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business sac 3
Terms in this set (28)
what is the internal environment
incudes the factors over which a business has some control, such as employees, managers, management style, corporate culture and company polices.
what is the external environment
Includes those factors over which the business has little control over. Such as economic conditions, government policies, copetiitors and technology. This can be further divide into an operating and macro environent.
what is a macro environment
Comprises the broad forces, conditions and trends in the economy, and society within which the business operates.
what is a technological issue
Refers to the issues relating to the growing use of tools, techniques or systems by businesses to solves porblem or to serve a purpose.
what is globalisation
the effect of hi-tech communication, lower transport costs and unrestricted trade and financial flows turning the whole world into a single market, producing a more integrated global economic system.
what is an operating environment
the environment immediately external to a business with which it has close interaction when conducting a business
what are societal attitudes and behaviours
Societal attitudes = ideas, values and beliefs held by people in a particular society (i.e. what people think)
Societal behaviours = the actions that express these ideas, values and beliefs (i.e. what people do).
what is an economic condition
Refers to a set of influences that relate to economic activity, including interest rates, wages, unemployment, exchange rates and inlfation.
what are key legal and government regulations
All levels of government impose direct and indirect regulations that businesses must adhere to.
• They may also make or change laws that impact businesses.
• In the last 20 years, changes have occurred within the legal framework.
what is corporate social responsibility
Refers to the management of a buisness in a way that benefits the broader social welfare of the commmunity. Employees, customers, supliers and the environment are taken into consideration when making business decisions.
what are interest rates
A fee that you are charged for borrowing money, expressed as a percentage of the total amount of the loan.
what are exchange rates
The price of one country's currency expressed in terms of another country's currency.
what is the tripple bottom line
Refers to the economic, environmental and social performance of a business.
what is offshoring
The practice of moving some of a business's processes or services to the same or another business located overseas
what is a stakeholder
A person or enity with a vested interest in a business
what are consumer expectations
the value that customers believe they will gain from purchasing a particular good or service
what are customer needs
something customers require because it is essential or very important rather than just desirable.
consumer vs customer
a customer may be a consumer but not all consumers are customers. Customers purchase the good and/ or service. Consumers use a product (not necessarily the person who purchased it).
what is a competitor
A business rival in the same market for products and services offered by a business
is the ability of a business to develop strategies that ensure it has an edge over its competitors
what is a supplier
Businesses or individuals that supply the materials and other resources that he business needs to conduct its operations.
what is a supply chain
the range of suppliers from which the business purchases materials and resources.
what is a special interest group
The groups of people who attempt to directly influence or persuade a business to adopt particular policies or procedures
issues with suppliers and supply chain
what is gst
is a broad-based tax of 10 percent on the supply of most goods and services consumed in Australia
what is a union
A union is an organisation of workers or employees who have joined together to achieve common goals such as higher pay, better working conditions and job security.
what is a lobby group
a group that aims to influence organizations or governments in their decision making processes.
what is a business environment
includes the external and internal parts of a business.
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