Business Studies Term 1 test
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Questions and Answers

What type of environment is often considered the internal environment of a business?

  • Micro environment (correct)
  • Mega environment
  • Macro environment
  • Market environment

    • Which component in the micro environment provides a clear and concise statement of what the business aims to become in the future?

  • Goals and Objectives
  • Market
  • Mission
  • Vision (correct)

    • What does the Mission component of the micro environment outline for a business?

  • Long-term direction
  • External factors impacting success
  • Specific steps for achieving goals
  • Primary activities and market purpose (correct)

    • Which element of the micro environment are broad primary outcomes the business aims to achieve?

    <p>Goals and Objectives</p> Signup and view all the answers

    In the micro environment, what serves as actionable steps that define how goals will be achieved?

    <p>Goals and Objectives</p> Signup and view all the answers

    Which environment segment includes factors under the direct control of the company?

    <p>Micro environment</p> Signup and view all the answers

    What sector involves the transformation of raw materials into finished or semi-finished products?

    <p>Secondary Sector</p> Signup and view all the answers

    Which sector includes activities like retail, wholesaling, and transport services?

    <p>Tertiary Sector</p> Signup and view all the answers

    What function do public sector entities typically serve?

    <p>Provide essential services under government control</p> Signup and view all the answers

    What is a common characteristic of businesses in the informal sector?

    <p>Lack of formal registration and small-scale operations</p> Signup and view all the answers

    Which auxiliary service helps in bridging the possession and risk gaps?

    <p>Financing and Insurance</p> Signup and view all the answers

    Which sector facilitates the movement of goods and information?

    <p>Tertiary Sector</p> Signup and view all the answers

    What are the key elements of the physical/natural environment discussed in the text?

    <p>Landscape, site, and buildings; local weather and climate changes; resources availability and sustainability</p> Signup and view all the answers

    Which element of the market environment encompasses motivation, perception, learning, beliefs, and attitudes?

    <p>Psychological factors</p> Signup and view all the answers

    In the macro-environment, businesses must adapt to broader societal forces such as __________.

    <p>Economic conditions, social trends, technological innovations, legislative frameworks</p> Signup and view all the answers

    What role do intermediaries play in the market environment?

    <p>Adding value by making the product available at the right place and time</p> Signup and view all the answers

    What is pivotal for businesses to effectively respond to opportunities and threats?

    <p>Adapting to external market conditions and leveraging control over the micro environment</p> Signup and view all the answers

    What influences customer purchasing decisions by encompassing family roles, social status, and reference groups?

    <p>Social factors</p> Signup and view all the answers

    What do suppliers provide in the market environment?

    <p>Raw materials, finance, and labor</p> Signup and view all the answers

    Which societal forces are part of the macro environment that businesses need to adapt to?

    <p>Economic conditions, social trends, technological innovations, legislative frameworks</p> Signup and view all the answers

    Why is management's control over the micro environment pivotal for businesses?

    <p>To tailor internal processes towards strategic objectives</p> Signup and view all the answers

    Which element of the market environment provides security and protection according to Maslow's Hierarchy of Needs?

    <p>Biological and Physiological Needs</p> Signup and view all the answers

    What sector is involved with the extraction of minerals and geological materials from the earth?

    <p>Primary Sector</p> Signup and view all the answers

    Technologies like Electronic Point of Sale systems primarily enhance which aspect of business?

    <p>Inventory Management</p> Signup and view all the answers

    How do economic expansions and recessions directly affect business operations?

    <p>By shaping consumer behavior and investment levels</p> Signup and view all the answers

    What is one key area influenced by the social and cultural environment affecting market demands?

    <p>Product offerings</p> Signup and view all the answers

    In the market environment, which factor is external to the business and beyond direct management control?

    <p>Competitors' actions</p> Signup and view all the answers

    What is a primary focus of the macro environment on business operations?

    <p>Shaping the operational context</p> Signup and view all the answers

    What factor can disrupt or create business opportunities but require quick adaptation from businesses?

    <p>Technological advancements</p> Signup and view all the answers

    Which sector involves ocean and freshwater fishing?

