Business Environment and Structure

Business Environment

• The external factors that affect a business, including:
  • Economic factors (e.g. recession, inflation)
  • Social factors (e.g. demographics, lifestyle changes)
  • Technological factors (e.g. innovations, automation)
  • Political factors (e.g. government policies, laws)
  • Environmental factors (e.g. sustainability, climate change)

Business Structure and Organization

• Types of business ownership:
  • Sole proprietorship
  • Partnership
  • Corporation (public and private)
  • Cooperative
• Business organization:
  • Functional structure (e.g. marketing, finance, HR)
  • Divisional structure (e.g. product-based, geographic)
  • Matrix structure (combination of functional and divisional)

Management and Leadership

• Management functions:
  • Planning (e.g. goal-setting, strategy)
  • Organizing (e.g. resource allocation, delegation)
  • Leading (e.g. motivation, communication)
  • Controlling (e.g. monitoring, feedback)
• Leadership styles:
  • Autocratic
  • Democratic
  • Laissez-faire
  • Transformational

Marketing and Finance

• Marketing mix:
  • Product (e.g. features, branding)
  • Price (e.g. pricing strategies, discounts)
  • Place (e.g. distribution channels, logistics)
  • Promotion (e.g. advertising, sales promotions)
• Financial management:
  • Financial statements (e.g. balance sheet, income statement)
  • Financial ratios (e.g. profitability, liquidity)
  • Budgeting and forecasting
  • Investment and financing decisions

Human Resource Management

• HR functions:
  • Recruitment and selection
  • Training and development
  • Performance management
  • Compensation and benefits
• Motivation theories:
  • Maslow's Hierarchy of Needs
  • Herzberg's Two-Factor Theory
  • McClelland's Acquired Needs Theory

Operations and Supply Chain Management

• Operations management:
  • Production planning and control
  • Inventory management
  • Quality management
  • Supply chain management
• Supply chain management:
  • Procurement
  • Logistics and transportation
  • Inventory management
  • Supply chain risk management

Business Environment

• Economic factors that affect a business include recession, inflation, and interest rates.
• Social factors that influence a business include demographics, lifestyle changes, and cultural trends.
• Technological factors that impact a business comprise innovations, automation, and ICT advancements.
• Political factors that affect a business consist of government policies, laws, and regulations.
• Environmental factors that influence a business include sustainability, climate change, and natural resource depletion.

Business Structure and Organization

• Sole proprietorship is a type of business ownership where one individual owns and operates the business.
• Partnership is a type of business ownership where two or more individuals own and operate the business.
• Corporation is a type of business ownership where the business is a separate legal entity from its owners.
• Cooperative is a type of business ownership where the business is owned and controlled by its members.
• Functional structure is a type of business organization where departments are organized by function (e.g., marketing, finance, HR).
• Divisional structure is a type of business organization where departments are organized by product or geographic region.
• Matrix structure is a type of business organization that combines functional and divisional structures.

Management and Leadership

• Planning is a management function that involves setting goals, developing strategies, and allocating resources.
• Organizing is a management function that involves allocating resources, assigning tasks, and structuring the organization.
• Leading is a management function that involves motivating, communicating, and influencing employees.
• Controlling is a management function that involves monitoring, evaluating, and correcting performance.
• Autocratic leadership style involves making decisions without input from others.
• Democratic leadership style involves involving employees in decision-making.
• Laissez-faire leadership style involves giving employees a lot of freedom and autonomy.
• Transformational leadership style involves inspiring and motivating employees to achieve a shared vision.

Marketing and Finance

• Product is a key element of the marketing mix, involving features, branding, and product life cycle.
• Price is a key element of the marketing mix, involving pricing strategies, discounts, and revenue management.
• Place is a key element of the marketing mix, involving distribution channels, logistics, and supply chain management.
• Promotion is a key element of the marketing mix, involving advertising, sales promotions, and public relations.
• Financial statements include the balance sheet, income statement, and cash flow statement.
• Financial ratios include profitability, liquidity, and solvency ratios.
• Budgeting and forecasting involve planning and managing financial resources.
• Investment and financing decisions involve allocating resources and managing risk.

Human Resource Management

• Recruitment and selection involve attracting, selecting, and hiring employees.
• Training and development involve improving employee skills and knowledge.
• Performance management involves evaluating and improving employee performance.
• Compensation and benefits involve providing rewards and incentives to employees.
• Maslow's Hierarchy of Needs involves five levels of human needs: physiological, safety, social, esteem, and self-actualization.
• Herzberg's Two-Factor Theory involves two types of motivation: hygiene factors and motivation factors.
• McClelland's Acquired Needs Theory involves three types of motivation: achievement, affiliation, and power.

Operations and Supply Chain Management

• Production planning and control involve managing the production process to meet customer demand.
• Inventory management involves managing inventory levels to minimize costs and maximize service.
• Quality management involves ensuring that products or services meet customer requirements.
• Supply chain management involves managing the flow of goods, services, and information from raw materials to end customers.
• Procurement involves sourcing and acquiring goods and services.
• Logistics and transportation involve managing the movement of goods and services.
• Supply chain risk management involves identifying and mitigating risks in the supply chain.

This quiz covers the external factors that affect a business, including economic, social, technological, political, and environmental factors, as well as the different types of business ownership and structure.