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Business Management > Unit 1 Chapter 3 > Flashcards

Unit 1 Chapter 3 Flashcards

External business environment and planning

1
Q

external environment

A
  • the surrounding factors that can impact a business
  • has minimal control over
  • need to consider both factors when planning and making decisions
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2
Q

external environment

A
  • the surrounding factors that can impact a business
  • has minimal control over
  • need to consider both factors when planning and making decisions
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3
Q

macro factors

A

social, legal, technological and economic conditions that a business operates in, no control

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4
Q

macro factors (6)

A

csr considerations, global considerations, technological considerations, legal and government regulations, societal attitudes and behaviours, economic conditions

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5
Q

operating factors

A
  • primary external factors
  • has some control over
  • involves external stakeholders
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6
Q

operating factors (4)

A

customer needs and expectations,
competitors’ behaviour, suppliers and the supply chain, special interest groups

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7
Q

legal and government regulations (5)

A

employment laws and regulations,
environmental legislation, industry regulations, council regulations, taxation requirements

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8
Q

societal values and beliefs (attitudes)

A

principles, standards and and assumptions upheld by people, which can influence how they make decisions

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9
Q

societal values and beliefs (4)

A

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

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10
Q

societal trends (behaviour)

A

a general development in the way a group of people in society are behaving
- can be identified by analysing data and looking for patterns

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11
Q

societal trends (3)

A

increased reliance on advanced technology, greater focus and action on achieving gender equality, increased purchasing of products related to health and wellbeing

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12
Q

economic conditions

A

the conditions that exist in relation to the productive performance and financial stability of a nation

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13
Q

economic condition factors (4)

A

interest rates, employment levels, tax rates, consumer confidence

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14
Q

employment levels

A

low unemployment rate > high employment levels > may struggle to find workers

high unemployment rate > low employment levels > easier to find workers

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15
Q

consumer confidence

A

a measure of consumers’ feelings and expectations about current and future economic conditions
high confidence = willing to spend

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16
Q

technological developments

A

The invention and innovation of tools that solve problems and enhance processes, can enhance a business

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17
Q

common technology inventions (3)

A

automated production lines, eftpos, online presence

18
Q

global considerations: part 1 (5)

A

overseas competitors, overseas markets, offshoring of labour, exchange rates, online sales

19
Q

global considerations: part 2 (3)

A

copyrights, trademarks, patenting

20
Q

copyrights

A

free and automatic protection used on original ideas e.g. writing art sound films photos

21
Q

trademarks

A

an exclusive right granted over a unique aspect of a business e.g. symbol or word to distinguish the business

22
Q

patent

A

A licensed that provides a business with exclusive rights to use innovative devices, substances, methods, and processes

23
Q

corporate social responsibility

A

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

environmental and social

24
Q

csr - environmental considerations (5)

A

environmentally sustainable resources, waste management strategies, planning product packaging, planning for energy sources, plan to donate to organisations that save the environment

25
Q

csr - social considerations (4)

A

source resources from local suppliers, adopt technology to replace human labour, produce products to benefit society, devote a portion of profit to volunteers

26
Q

customer needs

A

The essential requirements that customers intend to fulfil with purchases

27
Q

customer expectations

A

The values and beliefs that customers seek when purchasing from a business

expectations are not requirements

28
Q

types of customer needs and expectations (4)

A

customer convenience, high-quality goods and services, social responsibility, responsive customer service

29
Q

competitors

A

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

30
Q

types of competitor behaviour (4)

A

selling a similar product for a lower price, selling a highly unique product, entering an industry with businesses with a large share, the threat of new competitors

31
Q

competitors behaviour - must consider:

A
  1. local and overseas suppliers
  2. differentiation
  3. market research
  4. responding to changes in competitor behaviour
32
Q

suppliers

A

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

33
Q

supply chain

A

A network involving suppliers, manufacturers wholesalers retailers and customers

34
Q

sourcing considerations (5)

A

Time, shipping costs, social responsibility, access to resources, legal regulations

35
Q

retrieving considerations (4)

A

road transport, air transport, rail transport, Words because I did my homework that’s I think you should do general next year general general general and pre-method will automatically get pre-sea transport

36
Q

Special interest group

A

organisations or groups that seek to influence laws, policies or behaviours to benefit a specific cause

37
Q

special interest groups (3)

A

unions, business associations, environmental lobby groups

38
Q

union issues

A

remuneration provided, working conditions, treatment of employees

39
Q

business association issues

A

legal requirements, industry information and news, connecting with businesses

40
Q

environmental lobby group issues

A

sustainability of operations, compliance with legislation

Business Management (7 decks)

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