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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
Q

consumer confidence

A

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

26
Q

technological developments

A

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

27
Q

overseas competitors

A

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

28
Q

globalisation

A

is increased trade, communication, and travel between countries due to decreased trade barriers and increased technology

29
Q

differentiation

A

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

30
Q

overseas markets

A

are any markets that are outside of a business’s own country of operation

31
Q

offshoring of labour

A

involves a business moving its services or processes to another country

32
Q

exchange rate

A

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

33
Q

online sales

A

involve buying and selling goods and services using the internet and is also referred to as e-commerce

34
Q

copyright

A

is free and automatic protection used on original ideas such as writing, sound, art

35
Q

trademark

A

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
Q

patent

A

a license that provides a business with exclusive rights to use innovative devices, substances and processes

37
Q

corporate social responsibility (CSR)

A

the ethical conduct of a business beyond legal obligations, and the consideration of social, economic and environmental impacts when decision making

38
Q

customer needs

A

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

39
Q

customer expectations

A

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

40
Q

competitors

A

are businesses that operate in the same or similar good or service

41
Q

suppliers

A

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

42
Q

supply chain

A

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

43
Q

special interest groups

A

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

44
Q

union

A

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
Q

business associations

A

are organisations that advise and support businesses in a particular industry

46
Q

environmental lobby groups

A

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

47
Q

factors of a business that may be regulated by the council

A

location, operating hours, renovations and waste disposal

48
Q

types of societal values and beliefs

A

improving physical and mental health of employees, environmental sustainability, hygiene practices

49
Q

societal trends

A

increased reliance on technology, gender equality

50
Q

technological developments that impact business planning

A

automated production lines, eftpos, online presence

51
Q

3 advantages of technological developments

A

increase accuracy and precision of production process, production can run 24/7, can reduce the labour resources a business needs

52
Q

3 disadvantages of technological developments

A

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
Q

environmental considerations of CSR

A

waste management strategies, eliminate all non-environmentally friendly packaging, renewable energy

54
Q

social considerations of CSR

A

source from local suppliers, donating to charity

55
Q

customer convenience

A

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
Q

high quality goods or services

A

a business owner should consider working closely with suppliers and to inspect products before distribution

57
Q

types of customer needs and expectations

A

customer convenience, high quality good or service, social responsibility and responsive customer service

58
Q

social responsibility

A

a business owner should consider sourcing ethical materials and to reduce their waste and pollution contribution

59
Q

responsive customer service

A

owners may consider having a support team to answer customer queries through phone calls, websites and email.

60
Q

different types of competitor behaviours

A

selling their similar good for a lower price, selling a unique product, the threat of new competitors entering the market

61
Q

difference between local and overseas suppliers

A

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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