    <p>Primary Sector</p> Signup and view all the answers

    What can significantly influence consumer behavior and supplier relations within the micro environment?

    <p>Strategic partnerships</p> Signup and view all the answers

    Why are factors like inflation and unemployment mentioned as part of economic factors in the text?

    <p>To show how they affect consumer spending and business costs</p> Signup and view all the answers

    What does a positive organizational culture foster in a business?

    <p>Motivation and productivity</p> Signup and view all the answers

    Which of the following is NOT a physical resource in a business?

    <p>Information and technology</p> Signup and view all the answers

    What does the management and leadership function 'Controlling' entail?

    <p>Monitoring processes and outputs</p> Signup and view all the answers

    Which function in a business is responsible for managing daily administrative tasks?

    <p>Administration Function</p> Signup and view all the answers

    What are tangible assets in a business called?

    <p>Physical Resources</p> Signup and view all the answers

    What does the 'Marketing Function' in a business do?

    <p>Identifies customer needs and markets the product accordingly</p> Signup and view all the answers

    Which of the following is NOT an activity of management as outlined through the POLC framework?

    <p>Implementing</p> Signup and view all the answers

    Which function in a business is responsible for managing the financial health of the company?

    <p>Financial Function</p> Signup and view all the answers

    What does the organizational culture in a business NOT affect?

    <p>Government policy making</p> Signup and view all the answers

    What is NOT a part of the market environment that directly affects a company?

    <p>Legal frameworks</p> Signup and view all the answers

    Which environmental factor can impose restrictions on business operations?

    <p>Environmental regulations</p> Signup and view all the answers

    What happens when imports exceed exports in a balance of payments?

    <p>It weakens the national currency</p> Signup and view all the answers

    Which stage in business cycle stages dictates market conditions and consumer spending behaviors?

    <p>All stages</p> Signup and view all the answers

    What is the role of redistribution of income in economic challenges?

    <p>It boosts consumer spending among lower-income groups</p> Signup and view all the answers

    Which micro environment characteristic includes the human, financial, and physical resources of a business?

    <p>Resources available to the business</p> Signup and view all the answers

    What do cultural influences include in the social, cultural, and demographic environment?

    <p>Cultural influences include customs and religion</p> Signup and view all the answers

    What impact do advancements like robotics and automated systems have on production and operations?

    <p>They reduce labor needs and increase efficiency</p> Signup and view all the answers

    What does a stable political environment foster for businesses?

    <p>A stable political environment fosters business growth</p> Signup and view all the answers

    What events outside national borders can affect local markets through disruptions in supply chains?

    <p>Political unrest or natural disasters in other countries</p> Signup and view all the answers

    What does understanding the interrelationship of micro, market, and macro environments help businesses with?

    <p>Understanding the interrelationship helps businesses navigate and strategize effectively</p> Signup and view all the answers

    What aspect of the business environment includes factors within the company that can be adjusted through management decisions?

    <p>Micro environment</p> Signup and view all the answers

    Which statement serves as the guiding star for all strategic planning in a business?

    <p>Vision statement</p> Signup and view all the answers

    What component of the micro environment outlines the fundamental objectives and reason for a business's existence?

    <p>Mission</p> Signup and view all the answers

    In the micro environment, what are specific, actionable steps that define how broad goals will be achieved?

    <p>Objectives</p> Signup and view all the answers

    What are broad primary outcomes that businesses aim to achieve in the micro environment?

    <p>Goals</p> Signup and view all the answers

    What environment segment includes societal forces that businesses need to adapt to?

    <p>Macro environment</p> Signup and view all the answers

    How can advancements in technology impact production and operations?

    <p>By enhancing operational efficiency and reducing labor needs</p> Signup and view all the answers

    In what way does a negative balance of payments impact the national currency?

    <p>It weakens the national currency</p> Signup and view all the answers

    How does income distribution impact the market size for luxury goods?

    <p>It decreases the market size</p> Signup and view all the answers

    What role do environmental factors related to pollution regulations play in businesses?

    <p>They impose restrictions on business operations</p> Signup and view all the answers

    How does political stability influence business growth?

