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Business ( Internal enviroment) Flashcards

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1
Q

Overview of Business Environments

A

Business environments impact planning.

Two types: Internal and External.

External includes Operating and Macro environments.

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2
Q

Internal & external environment

A

Internal Environment: Inside the business, some control (e.g. staff, culture).

External Environment: Outside the business, little control (e.g. economy, tech).

External = Operating + Macro.

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3
Q

Internal Environment – People

A

Employees: Want fair treatment, pay, training.

Management: Their skill impacts business success.

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4
Q

Internal Environment – Setup

A

Location: Affects visibility, accessibility, and sales.

Legal Structure: Choosing the right one is crucial (sole trader, partnership, etc).

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5
Q

Operating Environment – Market Forces

A

Customers: Expect quality and value.

Competitors: Influence pricing and innovation.

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6
Q

Operating Environment – Support and Pressure

A

Suppliers: Provide essential resources.

Special Interest Groups: Try to influence policies (e.g. unions, activists).

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7
Q

Macro Environment – Legal & Social

A

Legal/Regulations: Must follow rules and policies.

Societal Attitudes: Track trends, values, and lifestyle shifts.

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8
Q

Macro Environment – Economy & Tech

A

Economic Conditions: Interest rates, employment, inflation affect business.

Technology: Stay up-to-date or risk falling behind.

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9
Q

Macro Environment – Global & CSR

A

Global Issues: Competing worldwide, global supply chains.

CSR: Pressure to act ethically and sustainably.

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10
Q

Legal & Government Regulations – Overview

A

Laws impact businesses before they even start.

Must plan for compliance with all relevant regulations during setup

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11
Q

Key Legal Requirements When Planning

A

Business name registration

Ownership structure (sole trader, partnership, company)

Consumer protection (refunds, labelling, advertising)

Building permits, food safety, signage

Trading hours

Taxes (GST, PAYG, company, payroll)

Employment law, superannuation, equal opportunity

Patents & Copyright

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12
Q

Employment Laws

A

air wages & conditions

Covers all employee types (casual, part-time, full-time)

Anti-discrimination laws (age, gender, race, etc.)

Occupational Health and Safety Act 2004 (Vic)

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13
Q

Environmental Legislation

A

Aim: Protect the environment

Focus:

Energy efficiency

Water usage

Recycling and waste reduction

Compliance with national environmental concerns

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14
Q

Industry & Council Regulations

A

Industry rules: Need for licences, permits, qualifications, registrations.

Council regulations: Local laws may affect signage, hours, waste disposal, etc.

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15
Q

Taxation Requirements

A

Must lodge Business Activity Statements (BAS)

Covers:

GST

PAYG

Company taxes

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16
Q

Societal Attitudes & Behaviours – Overview

A

Society is always changing.

Shifts in values, demographics, and behaviour affect how businesses operate and plan.

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17
Q

Values and Beliefs

A

Shared morals and principles of a group or society.

Influence what people do, wear, eat, and how they live.

Businesses must respect these when planning and managing.

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18
Q

Trends

A

Trends show the direction of changing attitudes in society.

Businesses must adapt to stay relevant.

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19
Q

Examples of Key Trends

A

Demographics: Age, gender, population growth, ethnicity – affects product demand and services.

Workplace Diversity: Inclusive hiring is now expected.

Family-Friendly Workplaces: Flexible hours, childcare support, etc., are increasingly important.

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20
Q

Economic conditions

A

Economic Conditions: The overall state of the economy, like jobs, prices, and spending, which affects how businesses perform.

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21
Q

Interest Rate

A

Interest Rate: The cost of borrowing money, which goes up or down depending on the economy.

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22
Q

Tax rate

A

Tax Rate: The percentage of money paid to the government from income or sales, which affects business profits.

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23
Q

What are economic conditions?

A

→ Interest rates
→ Tax rates
→ Confidence levels
→ Wages
→ Unemployment
→ Exchange rates
→ Inflation

Fluctuates between boom (growth) and bust (recession) phases.

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24
Q

Interest Rates – Impact on Business

A

Cost of borrowing money.

High rates: ↓ business activity, ↑ borrowing costs.

Low rates: ↑ investment, asset purchases, expansion.

Also affects consumer spending.

