2A

Question 1

Business Planning

Answer 1

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

Question 2

external environment

Answer 2

The external environment consists of surrounding factors that can impact a business which a business has minimal control over.

Question 3

internal environment

Answer 3

The internal environment consists of factors within a business which a business has control over.

Question 4

Stakeholders

Answer 4

Stakeholders are individuals or groups that have a vested interest in the performance and activities of a business.

Question 5

Macro Factors

Answer 5

.Global issues
.Legal and government regulations 
.Societal attitudes and behaviour 
.Economic conditions 
.Technological issues 
.Corporate social responsibility issue

Question 6

Operating Factors

Answer 6

.Customer needs and expectations
.Competitors behaviour
.Suppliers and the supply chain
.Special interest groups

Question 7

Internal environment

Answer 7

.Businesses locations 
.Sources of finance 
.Purchasing an existing business vs establishing a new business
.Types of business structures
.CRS for business planning 
.Types of business models
.Business support services
.SWOT analysis
.Resources