Upgrade to remove ads
External Environment revision
Terms in this set (20)
The surrounding conditions in which the business operates. It can be divided into two broad categories: internal and external.
The 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.
Made up of the broad conditions and trends in the economy and society within which a business operates.
The set of influences that relate to economic activity, including interest rates, wages, unemployment, exchange rates and inflation.
The price charged or paid for the use of money that has been deposited or borrowed.
The percentage of income or the value of a good, service or asset paid as tax.
The issues relating to the growing use of tools, techniques or systems by businesses to solve problems or serve a purpose.
The practice of moving some of a business's processes or services to the same or another business located overseas.
The price of one country's currency expressed in terms of another country's currency.
Corporate social responsibility
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.
The people who purchase goods and services from a business, expecting high quality at competitive prices.
Other businesses or individuals who offer rival, or competing, goods or services to the ones offered by the business.
The ability of a business to develop strategies that ensure it has an 'edge' over competitors.
Businesses or individuals that supply the materials and other resources that the business needs to conduct its operations.
The range of suppliers from which the business purchases materials and resources.
Special interest groups
The groups of people who attempt to directly influence or persuade a business to adopt particular policies or procedures.
Environmental lobby groups
Special interest groups that promote environmental issues to the public, government and businesses.
Organisations that support businesses through the provision of training and education programs, advice and information.
Organisations formed by employees in an industry, trade or occupation to represent them in efforts to improve wages and the working conditions.
THIS SET IS OFTEN IN FOLDERS WITH...
Unit 1 AOs2 Planning a business — external environ…
Societal Attitudes and Behaviours
YOU MIGHT ALSO LIKE...
Definitions - CHAPTER 3
business sac 3
Business Management Unit 1 AOS 2
Chapter 1 - BM12C