Business Studies June exam P1 (Mix)
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Questions and Answers

What component of the business environment is often described as the internal environment?

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

    • Which of the following components of the micro environment is characterized as providing the guiding star for all strategic planning?

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

    • What is the primary function of a business's mission statement?

  • Clarifying the business's reason for existence (correct)
  • Providing long-term direction
  • Serving as a milestone
  • Outlining strategic goals

    • Which of the following best describes the difference between goals and objectives in a business context?

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

    In the business environment, what term is used to define the broad primary outcomes the business aims to achieve?

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

    Which business environment component includes factors directly under a company's control that can be adjusted through management decisions?

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

    What is the purpose of organisational culture?

    <p>To foster motivation and productivity</p> Signup and view all the answers

    Which resource is critical for funding operations and expansions?

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

    Which function is responsible for identifying customer needs in a business?

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

    What does the 'Leading' function of management involve?

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

    Which function is NOT considered a part of the micro environment in a business?

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

    What constitutes part of the market environment that directly interacts with the business?

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

    Which societal forces are included in the macro environment?

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

    What is the role of the administration function within a business?

    <p>Handles daily administrative tasks</p> Signup and view all the answers

    What do suppliers provide in the market environment?

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

    Which external factors directly affect a company in the market environment?

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

    Which play a critical role in delivering the product to the end consumer?

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

    What is the purpose of the financial function in a business?

    <p>Ensure adequate funding and financial planning</p> Signup and view all the answers

    Which core management activity involves monitoring processes and applying corrective measures?

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

    What societal groups are included in civil society interactions?

    <p>Media and financial entities</p> Signup and view all the answers

    Which element directly affects the physical operations and logistics of a business?

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

    What does the production function of a business primarily involve?

    <p>Converting raw materials into finished goods</p> Signup and view all the answers

    What do local weather conditions affect?

    <p>Industries like agriculture and retail</p> Signup and view all the answers

    Which is a social factor influencing purchasing decisions?

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

    What is pivotal for market positioning and growth?

    <p>Understanding competitive strategies</p> Signup and view all the answers

    Which essential resources are included in resources availability and sustainability?

    <p>Water and electricity</p> Signup and view all the answers

    What is the main role of the secondary sector?

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

    What auxiliary service helps manage the time gap by holding products until they are needed?

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

    What defines the informal sector?

    <p>Consists of unregistered businesses</p> Signup and view all the answers

    Which sector operates under government control and is funded by taxpayers to serve the public interest?

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

    What differentiates the private sector from the public sector?

    <p>Public sector provides essential services, private sector operates for profit</p> Signup and view all the answers

    What is the main activity of the tertiary sector?

    <p>Retail, wholesaling, professional services, and transport</p> Signup and view all the answers

    What impact can a negative balance of payments have on a country's economy?

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

    How do advancements in production and operations technology like robotics affect labor needs?

    <p>Decrease labor needs</p> Signup and view all the answers

    What role do demographic shifts play in influencing market dynamics?

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

    How does political unrest impact business growth in a country?

    <p>Lead to uncertainty and risk</p> Signup and view all the answers

    What can environmental regulations related to air, water, and noise pollution impose on businesses?

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

    Which stage of the business cycle dictates market conditions and consumer spending behaviors?

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

    How do social grants impact consumer spending among lower-income groups?

    <p>Boost consumer spending</p> Signup and view all the answers

    What forces influence consumer behavior and product preferences?

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

    How do new technologies like online banking benefit daily business operations?

    <p>Enhance operational efficiency</p> Signup and view all the answers

    What does the institutional environment involve beyond official procedures like company registration and tax registration?

    <p>Understanding local customs and networking</p> Signup and view all the answers

    Which sector directly involves the extraction and harvesting of natural resources?

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

    What factors are generally beyond the direct control of business management?

    <p>Macro environmental factors</p> Signup and view all the answers

    How do advancements in automation and online shopping platforms impact business operations?

    <p>Alter operational efficiencies</p> Signup and view all the answers

    What can changes in population age and cultural trends influence?

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

    Which environment includes factors such as consumers, suppliers, agents, and competitors?

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

    What does the balance of payments influence according to the text?

    <p>Currency value and economic stability</p> Signup and view all the answers

    Which sector involves activities like cultivation of crops, rearing of animals, and harvesting of forests?

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

    What is impacted by economic expansions and recessions according to the text?

    <p>Investment levels and business operations</p> Signup and view all the answers

    How can businesses influence the market environment according to the text?

    <p>Via marketing and strategic partnerships</p> Signup and view all the answers

    What are EPOS systems highlighted for improving according to the text?

    <p>Customer transactions and marketing</p> Signup and view all the answers

    What is the function of a business's mission statement?

    <p>Clarifying the business's reason for being and its fundamental objectives</p> Signup and view all the answers

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

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

    What is the main characteristic of objectives in a business context?

