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business management 1/2 > unit 1 aos3 > Flashcards

unit 1 aos3 Flashcards

1
Q

business planning

A

is the process of establishing a business’s goals and developing strategies to achieve them

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2
Q

external environment

A

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

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3
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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4
Q

operating factors

A

are the primary external factors impacting a business that it has some control over. involve the external stakeholders. can include customer needs, competitor’s behaviour & suppliers

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5
Q

stakeholders

A

are individuals, groups or organisations who have a vested interest in the performance and activites of a business

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6
Q

legal and government regulations

A

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

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7
Q

employment laws and regulations

A

are the rules that govern the relationship between employers and employees. includes working conditions, unfair dismissal and disputes.

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8
Q

working conditions

A

the terms that an employee and employer agree to, including job responsibilities, hours of work and leave entitlements.

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9
Q

unfair dismissal

A

involves an employee being dismissed for an invalid or unjust reason

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10
Q

dispute

A

a conflict between workplace participants as a result of a disagreement

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11
Q

environmental legislation

A

is the set of laws that aim to preserve the environment. relates to minimising energy, waste & water use.

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12
Q

industry regulations

A

are rules that are specific to a business within a certain industry. includes, permits, licenses and working with children’s checks.

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13
Q

council regulations

A

are local government rules made to govern businesses operating in a specific geographic area. includes location of a business, operating hours, renovations and waste disposal

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14
Q

taxation requirements

A

are laws and rules related to tax that apply to all businesses. includes gst, personal income tax, company tax

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15
Q

societal attitudes

A

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

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16
Q

societal behaviour

A

is the way people act and respond in various situations

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17
Q

values and beliefs

A

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

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18
Q

trend

A

a general development in the way a group of people in society are behaving

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19
Q

target market

A

a specific group of consumers that a business aims its marketing efforts towards

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20
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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21
Q

interest rate

A

the price paid for money that has been borrowed, expressed as a percentage

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22
Q

employment level

A

the percentage of the labour force who are working in paid employment

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23
Q

unemployment rate

A

the percentage of the labour force who are unemployed

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24
Q

tax rate

A

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

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25
consumer confidence
a measure of consumers' feelings and expectations about current and future economic conditions
26
technological developments
the invention and innovation of tools that solve problems and enhance processes
27
overseas competitors
businesses that are located in other countries that operate in the same industry and offer a similar good or service
28
globalisation
is increased trade, communication, and travel between countries due to decreased trade barriers and increased technology
29
differentiation
involves a busines distinguishing its goods and services from competitors that are selling similar items in the market
30
overseas markets
are any markets that are outside of a business's own country of operation
31
offshoring of labour
involves a business moving its services or processes to another country
32
exchange rate
the relative price at which the currency of one country can be exchanged for the currency if another country
33
online sales
involve buying and selling goods and services using the internet and is also referred to as e-commerce
34
copyright
is free and automatic protection used on original ideas such as writing, sound, art
35
trademark
an exclusive right granted over a unique aspect of a business such as a symbol, word or sound used to distinguish the business or its products
36
patent
a license that provides a business with exclusive rights to use innovative devices, substances and processes
37
corporate social responsibility (CSR)
the ethical conduct of a business beyond legal obligations, and the consideration of social, economic and environmental impacts when decision making
38
customer needs
the essential requirements that customers intend to fulfil with the purchase of a good or service from a business
39
customer expectations
are the values or benefits that customers seek when purchasing a good or service
40
competitors
are businesses that operate in the same or similar good or service
41
suppliers
individuals or businesses that provide the resources required to produce goods and services
42
supply chain
the network of individuals or businesses that are involved in producing and distributing a good or service to customers
43
special interest groups
organisations or a group of people that seek to influence laws, policies or behaviours to benefit a specific cause.
44
union
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
45
business associations
are organisations that advise and support businesses in a particular industry
46
environmental lobby groups
organisations that advocate for the protection of the environment and promote environmental issues to businesses, the government and the public.
47
factors of a business that may be regulated by the council
location, operating hours, renovations and waste disposal
48
types of societal values and beliefs
improving physical and mental health of employees, environmental sustainability, hygiene practices
49
societal trends
increased reliance on technology, gender equality
50
technological developments that impact business planning
automated production lines, eftpos, online presence
51
3 advantages of technological developments
increase accuracy and precision of production process, production can run 24/7, can reduce the labour resources a business needs
52
3 disadvantages of technological developments
employees may lose their jobs, tech setup usually has high setup and maintenance costs, if tech breaks down it can halt production all together
53
environmental considerations of CSR
waste management strategies, eliminate all non-environmentally friendly packaging, renewable energy
54
social considerations of CSR
source from local suppliers, donating to charity
55
customer convenience
customers can expect an expect an experience that will save them time and effort. business owners could consider offering options such as click and collect or delivery
56
high quality goods or services
a business owner should consider working closely with suppliers and to inspect products before distribution
57
types of customer needs and expectations
customer convenience, high quality good or service, social responsibility and responsive customer service
58
social responsibility
a business owner should consider sourcing ethical materials and to reduce their waste and pollution contribution
59
responsive customer service
owners may consider having a support team to answer customer queries through phone calls, websites and email.
60
different types of competitor behaviours
selling their similar good for a lower price, selling a unique product, the threat of new competitors entering the market
61
difference between local and overseas suppliers
local suppliers typically are more cost and time effective, however overseas suppliers may have the necessary resources to meet business requirements.

business management 1/2 (6 decks)

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