    <p>It fosters business growth</p> Signup and view all the answers

    What impact does high unemployment and health issues like HIV/Aids have on productivity and economic output?

    <p>They reduce productivity and impact economic output</p> Signup and view all the answers

    How does the balance of payments influence import costs?

    <p>It increases import costs</p> Signup and view all the answers

    What role do cultural influences play in consumer behavior?

    <p>They significantly influence consumer behavior</p> Signup and view all the answers

    How do demographic shifts impact market dynamics?

    <p>They significantly influence market dynamics</p> Signup and view all the answers

    What effect do the business cycle stages have on consumer spending behaviors?

    <p>They dictate consumer spending behaviors</p> Signup and view all the answers

    Which sector ensures the distribution and sale of finished products and the delivery of services to consumers?

    <p>Tertiary Sector</p> Signup and view all the answers

    Which auxiliary service ensures products meet certain standards and are appropriately grouped?

    <p>Sorting and Grading</p> Signup and view all the answers

    Which branch of private sector focuses on services and advocacy without profit motives?

    <p>Non-profit organizations</p> Signup and view all the answers

    Which business sector facilitates the provision of occupational and industrial training, education and development?

    <p>Tertiary Sector</p> Signup and view all the answers

    Which sector is responsible for marketing raw materials and extracting them?

    <p>Primary Sector</p> Signup and view all the answers

    Which sector experiences limited growth potential due to its unofficial status and lack of access to formal credit?

    <p>Informal Sector</p> Signup and view all the answers

    What constitutes the organisational culture of a business?

    <p>Collective behaviour, norms, ethical standards, and work dynamics</p> Signup and view all the answers

    Which resource is essential for funding business operations and expansions?

    <p>Financial Resources</p> Signup and view all the answers

    What is the primary role of the Leading function in management?

    <p>Directing and motivating staff</p> Signup and view all the answers

    What is the primary role of the Financial Function in a business?

    <p>Managing the financial health of the company</p> Signup and view all the answers

    What is the outcome of a positive organisational culture in a business?

    <p>Motivation and productivity</p> Signup and view all the answers

    What is the primary role of the primary sector in the economy?

    <p>To extract and harvest natural resources</p> Signup and view all the answers

    What can technological advancements like automation and online shopping platforms do?

    <p>Drastically alter operational efficiencies and market reach</p> Signup and view all the answers

    What is the impact of economic expansions and recessions on business operations?

    <p>They directly influence consumer spending and investment levels</p> Signup and view all the answers

    Which environmental factor can impose restrictions on business operations?

    <p>Legal environment</p> Signup and view all the answers

    What is the role of the micro environment in business operations?

    <p>To influence market conditions and respond to macro environmental factors</p> Signup and view all the answers

    What do demographic shifts in the social and cultural environment influence?

    <p>Market demands and product offerings</p> Signup and view all the answers

    What does the macro environment shape for businesses?

    <p>The operational context</p> Signup and view all the answers

    What is the indirect effect of the macro environment on businesses?

    <p>It shapes the operational context for businesses</p> Signup and view all the answers

    What is the role of government policies in the macro environment?

    <p>To influence business operations and market conditions</p> Signup and view all the answers

    Which of the following is NOT a part of Maslow's Hierarchy of Needs?

    <p>Spiritual Needs</p> Signup and view all the answers

    Which of the following is NOT a microenvironment element?

    <p>Economic conditions</p> Signup and view all the answers

    Which of the following is NOT a societal force in the macro environment?

    <p>Suppliers</p> Signup and view all the answers

    What is the primary role of intermediaries in the market environment?

    <p>Delivering the product to the end consumer</p> Signup and view all the answers

    Which of the following is NOT a physical resource in a business?

    <p>Suppliers</p> Signup and view all the answers

    What influences customer purchasing decisions by encompassing family roles, social status, and reference groups?

    <p>Social factors</p> Signup and view all the answers

    Which of the following is NOT an element of the physical/natural environment?

    <p>Intermediaries</p> Signup and view all the answers

    Which of the following is NOT a primary function in a business?

    <p>Legal function</p> Signup and view all the answers

    Which element of the market environment encompasses motivation, perception, learning, beliefs, and attitudes?

