S And T Flashcards
(18 cards)
What is social change and why is it important for business?
Social change refers to shifts in human behaviour and lifestyle that impact demography and consumer patterns. Businesses must adapt strategies to changing social trends to maintain competitiveness【26:5†AQA_Business_For_A_level__PDF__1___1___1_.pdf】.
What are the business implications of urbanisation?
Urbanisation creates concentrated markets, influencing location strategy and encouraging digital delivery systems due to rural branch closures【26:5†AQA_Business_For_A_level__PDF__1___1___1_.pdf】.
How does migration impact UK businesses?
Migration expands the labour market, diversifies workforce skills, and provides new niche markets, particularly in urban settings【26:5†AQA_Business_For_A_level__PDF__1___1___1_.pdf】.
How has online retail changed business models?
Online retail has shortened supply chains, shifted investment towards digital platforms, and led to store closures while offering convenience to consumers【26:5†AQA_Business_For_A_level__PDF__1___1___1_.pdf】.
What impact has social change had on the clothing industry?
Fast fashion has risen with consumer demand for affordable, trendy clothing, driving rapid design and manufacturing cycles【26:8†AQA_Business_For_A_level__PDF__1___1___1_.pdf】.
How do social changes affect functional and strategic decisions?
Businesses adapt strategies such as innovation and digitalisation. Functions like HR, operations and marketing must adjust to support these changes【26:8†AQA_Business_For_A_level__PDF__1___1___1_.pdf】.
What is CSR and why do businesses adopt it?
CSR involves businesses exceeding legal requirements to act ethically. It can improve brand image, build trust, and attract customers and staff【26:6†AQA_Business_For_A_level__PDF__1___1___1_.pdf】.
What is Carroll’s CSR Pyramid?
Carroll’s pyramid outlines four levels of CSR: Economic (be profitable), Legal (obey the law), Ethical (do what is right), and Philanthropic (give back to society)【26:9†AQA_Business_For_A_level__PDF__1___1___1_.pdf】.
How can CSR improve competitive advantage?
CSR can differentiate a business in saturated markets, attract loyal customers, and support premium pricing through enhanced reputation【26:13†AQA_Business_For_A_level__PDF__1___1___1_.pdf】.
What is meant by the technological environment?
It includes developments in what and how products are made. It changes rapidly, affecting product life cycles, operations, and strategic planning【26:10†AQA_Business_For_A_level__PDF__1___1___1_.pdf】.
How does technological change affect product life cycles?
Technology accelerates innovation, reducing the lifespan of products and requiring faster returns on investment【26:4†AQA_Business_For_A_level__PDF__1___1___1_.pdf】.
How can technology reduce costs and boost productivity?
CAD, CAM, automation and AI reduce production errors, lower unit costs, and allow teleworking and offshoring to cut overheads【26:4†AQA_Business_For_A_level__PDF__1___1___1_.pdf】.
What are the implications of tech change on HR?
Technology can cause redundancies but also drives demand for skilled staff and retraining; it also increases teleworking【26:11†AQA_Business_For_A_level__PDF__1___1___1_.pdf】.
How does tech change impact marketing?
New media platforms expand promotion channels; analytics and digital targeting improve efficiency; tech-driven product changes open new markets【26:16†AQA_Business_For_A_level__PDF__1___1___1_.pdf】.
How does tech change impact operations?
Automation and advanced systems improve speed and consistency. Information sharing strengthens supply chain collaboration【26:11†AQA_Business_For_A_level__PDF__1___1___1_.pdf】.
How should firms assess investing in new technology?
Firms should use investment appraisal methods like payback, ARR, and NPV while forecasting future benefits and risks of obsolescence【26:15†AQA_Business_For_A_level__PDF__1___1___1_.pdf】.
What strategic choices does technology enable?
Firms may use tech to pursue cost leadership, create new markets, or adopt niche, handmade branding in response to rivals’ tech-based strategies【26:10†AQA_Business_For_A_level__PDF__1___1___1_.pdf】.
What are the risks of failing to adopt new technology?
Businesses risk becoming uncompetitive, losing market share, and failing to meet customer expectations if they ignore tech advancements【26:4†AQA_Business_For_A_level__PDF__1___1___1_.pdf】.
