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Business > Business Environments [1] *G10 > Flashcards

Business Environments [1] *G10 Flashcards

1
Q

How can one make money in the business world

A

*finding a job
*creating a business

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2
Q

What is the public sector and what do they do

A

*Businesses owned by the government
*They provide infrastructure in the country

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3
Q

How are business in the public sector funded

A

They are funded by tax collected from working people

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4
Q

What is infrastructure

A

Services provided by the government e.g Roads, hospitals, schools…

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5
Q

What’s the private sector

A

Businesses made by private entrepreneurs

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6
Q

What’s the aim of every business

A

To SATISFY NEEDS AND WANTS OF CUSTOMERS while MAKING PROFIT

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7
Q

Name a few ways capital can be provided

A

*using one’s own money
*borrowing from others

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8
Q

How to create a loyal customer base

A

*Competitive pricing
*Quality products and services

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9
Q

What’s the formal sector

A

Business that pay tax and contribute to the gdp of South Africa
Usually operate in a fixed location

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10
Q

What is the Informal sector

A

*Businesses that don’t pay tax
Aren’t usually found in fixed locations (garage)

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11
Q

Name 3 types of businesses in the informal sector

A

*Production - creating
*Hawking - selling @ robot/parking
*Services - Street corner, extra lessons

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12
Q

Why’s the informal sector important to SA economy

A

*It contributes indirectly to gdp (buying raw material from formal)
*Businesses can grow here than move to formal
*Helps people in poverty

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13
Q

GDP

A

Gross domestic product
Money a country makes in a year

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14
Q

Quaternary economic sector

A

Knowledge based activities aimed at future development
education, financial planning

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15
Q

Quinary economic sector

A

Decision making at the highest levels of society
Has big impacts on social and economic conditions

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16
Q

Explain the concept of a business

A

The process that adds value to an economic society
This creates employment and helps the standard of living

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17
Q

Characteristics of a strong business

A

*Strong leadership
*Has competitive advantage
*Uses resources in a sustainable manner

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18
Q

Important objectives of a business
(6)

A

Survival
Profitability + Growth
Productivity + Efficiency
Creating competitive advantage
Employee development
Social responsibility

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19
Q

Name the 3 business environments

A

Micro (internal)
Market (external)
Macro (external)

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20
Q

GDP definition

A

Gross Domestic Product is the total value of all finished goods and services in a country in a year

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21
Q

What is the market environment

A

External elements the business has no control over

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22
Q

Name the elements of the market environment (7)

A

Suppliers
Consumers
Competitors
Strategic alliances
Intermediaries
NGOs
Industry Regulators

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23
Q

Explain suppliers (market environment)

A

-businesses are dependent on suppliers for resources so they can manufacture goods and sell it to consumers
—right: time place quantity price and quality (5)

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24
Q

Explain consumers (market environment)

A

-people who buy goods/services
- way of indicating trends

25
Q

Explain competitors (market environment)

A

-companies that sell similar/substitute goods/services to the same target market (threats)
-business must ensure it maintains competitive advantage to maintain market share

26
Q

Factors used to gain competitive advantage (6)

A

-Quality
-Price
-Use of tech
-Service levels
-Location
-Superior use of resources

27
Q

What’s strategic alliance (market environment)

A

When 2 or more businesses decide to join forces to take advantage of an opportunity

28
Q

Explain intermediaries

A

Middle men who form the link between the consumers and the business in the distribution channel

29
Q

Explain NGOs
(market environment)

A

[Non-government organisations]
Non profit businesses that focus on uplifting the community and protecting the environment
-they demand that the business acts in an ethical manner

30
Q

Industry regulations (market environment)

A

Provide guidelines to businesses on how to operate in an ethical manner

31
Q

Porters six factors

A

Power of
1 consumers
2 substitute
3 potential new competitors
4 suppliers
5 complementary products
6 competitors

32
Q

Macro environment

A

External environment
Elements business that has no control over

33
Q

Name the pestle

A

Factors
Political
Economic
Social
Tech
Legal
Environmental

34
Q

How political factors affect a business

A

Affect possibility of conducting Business
example War

35
Q

How economic factors affect a business

A

They affect selling prices
tax, inflation, exchange, rate…

36
Q

How social factors affect a business

A

The impact standard of living unemployment, crime, disease…

37
Q

How technological factors affect a business

A

Good:increase productivity
Bad:outdated or expensive

38
Q

How legal factors affect the business

A

Laws can create restrictions

39
Q

How environmental factors affect the business

A

They affect the ability to create or obtain goods
Pollution natural disaster Oil spills dot dot dot bitch

40
Q

What is the micro environment

A

Internal factors
Can be controlled by the business

41
Q

The micro environment consists of…

A

Business functions
resources
business policy
business culture
business structure

42
Q

List the business functions (8)

A

General management
purchasing
human capital
production
finance
marketing
public relations
administration

43
Q

Explain general management

A

Making a plan that improves the overall performance and profitablity of a business

44
Q

Explain purchasing

A

Buying goods and services Needed by the business

45
Q

Explain human capital

A

The overall man power of the business
They hire and fire

46
Q

Explain production

A

Making a product to satisfy target market

47
Q

Explain finance

A

Finding money

48
Q

Explain marketing

A

Checking what people want
Communicating with the target market

49
Q

Explain public relations

A

Ensuring the business has a positive image

50
Q

Explain administration

A

Putting information in organised format

51
Q

What is risk management

A

identifying risks

52
Q

What is management and information systems

A

Having needed technology

53
Q

Business resources are

A

Resources that are needed by the business too function correctly
Think factors of production

54
Q

Business policy definition

A

Give’s business direction to business functions
What to do basically

55
Q

Business culture definition

A

Beliefs and values of the business
These values direct the attitude of the internal stakeholders (employees, managers)

56
Q

What is organisational structure

A

(Personality of the business)
It ensures all business components went together to achieve goals
Ensures internal stakeholders understand each role in the business

57
Q

Explain SWOT analysis

A

i] Strengths - capabilities of business
i] Weaknesses - factors that limit success of business
e] Opportunities - outside factors that benefits the business
e] Threats - outside factors that can worsen the business

58
Q

Name and explain the different business environment characteristics

A

-complex- ever changing
-multifaceted- affect shareholder groups (positive/negative)
-dynamic- flexible, creative and innovative

Business (14 decks)

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