Unit 1.3.1 The External Environment Flashcards
(6 cards)
1
Q
Business planning
A
- Process
- Establishing a business’s goals
- Developing strategies to achieve them
2
Q
External environment
A
- Involves the surrounding factors outside the business
- That can impact a business
- It has minimal control over
3
Q
Macro factors
A
- Social, legal, technological, global, + economic conditions
- That a business operates in
- Has no control over
4
Q
Examples of macro factors
A
- Legal + gov regulations
- CSR
- Economic conditions
5
Q
Operating factors
A
- Primary external factors
- Impacting a business
- It has some control over
- Business often interacts with on a day-to-day basis
6
Q
4 main stakeholders in operating environment
A
- Suppliers
- Customers
- Competitors
- Special interest groups
