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Unit 1 AOs2 Planning a business — external environment
Terms in this set (25)
refers to the surrounding conditions in which the business operates. It can be divided into two broad categories: internal and external.
sometimes called the micro environment, includes those factors over which the business has some degree of control.
includes those factors over which the business has little control. It may be further divided into two categories: operating and macro.
, sometimes called the task environment, refers to the specific outside stakeholders with whom the business interacts in conducting its business.
is made up of the broad conditions and trends in the economy and society within which a business operates.
goods and services tax
(GST) is a broad-based tax of 10 per cent on the supply of most goods and services consumed in Australia.
refers to the multitude of individual differences that exist among people in the workplace.
refer to the set of influences that relate to economic activity, including interest rates, wages, unemployment, exchange rates and inflation.
is the price charged or paid for the use of money that has been deposited or borrowed.
is the percentage of income or the value of a good, service or asset paid as tax.
refers to the issues relating to the growing use of tools, techniques or systems by businesses to solve problems or serve a purpose.
is the effect of hi-tech communications, lower transport costs and unrestricted trade and financial flows turning the whole world into a single market, producing a more integrated global economic system.
is the practice of moving some of a business's processes or services to the same or another business located overseas.
is the price of one country's currency expressed in terms of another country's currency.
Corporate social responsibility
refers to managing a business in such a way that the broader social welfare of the community, including its employees, customers, suppliers and the environment, is taken into consideration when making business decisions.
triple bottom line
refers to the economic, environmental and social performance of a business.
are the people who purchase goods and services from a business, expecting high quality at competitive prices.
are other businesses or individuals who offer rival, or competing, goods or services to the ones offered by the business.
is the ability of a business to develop strategies that ensure it has an 'edge' over competitors.
are those businesses or individuals that supply the materials and other resources that the business needs to conduct its operations.
is the range of suppliers from which the business purchases materials and resources.
Special interest groups
are the groups of people who attempt to directly influence or persuade a business to adopt particular policies or procedures.
Environmental lobby groups
are special interest groups that promote environmental issues to the public, government and businesses.
are organisations that support businesses through the provision of training and education programs, advice and information.
are organisations formed by employees in an industry, trade or occupation to represent them in efforts to improve wages and the working conditions.
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