customer expectations

A

are the values or benefits that customers seek when purchasing a good or service from a business.

31
Q

Competitors

A

Competitors are businesses that operate
in the same or similar industry and offer a similar good or service.

32
Q

stakeholder

A

In business, a stakeholder is any individual, group, or party that has an interest in an organization and the outcomes of its actions.

33
Q

Customer retention definition

A

a company’s ability to turn customers into repeat buyers and prevent them from switching to a competitor.

34
Q

suppliers

A

are individuals or businesses that provide the resources required to produce goods and services.

35
Q

A supply chain

A

is the network of individuals
or businesses that are involved in producing and distributing a good or service to customers.

36
Q

Inputs

A

Inputs are the resources used by a business to produce goods
and services.

37
Q

Outputs

A

Outputs are the final goods or services produced as a result of
a business’s operations system, that are delivered or provided to customers.

38
Q

A wholesaler

A

is a business that sells products in large quantities and at lower prices than retailers.

39
Q

A retailer

A

A retailer is a business that sells products directly to customers.

40
Q

Special interest

A

Special interest groups
are organisations or a group of people that seek to influence laws, policies, or behaviours to benefit
a specific cause.

41
Q

Unions

A

Unions are organisations composed of individuals who represent and speak on behalf of employees
in a particular industry to protect and improve their wages and working conditions.

42
Q

An employee strike

A

An employee strike is a mass refusal by employees to work under particular wages or conditions.

43
Q

Business associations

A

Business associations are organisations that advise and support businesses in a particular industry.

44
Q

Environmental lobby groups

A

Environmental lobby groups are organisations that advocate for
the protection of the environment and
promote environmental issues to businesses, the government, and the public.