Week 7 - Analysing the Business Environment

Question 1

What areas of the business environment relate towards Globalisation/Protectionism?

Answer 1

1. World Trade Organisation
2. European Integration and extension of the EU
3. Brexit

Question 2

Give an example of an opening and development of new markets in countries with large populations.

Answer 2

1. United Kingdom’s need for new markets post-Brexit.

2. Rapidly developing countries became new market economies (BRICs)

Question 3

What is the key element of a business transforming inputs into outputs?

Answer 3

The supply chain / supply network

Question 4

What is the supply chain?

Answer 4

Activities involved in transforming inputs (raw materials or components) to outputs (distribution to the Consumer)

Question 5

What are the five stages of the supply chain?

Answer 5

1. Sourcing raw materials
2. Manufacturing
3. Warehousing
4. Retail/Wholesale
5. Distribution

Question 6

The environment of most organisations can be seen as four major independent systems. What are these?

Answer 6

1. Economic System
2. Social System
3. Political System
4. Physical System

Question 7

Name actors in the Economic Environment.

Answer 7

Competitors, Partners, Suppliers, Customers, Regulators

Question 8

Name two environmental analysis skills

Answer 8

SWOT or PEST