    <p>Psychological factors</p> Signup and view all the answers

    Which sector is involved with the extraction of minerals and geological materials from the earth?

    <p>Primary sector</p> Signup and view all the answers

    What is the primary purpose of the vision statement in a business?

    <p>To provide a clear and concise statement of the business's aspirations</p> Signup and view all the answers

    What are objectives in a business?

    <p>Specific, actionable steps that define how goals will be achieved</p> Signup and view all the answers

    Which element of the micro environment outlines the business's primary activities and market purpose?

    <p>Mission</p> Signup and view all the answers

    What is the role of the micro environment in a business?

    <p>To impact the business's ability to serve its customers</p> Signup and view all the answers

    What is the relationship between goals and objectives in a business?

    <p>Goals are broad primary outcomes, and objectives are specific, actionable steps</p> Signup and view all the answers

    Which component of the micro environment serves as a guiding star for all strategic planning?

    <p>Vision</p> Signup and view all the answers

    How do strategies within the micro environment influence consumer behavior and supplier relations?

    <p>By indirectly impacting consumer behavior through pricing and customer service</p> Signup and view all the answers

    What can necessitate adaptive strategies within the micro environment to maintain market position?

    <p>Changes in consumer preferences and actions by competitors</p> Signup and view all the answers

    How do economic factors like inflation and unemployment affect businesses?

    <p>By increasing consumer spending and costs associated with business operations</p> Signup and view all the answers

    What does the macro environment include that the business management typically does NOT have direct control over?

    <p>Legal and political factors</p> Signup and view all the answers

    How can demographic shifts influence the demands in a market environment?

    <p>By requiring adjustments in product offerings and marketing strategies</p> Signup and view all the answers

    What is one of the advancements in technology that can alter operational efficiencies and market reach significantly?

    <p>Automation and online shopping platforms</p> Signup and view all the answers

    How do business cycle stages directly influence business operations?

    <p>By affecting consumer spending and investment levels</p> Signup and view all the answers

    Why do technological advancements like EPOS systems provide valuable data for marketing and stock management?

    <p>By improving inventory management and customer transactions</p> Signup and view all the answers

    How do government policies influence business operations and market conditions?

    <p>By shaping business practices and compliance requirements</p> Signup and view all the answers

    What are the external factors that are beyond the direct control of business management according to the text?

    <p>Technological trends</p> Signup and view all the answers

    What is the primary role of the secondary sector?

    <p>Transforming raw materials into finished or semi-finished products</p> Signup and view all the answers

    What is a characteristic of informal sector businesses?

    <p>They operate outside the official regulatory framework</p> Signup and view all the answers

    What is the function of the public sector?

    <p>To provide essential services like healthcare, education, and infrastructure</p> Signup and view all the answers

    What is the role of auxiliary services?

    <p>To bridge various gaps in the production and consumption process</p> Signup and view all the answers

    What is a characteristic of formal sector businesses?

    <p>They are officially registered businesses that comply with governmental regulations</p> Signup and view all the answers

    What is the role of the tertiary sector?

    <p>To deliver services to consumers and businesses, and distribute and sell finished products</p> Signup and view all the answers

    What is the primary role of the Human Resource Function in a business?

    <p>To recruit, train, and maintain a qualified and motivated workforce</p> Signup and view all the answers

    Which of the following is an example of a Physical Resource in a business?

    <p>Buildings and machinery</p> Signup and view all the answers

    What is the outcome of a positive Organisational Culture in a business?

    <p>Motivation and productivity</p> Signup and view all the answers

    Which of the following is NOT a part of the Micro Environment?

    <p>Market Environment</p> Signup and view all the answers

    What is the primary role of the Planning function in management?

    <p>To determine the future path of the company</p> Signup and view all the answers

    Which of the following is an example of a Financial Resource in a business?

    <p>Owned and borrowed capital</p> Signup and view all the answers

    What is the purpose of the Controlling function in management?

    <p>To monitor processes and outputs to ensure alignment with goals</p> Signup and view all the answers

    Which of the following is a characteristic of a positive Organisational Culture?

