Unit 1 AOS 3 Flashcards
(17 cards)
What are the laws and regulations involved in planning a business?
- employment
- environmental
- industry
- council
- taxation
What are some values and beliefs that impact business planning?
- greater awareness about improving physical and mental health and wellbeing
- wellbeing of employees
- environmental sustainability
- hygiene practices
What are some societal trends that impact business planning?
- reliance on technology
- gender equality
- health and wellbeing
What are the economic conditions that affect business planning?
- interest rates
- employment levels
- tax rates
- consumer confidence
How do businesses adapt to development in technology?
- automated production lines
- eftpos
- online presence
How may the market change in the future?
- self-driving cars
- quantum computing
- personalised and predictive medication
What are the advantages of adapting to technological development in technology?
- increase accuracy and consistency
- websites provide consistent information
- easily connect and respond to customers
- APL remove repetitive and unsafe tasks
- can run 24/7
- improve productivity of customer service
- reduce labour resources
- customers can purchase products online
What are the disadvantages of adapting to technological development in technology?
- replacing employees with technology reduces jobs
- technology can break down
- its time-consuming to maintain technology
- time-consuming to train employees to operate technology
- high initial setup and maintenance costs
- spend money on researching and upgrading technology
What are the global considerations?
- overseas competitors
- overseas markets
- offshoring of labour
- exchange rates
- online sales
- copyright
- trademark
- patent
What are the two areas of CSR?
- environmental considerations: e.g. environmentally sustainable resources
- socially responsible production of goods and services: e.g. sourcing resources locally to boost the economy
What are some customer needs and expectations?
- customer convenience
- high-quality goods or services
- social responsibility
- responsible customer service
What are some competitor behaviours that affect the business?
- lower prices
- highly unique products
- industry when few businesses have large market shares
- threat of potential new competitors
What are the sourcing considerations of businesses?
- time
- shipping costs
- social responsibility
- access to resources
- legal considerations
What are the retrieving considerations of a business?
- road transport
- air transport
- rail transport
- sea transport
What do unions assist with?
- remuneration levels
- working conditions
- treatment of employees
What do business associations assist with?
- legal requirements
- industry-specific information and news
- connecting with other businesses
What do environmental lobby groups assist with?
- environmental sustainability of business operations
- compliance with environmental legislation