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25
Tax Rates – Business Effects
% of income or product price paid as tax. High taxes: ↓ business profits and activity. Tax deductions/incentives: can boost business investment.
26
Business & Consumer Confidence
Reflects how optimistic businesses and consumers feel about the economy. High confidence: ↑ spending & sales. Low confidence: ↓ business activity & investment.
27
Business Cycle – 4 Phases
Expansion: Growth, rising demand, jobs, investment. Peak: Economy at highest activity, risk of inflation. Contraction: Decline, rising unemployment, low demand. Trough: Lowest point, opportunity for recovery.
28
What are technological issues?
Technology is changing fast, so businesses need to keep up to stay competitive and take advantage of new tools and ideas.
29
What are robotics used for in business?
Robots do complex, repetitive, or dangerous tasks, especially on production lines, and work without breaks or needing pay rises.
30
What are online services?
Websites, apps, and platforms that help businesses sell products or offer services online — like Uber, Amazon, Netflix, and Google Workspace.
31
How is AI used in business?
AI helps in writing (like grammar tools), and customer service (like chatbots that answer questions and learn to improve replies).
32
How should businesses plan for technology?
They must keep up with changes, train staff, update systems, and use new tools to improve their services and stay competitive.
33
What’s the tech/global issue task?
Find a news article, video, or photo about a tech or global issue affecting business, and explain why it's important.
34
What are global issues in business?
Things businesses must think about when working in a global economy, like overseas markets, competitors, online sales, and protecting ideas (IP).
35
Why do overseas competitors matter?
Local businesses must compete with global companies, so they need to be aware of them and plan to stay profitable.
36
What is offshoring labour?
Moving work to another country to save costs — like making products or running call centres overseas.
37
What are exchange rates?
The value of one country’s money compared to another — it affects how much it costs to buy from or sell to other countries.
38
How do businesses protect their ideas globally?
They use patents, trademarks, and copyrights — but these often need to be filed in each country or through international systems.
39
What are human rights issues in global business?
Businesses must make sure they treat workers fairly and follow laws, especially when working in other countries.
40
Why are online sales important?
Businesses need to choose if they’ll sell in a physical store, online, or both — to reach more customers globally.
41
What is Corporate Social Responsibility (CSR)?
CSR means going above the law to make choices that are good for customers, workers, the community, and the environment.
42
What does CSR involve?
It’s about running a business in a way that helps people and the planet, not just making money.
43
What are environmental CSR actions?
Using clean energy, recycling, and choosing suppliers who care for the environment.
44
How can businesses support society?
By buying from local and ethical suppliers, and avoiding any harm to people’s health or working conditions.
45
Why do businesses need a plan?
To get finance, focus on goals, and spot good opportunities. A plan includes: vision, market research, products, operations, marketing, and finance.
46
What is market research?
It’s finding out what customers want and expect, so businesses can sell the right products or services.
47
What do customers look for?
They want choices, healthier options, custom products, and convenience (like click & collect or delivery).
48
What influences how people spend money?
Price, income, brand, age, trends, safety, status, and promotions.
49
What is big data in business?
Huge data sets used to find patterns and trends in customer behavior — helps businesses make smart decisions fast using AI.
50
What are competitors in business?
Other businesses selling similar products — they fight for market share, brand loyalty, and profit.
51
What is product differentiation?
Making your product different and better than others so customers choose yours.
52
What’s a niche market?
A small, specific part of the market with special needs — businesses can target it to stand out.
53
What is copycat behavior in business?
When a product looks or feels almost the same as another — can trick buyers and cause confusion.
54
How do businesses protect ideas/products?
With copyrights, patents, trademarks, and keeping loyal employees.
55
What is competitive advantage?
Anything that helps a business do better than rivals — like better quality, price, service, or brand.
56
What is a supplier?
A supplier gives a business the materials and resources it needs to make and sell products.
57
Why should a business have good relationships with suppliers?
It helps with smooth operations, better prices, and having backups if one supplier has issues.
58
What is a supply chain?
The full system of getting resources — from natural materials to customers — through steps like manufacturing and storage.
59
Why manage the supply chain carefully?
Without good resources, products may be poor quality, expensive to make, or not meet demand.
60
What should a business check in a sustainable supply chain?
Resource quality and amount Is it eco-friendly and ethical? Does it meet CSR rules? How is it delivered?
61
What is a special interest group?
People who try to influence how businesses operate, like environmental groups, unions, and business associations
62
What is the role of unions?
Unions speak for workers — they push for better pay, conditions, and work–life balance, which affects how businesses plan staffing.
63
How do special interest groups impact business planning?
They can affect decisions on wages, work conditions, sustainability, and company policies.

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