    <p>Motivation and productivity</p> Signup and view all the answers

    What is the primary role of the Public Relations Function in a business?

    <p>To manage the public image and community relations of the business</p> Signup and view all the answers

    Which of the following is an example of a business function in the Micro Environment?

    <p>General Management</p> Signup and view all the answers

    What is a key consideration for businesses operating in a country with a negative balance of payments?

    <p>Weakened national currency</p> Signup and view all the answers

    What is a primary impact of demographic shifts on businesses?

    <p>Changes in market dynamics and consumer needs</p> Signup and view all the answers

    What is a key role of the macro environment?

    <p>Shaping business operations and compliance requirements</p> Signup and view all the answers

    What is a key aspect of the micro environment?

    <p>Management's strategies and decisions</p> Signup and view all the answers

    What can be a result of adopting new technologies like robotics and automated systems?

    <p>Reduced labor needs but increased efficiency</p> Signup and view all the answers

    What is a key challenge posed by the international environment?

    <p>Events outside national borders disrupting supply chains</p> Signup and view all the answers

    What is a key aspect of the institutional environment?

    <p>Official procedures like company registration and tax registration</p> Signup and view all the answers

    What can be a result of high unemployment and health issues like HIV/AIDS?

    <p>Reduced workforce productivity and economic output</p> Signup and view all the answers

    What is a key role of cultural influences in the social, cultural, and demographic environment?

    <p>Influencing consumer behavior and product preferences</p> Signup and view all the answers

    What is a key benefit of a stable political environment?

    <p>Business growth and economic stability</p> Signup and view all the answers

    What factors influence customers' purchasing decisions in the market environment?

    <p>Cultural, social, personal, and psychological factors</p> Signup and view all the answers

    Which components of Maslow's Hierarchy of Needs correspond to finding a sense of belonging and self-esteem?

    <p>Belongingness and Love, and Esteem Needs</p> Signup and view all the answers

    Which societal forces do businesses need to adapt to in the macro environment?

    <p>Economic conditions, social trends, technological innovations, and legislative frameworks</p> Signup and view all the answers

    How can businesses respond effectively to opportunities and threats in the market environment?

    <p>By continuously monitoring the environment and adapting to external market conditions</p> Signup and view all the answers

    Which factors need to be considered when planning for disruptions caused by natural disasters in a business?

    <p>Landscape, site, and buildings</p> Signup and view all the answers

    What is the primary role of intermediaries in the market environment?

    <p>To deliver the product to the end consumer and add value by making it available at the right place and time</p> Signup and view all the answers

    Which sector is responsible for marketing raw materials and extracting them?

    <p>The primary sector</p> Signup and view all the answers

    What is the impact of economic expansions and recessions on business operations?

    <p>They directly affect business operations through market conditions and consumer spending behaviors</p> Signup and view all the answers

    What do customers form in the market environment?

    <p>The core of the market environment</p> Signup and view all the answers

    What is the primary role of the leading function in management?

    <p>To direct and coordinate all activities of the organization</p> Signup and view all the answers

    What sector involves the management, cultivation, and harvesting of forests for wood and wood products?

    <p>Primary Sector</p> Signup and view all the answers

    What technology significantly enhances inventory management and customer transactions for businesses?

    <p>EPOS Systems</p> Signup and view all the answers

    How do changes in population age, education levels, and cultural trends impact businesses?

    <p>By disrupting market demands</p> Signup and view all the answers

    Which external factor directly influences the cost of imported goods and overall economic stability?

    <p>Balance of Payments</p> Signup and view all the answers

    What sector includes activities like ocean and freshwater fishing with a focus on the extraction of aquatic species?

    <p>Primary Sector</p> Signup and view all the answers

    What type of technological innovation can drastically alter operational efficiencies and market reach for businesses?

    <p>Digital Marketing Tools</p> Signup and view all the answers

    Which macro environmental factor can disrupt or create business opportunities, necessitating quick adaptation?

    <p>Technological Environment</p> Signup and view all the answers

    Why are businesses unable to have direct control over the market environment?

    <p>Because of the influence of competitors</p> Signup and view all the answers

    Which factor affects consumer spending and business costs through its impact on inflation, unemployment, and taxes?