    <p>Specific actionable steps</p> Signup and view all the answers

    How are goals different from objectives in a business setting?

    <p>Goals provide long-term direction, while objectives are actionable steps.</p> Signup and view all the answers

    Which statement defines the vision component in the micro environment?

    <p>An aspirational concept of what the business aims to become</p> Signup and view all the answers

    What key role does the micro environment play in the overall business strategy?

    <p>Providing guidance on operational efficiency</p> Signup and view all the answers

    How do advancements in robotics and automated systems impact business operations?

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

    What is the primary influence of cultural factors on consumer behavior?

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

    Which factor can temporarily boost consumer spending among lower-income groups?

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

    How do demographic shifts impact market dynamics?

    <p>Influence consumer needs and preferences</p> Signup and view all the answers

    What can high unemployment and health issues like HIV/Aids lead to in a workforce?

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

    What is a critical consideration for businesses related to environmental factors?

    <p>Waste generation processes</p> Signup and view all the answers

    How do technological advancements like EPOS systems benefit business operations?

    <p>Enhance operational efficiency</p> Signup and view all the answers

    What is the main impact of political stability on business growth?

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

    Which element can affect the national currency and economic stability?

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

    What does strategic decision-making directly shape within a business?

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

    Which function oversees all other business functions to ensure the achievement of the company's objectives?

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

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

    <p>Handling public image and community relations</p> Signup and view all the answers

    What aspect of the company's environment includes competitors, suppliers, and customers?

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

    Which business function focuses on converting raw materials into finished goods efficiently and effectively?

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

    In the POLC framework, which activity involves monitoring processes and applying corrective measures as needed?

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

    What is the essential role of Financial Resources in a business entity?

    <p>Ensuring financial health and adequate funding</p> Signup and view all the answers

    Which environment includes broader societal forces like economic conditions and cultural trends?

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

    What is the tangible asset category that comprises buildings, machinery, and equipment in a business?

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

    Which function is responsible for recruitment, training, and maintaining a qualified workforce?

    <p>Human Resources Function</p> Signup and view all the answers

    In the business environment, what term is used to define the internal factors and processes that affect a company's operations and strategy?

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

    What is the primary role of the market environment?

    <p>Influencing macro environmental factors</p> Signup and view all the answers

    Which factor shapes the operational context for businesses according to the text?

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

    What does the primary sector mainly involve?

    <p>Cultivation and harvesting of natural resources</p> Signup and view all the answers

    How do changes in population age affect business operations?

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

    What does the legal and political environment influence for businesses?

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

    Which technological innovation disrupts market reach and operational efficiencies?

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

    What directly affects the cost of imported goods and economic stability?

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

    How do economic expansions and recessions influence business operations?

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

    What defines the tertiary sector's significance in the economy?

    <p>Provision of services</p> Signup and view all the answers

    Which sector's activities involve ocean and freshwater fishing?

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

    Which sector is responsible for delivering services to consumers and businesses?

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

    What is a key characteristic of businesses operating in the informal sector?

    <p>Unregistered and small-scale</p> Signup and view all the answers

    Which form of manufacturing involves producing semi-finished products used in further manufacturing processes?

    <p>Intermediate manufacturing</p> Signup and view all the answers

    What function do businesses in the public sector primarily serve?

    <p>Providing essential services</p> Signup and view all the answers

    What is the main role of auxiliary services in supporting sectors?

    <p>Bridging various gaps</p> Signup and view all the answers

    Which sector involves converting raw materials into finished or semi-finished products?

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

    What societal forces fall under the macro environment?

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

    Which component influences customers' purchasing decisions based on factors like motivation, perception, and beliefs?

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

    What is the role of intermediaries in the market environment?

    <p>Deliver products to the end consumer</p> Signup and view all the answers

    Why are understanding competitive strategies crucial for businesses in the market environment?

    <p>For market positioning and growth</p> Signup and view all the answers

    What are Maslow’s 'Safety Needs' primarily related to?

    <p>Security and protection</p> Signup and view all the answers

    Which elements can impact industries like agriculture, retail, and energy consumption patterns?

    <p>Local Weather and Climate Changes</p> Signup and view all the answers

    Why does management control over the micro environment play a pivotal role in business?

    <p>To shape the organizational culture</p> Signup and view all the answers

    Which forces are considered beyond a business's control but are essential for adaptation?

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

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

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

    How do civil society interactions differ from competitive interactions in the market environment?

    <p>Civil society includes media and financial entities</p> Signup and view all the answers

    What is the primary function of a business's mission statement?

    <p>Clarify the business's reason for existence and its fundamental objectives</p> Signup and view all the answers

    Which role do goals and objectives play in strategic planning for a business?

    <p>Goals provide a general overview, while objectives define specific steps</p> Signup and view all the answers

    What aspect of the micro environment impacts a company's ability to serve its customers?

