chapter 2

Cards (32)

  • internal business environment include employees and mangers, legal business structure, type of business model, business location and business support services.
  • operating environment includes customers, competitors and suppliers.
  • macro business environment include corporate social responsibly and global issues.
  • business environment is the surrounding conditions in which the business operates. it can be divided into 2 broad categories: internal and external
  • internal environment factors over which the business has some degree of control: it is sometimes called the microenvironment
  • external environment factors over which the business has little control. it may further divided into 2 categories: operating and macro.
  • operating environment is the specific outside stakeholders with whom the business interacts in conducting its business; it is sometimes called the task environment
  • macro environment is the broad conditions and trends in the economy and society within which a business operates.
  • stakeholders are any group or individual who has an interest in or is affected by the activities of a business
  • managers are people who have the responsibility for successfully achieving the objective of the business.
  • location is the business will determine whether of not the business is visible and accessible to potential costumers.
  • business entity is an organization that exist separately to its owners in order to produce and sell goods and services.
  • incorporated is a business that has a separate legal existences apart from its owners
  • an unincorporate business has no separate legal entity from its owners and will be either a sole trader or partnership
  • an incorporated business has its own separate legal entity so that regardless of what happen to individual shareholders/ owners of the company. the business can continue to operate.
  • unlimited liability is when the business owner is personally responsible for all the depts of the business.
  • sole trader is a business owned and operated by one person
  • partnership is an unincorporated business structure with a minimum of 2 and a max of 20
  • the main type of business model include online business , bricks and mentor , direct to consumer businesses , franchise , imports and exports.
  • business model is the way in which the business will run its operation to garneted a profit
  • franchise is when a business sells to others the right to distribute its goods and use the business name
  • natural recourses is used in the production of many types of goods such as crops as well as services.
  • A business plan is a written statement of the goals and objectives for a business, and the steps to be taken to
    achieve them. In other words, it is a summary and an evaluation of a business concept.
  • staff morale the general level
    of satisfaction and wellbeing of
    employees
  • employee retention the ability of a
    business to keep employees
  • environmental audit a review of
    the extent to which a business’s
    activities have an impact on the
    environment
  • environmental management
    system a tool for managing a
    business’s environmental impact
    in a systematic and methodical
    manner
  • solicitor a professional who
    provides advice on legal matters
    such as business formation,
    registration, contracts and
    legislation
  • the different types of online business models include advertising based websites, freemium, brokerage, and merchant
  • main types of business models include, online businesses, brick and mortar , direct to consumer businesses, franchise and imports and exports.
  • some business resources include natural , labour and and capital resources.
  • the SWOT analysis includes strengths, weaknesses, opportunities and threats.