    <p>Business Cycle Stages</p> Signup and view all the answers

    What is defined as the sector directly involved with the extraction and harvesting of natural resources?

    <p>Primary Sector</p> Signup and view all the answers

    What impact can a stable political environment have on businesses?

    <p>Foster business growth</p> Signup and view all the answers

    How can cultural influences affect consumer behavior?

    <p>Shape preferences and buying decisions</p> Signup and view all the answers

    What role does income distribution play in affecting the market size for different products?

    <p>Increases competition for luxury goods</p> Signup and view all the answers

    How do technological advancements like EPOS systems enhance business operations?

    <p>Improve customer service and inventory management</p> Signup and view all the answers

    What can disruptions in supply chains caused by global events result in?

    <p>Market uncertainty and shifting consumer behaviors</p> Signup and view all the answers

    How does a negative balance in the Balance of Payments impact the national currency?

    <p>Weakens the currency value</p> Signup and view all the answers

    What is the primary influence of demographic shifts on market dynamics?

    <p>Changes in consumer needs</p> Signup and view all the answers

    What is the potential impact of high unemployment and health issues on a country's workforce?

    <p>Reducing overall productivity</p> Signup and view all the answers

    How do environmental regulations related to pollution impact businesses?

    <p>Improve sustainability practices</p> Signup and view all the answers

    Why must businesses consider the quality of infrastructure like roads and transport facilities?

    <p>For easier business continuity</p> Signup and view all the answers

    What is the primary function of the secondary sector?

    <p>Transforming raw materials into finished or semi-finished products</p> Signup and view all the answers

    Which of the following is a characteristic of the informal sector?

    <p>Lack of access to formal credit</p> Signup and view all the answers

    What is the primary role of the tertiary sector?

    <p>Distribution and sale of finished products and delivery of services</p> Signup and view all the answers

    Which auxiliary service closes the spatial gap between production and consumption locations?

    <p>Transport</p> Signup and view all the answers

    What is a characteristic of the formal sector?

    <p>Registration with tax authorities</p> Signup and view all the answers

    Which sector includes state-owned enterprises and government service providers?

    <p>Public Sector</p> Signup and view all the answers

    What is the primary role of suppliers in the market environment?

    <p>To provide essential inputs needed for production</p> Signup and view all the answers

    What is the primary purpose of understanding the market environment?

    <p>To identify opportunities and threats</p> Signup and view all the answers

    What is a key characteristic of the micro environment?

    <p>It is under the direct control of the business</p> Signup and view all the answers

    What is a key factor that influences customer purchasing decisions?

    <p>All of the above</p> Signup and view all the answers

    What is a key role of intermediaries in the market environment?

    <p>To add value by making the product available at the right place and time</p> Signup and view all the answers

    What is a key element of the physical/natural environment?

    <p>All of the above</p> Signup and view all the answers

    What is a key implication of understanding the business environment?

    <p>Effective response to opportunities and threats</p> Signup and view all the answers

    What is a key aspect of the macro environment?

    <p>All of the above</p> Signup and view all the answers

    What is a key role of management in the micro environment?

    <p>All of the above</p> Signup and view all the answers

    Which of the following best describes how a business's vision differs from its mission?

    <p>A vision statement is a concise and aspirational concept of what a business aims to become in the future, while a mission statement outlines primary activities and the market purpose.</p> Signup and view all the answers

    How do goals and objectives work together in the strategic planning process?

    <p>Goals provide an overview of the company's long-term plans, while objectives describe specific actionable steps to achieve those plans.</p> Signup and view all the answers

    Which of the following is NOT an accurate statement about a mission statement?

    <p>It provides a general overview of the business's long-term goals.</p> Signup and view all the answers

    Which of the following best describes the relationship between a company's microenvironment and its external pressures?

    <p>The microenvironment consists of internal factors within the company that impact its ability to serve customers.</p> Signup and view all the answers

    Suppose a company has the following vision: 'To be a global leader in delivering sustainable energy solutions.' Which of the following mission statements would not be compatible with the given vision?

