Unit 1 - Internal And External Factors INCOMPLETE

Question 1

What are the internal factors?

Remember: HFT

Answer 1

Human Resources > Managers & Staff

Finance

Technology

Question 2

What is corporate culture?

Answer 2

Corporate culture is normally defined as ‘The way things are done around here’. This means the way in which the attitudes, beliefs, values and norms of the firm are visible and evident and shared by all employees in the organisation.

Question 3

What are examples of corporate culture?

Answer 3

staff uniforms, the corporate logo and colour scheme, the mission statement, company policies, incentives and rewards for staff, training and development of staff, team building for employees.

Question 4

What are benefits of corporate culture on staff?

Answer 4

Provide customer service = customer return, industrial action = lose sales, unable to recruit staff, training, poor decision making, poor quality/standard of work.

Question 5

What are benefits of corporate culture on management?

Answer 5

Good decisions = positive influence, motivate staff to work hard, lack of staff and training = staff moral decreases, poor decisions = poor business performance.

Question 6

What are benefits of corporate culture on finance?

Answer 6

Cutting cost = can’t afford tech/raw materials/ bills, objective growth cannot be achieved, obtain finance = expensive.

Question 7

What are benefits of corporate culture on technology?

Answer 7

Can influence quality and quantity of goods, machines may break down = incomplete work, staff training, ICT = fast communication, up-to-date technology = provides an edge.

Question 8

What is corporate cultures affected by?

Answer 8

Historical decision making process, size and nature of business, number of employees involved in decision making, management structure, flexible working practices.

Question 9

What are the 3 main elements of corporate culture?

Answer 9

Artefacts, values, underlying assumptions.