Unit 1 Chapter 3

Question 1

external environment

Answer 1

• the surrounding factors that can impact a business
• has minimal control over
• need to consider both factors when planning and making decisions

Question 2

external environment

Answer 2

• the surrounding factors that can impact a business
• has minimal control over
• need to consider both factors when planning and making decisions

Question 3

macro factors

Answer 3

social, legal, technological and economic conditions that a business operates in, no control

Question 4

macro factors (6)

Answer 4

csr considerations, global considerations, technological considerations, legal and government regulations, societal attitudes and behaviours, economic conditions

Question 5

operating factors

Answer 5

• primary external factors
• has some control over
• involves external stakeholders

Question 6

operating factors (4)

Answer 6

customer needs and expectations,
competitors’ behaviour, suppliers and the supply chain, special interest groups

Question 7

legal and government regulations (5)

Answer 7

employment laws and regulations,
environmental legislation, industry regulations, council regulations, taxation requirements

Question 8

societal values and beliefs (attitudes)

Answer 8

principles, standards and and assumptions upheld by people, which can influence how they make decisions

Question 9

societal values and beliefs (4)

Answer 9

awareness about improving physical and mental health and wellbeing, wellbeing of employees, environmental sustainability, hygiene practices

Question 10

societal trends (behaviour)

Answer 10

a general development in the way a group of people in society are behaving
- can be identified by analysing data and looking for patterns

Question 11

societal trends (3)

Answer 11

increased reliance on advanced technology, greater focus and action on achieving gender equality, increased purchasing of products related to health and wellbeing

Question 12

economic conditions

Answer 12

the conditions that exist in relation to the productive performance and financial stability of a nation

Question 13

economic condition factors (4)

Answer 13

interest rates, employment levels, tax rates, consumer confidence

Question 14

employment levels

Answer 14

low unemployment rate > high employment levels > may struggle to find workers

high unemployment rate > low employment levels > easier to find workers

Question 15

consumer confidence

Answer 15

a measure of consumers’ feelings and expectations about current and future economic conditions
high confidence = willing to spend

Question 16

technological developments

Answer 16

The invention and innovation of tools that solve problems and enhance processes, can enhance a business

Question 17

common technology inventions (3)

Answer 17

automated production lines, eftpos, online presence

Question 18

global considerations: part 1 (5)

Answer 18

overseas competitors, overseas markets, offshoring of labour, exchange rates, online sales

Question 19

global considerations: part 2 (3)

Answer 19

copyrights, trademarks, patenting

Question 20

copyrights

Answer 20

free and automatic protection used on original ideas e.g. writing art sound films photos

Question 21

trademarks

Answer 21

an exclusive right granted over a unique aspect of a business e.g. symbol or word to distinguish the business

Question 22

patent

Answer 22

A licensed that provides a business with exclusive rights to use innovative devices, substances, methods, and processes

Question 23

corporate social responsibility

Answer 23

The ethical conduct of a business beyond legal obligations and the consideration of social economic and environmental impacts when making business decisions

environmental and social

Question 24

csr - environmental considerations (5)

Answer 24

environmentally sustainable resources, waste management strategies, planning product packaging, planning for energy sources, plan to donate to organisations that save the environment

Question 25

csr - social considerations (4)

Answer 25

source resources from local suppliers, adopt technology to replace human labour, produce products to benefit society, devote a portion of profit to volunteers

Question 26

customer needs

Answer 26

The essential requirements that customers intend to fulfil with purchases

Question 27

customer expectations

Answer 27

The values and beliefs that customers seek when purchasing from a business expectations are not requirements

Question 28

types of customer needs and expectations (4)

Answer 28

customer convenience, high-quality goods and services, social responsibility, responsive customer service

Question 29

competitors

Answer 29

businesses that operate in the same or similar industry and offer a similar good or service

Question 30

types of competitor behaviour (4)

Answer 30

selling a similar product for a lower price, selling a highly unique product, entering an industry with businesses with a large share, the threat of new competitors

Question 31

competitors behaviour - must consider:

Answer 31

1. local and overseas suppliers 2. differentiation 3. market research 4. responding to changes in competitor behaviour

Question 32

suppliers

Answer 32

individuals or businesses that provide the resources required to produce goods and services

Question 33

supply chain

Answer 33

A network involving suppliers, manufacturers wholesalers retailers and customers

Question 34

sourcing considerations (5)

Answer 34

Time, shipping costs, social responsibility, access to resources, legal regulations

Question 35

retrieving considerations (4)

Answer 35

road transport, air transport, rail transport, Words because I did my homework that’s I think you should do general next year general general general and pre-method will automatically get pre-sea transport

Question 36

Special interest group

Answer 36

organisations or groups that seek to influence laws, policies or behaviours to benefit a specific cause

Question 37

special interest groups (3)

Answer 37

unions, business associations, environmental lobby groups

Question 38

union issues

Answer 38

remuneration provided, working conditions, treatment of employees

Question 39

business association issues

Answer 39

legal requirements, industry information and news, connecting with businesses

Question 40

environmental lobby group issues

Answer 40

sustainability of operations, compliance with legislation