    <p>Our mission is to manufacture and supply traditional fossil fuels, expanding our production capabilities to dominate the global market.</p> Signup and view all the answers

    Which element of the micro environment includes specific, actionable steps that define how broad goals will be achieved?

    <p>Objectives</p> Signup and view all the answers

    Which element of the market environment is primarily influenced by cultural trends and demographic shifts?

    <p>Customers</p> Signup and view all the answers

    Which of the following is NOT a core activity of management as outlined in the POLC framework?

    <p>Liaising</p> Signup and view all the answers

    Which organizational culture aspect is most directly linked to enhancing employee motivation and productivity?

    <p>Collective behaviors</p> Signup and view all the answers

    Which resource is best characterized as having both tangible and intangible components, and directly impacts business success?

    <p>Human resources</p> Signup and view all the answers

    Which function involves strategic and operational planning that determines the company's future path?

    <p>Planning function</p> Signup and view all the answers

    Which external factor affects business competitiveness through technological advances and data handling?

    <p>Information and technological resources</p> Signup and view all the answers

    Which sector includes activities like retail, wholesaling, and transport services?

    <p>Tertiary sector</p> Signup and view all the answers

    Which business function is responsible for managing the financial health of the company, ensuring adequate funding and financial planning?

    <p>Financial function</p> Signup and view all the answers

    Which environment segment includes factors that businesses need to adapt to, but are typically beyond their direct control?

    <p>Macro environment</p> Signup and view all the answers

    Which function identifies customer needs and markets the product accordingly, taking into account factors such as pricing, distribution, and promotion?

    <p>Marketing function</p> Signup and view all the answers

    What serves as the guiding star for all strategic planning in a business?

    <p>Vision</p> Signup and view all the answers

    Which fundamental statement outlines a business's primary activities and market purpose?

    <p>Mission</p> Signup and view all the answers

    In strategic planning, what provides long-term direction by outlining broad primary outcomes?

    <p>Goals</p> Signup and view all the answers

    Which of the following are specific actionable steps that define how business goals will be achieved?

    <p>Objectives</p> Signup and view all the answers

    What are broad primary outcomes that businesses aim to achieve for long-term direction?

    <p>Goals</p> Signup and view all the answers

    Which statement serves as the reason for a business's existence and its fundamental objectives?

    <p>Mission</p> Signup and view all the answers

    Which auxiliary service addresses the time gap by holding products until they are needed?

    <p>Storage</p> Signup and view all the answers

    Which sector of the economy focuses on the production of machines or vehicles and extends from simple transformations to more complex manufacturing?

    <p>Secondary sector</p> Signup and view all the answers

    Which private sector entities are typically funded by taxpayers and operate to serve the public interest?

    <p>State-owned enterprises</p> Signup and view all the answers

    Which organizational culture aspect is most directly linked to enhancing employee motivation and productivity by addressing their esteem needs?

    <p>Empowerment and delegation</p> Signup and view all the answers

    How does the macro environment influence a business's ability to control its micro environment?

    <p>By imposing restrictions on operational decisions</p> Signup and view all the answers

    Which component of the market environment encompasses those factors that can disrupt business operations, such as changes in consumer preferences and technological advancements?

    <p>Market environment</p> Signup and view all the answers

    What is the primary role of the General Management function in a business?

    <p>To oversee and synchronize all other business functions to ensure achievement of the company's objectives.</p> Signup and view all the answers

    Which of the following is NOT a characteristic of Organizational Culture?

    <p>Market trends</p> Signup and view all the answers

    What is the primary role of the Public Relations Function in a business?

    <p>To manage the public image and community relations of the business.</p> Signup and view all the answers

    Which of the following is a characteristic of the Micro Environment?

    <p>Internal factors and processes</p> Signup and view all the answers

    What is the primary role of the Financial Function in a business?

    <p>To manage the financial health of the company, ensuring adequate funding and financial planning.</p> Signup and view all the answers

    Which of the following is NOT a type of Organisational Resource?

    <p>Market Environment</p> Signup and view all the answers

    What is the primary role of the Production Function in a business?

    <p>To convert raw materials into finished goods efficiently and effectively.</p> Signup and view all the answers

    Which of the following is a characteristic of the Macro Environment?

    <p>Economic conditions</p> Signup and view all the answers

    What is the primary role of the Administration Function in a business?

    <p>To handle daily administrative tasks and supports the operation through information management.</p> Signup and view all the answers

    Which of the following is a characteristic of the micro environment?

    <p>Management functions and resources</p> Signup and view all the answers

    What is the primary role of the tertiary sector?

    <p>Providing services to facilitate the movement of goods and information</p> Signup and view all the answers

    Which environmental factor directly influences consumer spending patterns?

    <p>Income distribution</p> Signup and view all the answers

    What is the primary role of infrastructure in the macro environment?

    <p>To facilitate or hinder business operations</p> Signup and view all the answers

    Which of the following is NOT a characteristic of the macro environment?

    <p>Management functions</p> Signup and view all the answers

    What is the primary role of the institutional environment?

    <p>To outline procedures and regulations</p> Signup and view all the answers

    Which of the following is an example of an economic challenge?

    <p>Unemployment</p> Signup and view all the answers

    What is the primary role of the micro environment in shaping business operations?

    <p>To directly shape the business's mission and objectives</p> Signup and view all the answers

    Which environmental factor affects business operations through its impact on inflation, unemployment, and taxes?

    <p>Economic expansions and recessions</p> Signup and view all the answers

    What is the primary role of redistribution of income in economic challenges?

    <p>To temporarily boost consumer spending among lower-income groups</p> Signup and view all the answers

    What is the primary influence of economic factors on business operations?

    <p>Affect consumer spending and business costs</p> Signup and view all the answers

    What is the primary role of the primary sector in the economy?

    <p>To extract and harvest natural resources</p> Signup and view all the answers

    How do advancements in technology impact production and operations?

    <p>They drastically alter operational efficiencies and market reach</p> Signup and view all the answers

    What is the primary influence of the macro environment on businesses?

    <p>It shapes the operational context for businesses</p> Signup and view all the answers

    What is the primary role of the tertiary sector in the economy?

    <p>To facilitate the movement of goods and information</p> Signup and view all the answers

    How do government policies influence business operations?

    <p>They directly influence business operations and market conditions</p> Signup and view all the answers

    What is the primary influence of demographic shifts on business operations?

    <p>They influence market demands and necessitate adjustments in product offerings and marketing strategies</p> Signup and view all the answers

    What is the primary role of market dynamics in the market environment?

    <p>To influence consumer behavior and supplier relations</p> Signup and view all the answers

    What is the primary influence of a negative balance in the Balance of Payments on the national currency?

    <p>It decreases the value of the national currency</p> Signup and view all the answers

    What key element of the natural environment directly affects the physical operations and logistics of a business located in areas prone to natural disasters?

    <p>Landscape, site, and buildings</p> Signup and view all the answers

    According to Maslow's Hierarchy of Needs, which need provides security and protection?

    <p>Safety Needs</p> Signup and view all the answers

    Which societal force in the macro environment imposes restrictions on business operations through environmental regulations related to pollution?

    <p>Legislative frameworks</p> Signup and view all the answers

    What key factor directly influences customer purchasing decisions by encompassing family roles, social status, and reference groups?

    <p>Social Factors</p> Signup and view all the answers

    Which primary role of intermediaries in the market environment is critical for delivering products to the end consumer?

    <p>Making the product available at the right place and time</p> Signup and view all the answers

    What technological advancement can significantly alter operational efficiencies and market reach by enhancing Electronic Point of Sale systems?

    <p>Online shopping platforms</p> Signup and view all the answers

    What societal force in the macro environment directly influences the cost of imported goods and overall economic stability?

    <p>Economic conditions</p> Signup and view all the answers

    Which advancement in technology can enable businesses to reallocate resources, reduce costs, and improve efficiency through automation?

    <p>Automation</p> Signup and view all the answers

    What key role does management play in the micro environment to adapt to external market conditions?

    <p>Leveraging control over internal processes</p> Signup and view all the answers

    Which societal force in the macro environment shapes opportunities and threats for businesses?

    <p>Legislative frameworks</p> Signup and view all the answers

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