    <p>Factors directly under the company's control</p> Signup and view all the answers

    In the context of business environments, which functions are internal to a company?

    <p>Vision, mission, and goals</p> Signup and view all the answers

    What distinguishes goals from objectives in business management?

    <p>Goals provide a strategic direction, while objectives are measurable</p> Signup and view all the answers

    Which statement accurately reflects the relationship between vision and mission in a business?

    <p>Vision guides strategic planning, while mission clarifies the company's purpose</p> Signup and view all the answers

    What characteristic distinguishes businesses in the formal sector from those in the informal sector?

    <p>Have fixed premises</p> Signup and view all the answers

    Which gap do storage services aim to bridge in the sectors discussed?

    <p>Time gap</p> Signup and view all the answers

    In the secondary sector, what is the primary function of manufacturing activities?

    <p>Turning raw materials into new products</p> Signup and view all the answers

    Which best describes the role of the tertiary sector in the economy?

    <p>Delivery of services to consumers</p> Signup and view all the answers

    What distinguishes businesses in the private sector from those in the public sector?

    <p>Drive innovation and operate for profit</p> Signup and view all the answers

    Which key function does financing and insurance help with in the sectors mentioned?

    <p>Facilitates purchases and provides risk management</p> Signup and view all the answers

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

    <p>Managing the public image and community relations</p> Signup and view all the answers

    Which function is NOT considered part of the core activities of management according to the POLC framework?

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

    In the context of business functions, what does the Purchasing Function primarily focus on?

    <p>Procuring materials and services at the right price, quality, and time</p> Signup and view all the answers

    Which component of the micro environment directly converts raw materials into finished goods effectively and efficiently?

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

    How does the Human Resource Function contribute to a company's success?

    <p>Recruiting, training, and maintaining a qualified workforce</p> Signup and view all the answers

    What role does the Marketing Function play in a business's functions?

    <p>Identifying customer needs and markets products</p> Signup and view all the answers

    Which type of resources includes data, analytics, software, and hardware critical for business efficiency?

    <p>Information and Technological Resources</p> Signup and view all the answers

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

    <p>Handling daily administrative tasks and supporting operations</p> Signup and view all the answers

    Identify the business function responsible for structuring resources and tasks effectively to meet business goals.

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

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

    <p>Conducting financial planning</p> Signup and view all the answers

    How can the quality of roads, transport facilities, and telecommunications infrastructure impact business operations?

    <p>Increase business costs and require additional compliance measures</p> Signup and view all the answers

    What impacts can disparities in income distribution have on the market size for luxury goods?

    <p>Decrease market size for luxury products and limit consumer purchasing power</p> Signup and view all the answers

    How do technological advancements like robotics and automated systems affect labor needs in businesses?

    <p>Enhance efficiency and reduce the dependency on manual labor</p> Signup and view all the answers

    How does a negative balance of payments, where imports exceed exports, impact a nation's economic stability?

    <p>Weaken the national currency and affect import costs</p> Signup and view all the answers

    Which demographic shifts can significantly influence market dynamics and consumer needs?

    <p>Changes in population age, gender, and education levels</p> Signup and view all the answers

    How can events like political unrest in other countries impact local markets?

    <p>Create disruptions in supply chains affecting local markets</p> Signup and view all the answers

    What role does political stability play in fostering business growth?

    <p>Create conducive environments for business expansion and development</p> Signup and view all the answers

    Why do businesses need to protect data integrity and privacy with the advancement of communication technologies?

    <p>To prevent cybersecurity threats and maintain customer trust</p> Signup and view all the answers

    How do business cycles, particularly the stages of expansion and recovery, influence consumer spending behaviors?

    <p>Elicit increased consumer demand and boost purchasing activities</p> Signup and view all the answers

    What impacts can unemployment and health issues like HIV/AIDS have on national productivity?

    <p>Reduce workforce output and require higher training investments</p> Signup and view all the answers

    What type of societal forces does the macro environment encompass?

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

    Which element plays a crucial role in delivering products to the end consumer?

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

    Which individual characteristic influences customers' purchasing decisions as part of the market environment?

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

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

    <p>To optimize internal efficiencies</p> Signup and view all the answers

    What are businesses required to do to effectively respond to opportunities and threats in the environment?

    <p>Continuously monitor the environment</p> Signup and view all the answers

    Which factor directly affects the physical operations and logistics of a business?

    <p>Local landscape</p> Signup and view all the answers

    Which of the following provide the essential inputs needed for production, including raw materials, finance, and labor?

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

    What are personal factors that can influence customers' purchasing decisions?

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

    Which groups can influence or be influenced by the business in civil society interactions?

    <p>Media and local communities</p> Signup and view all the answers

    What is the relationship that management should have with suppliers to ensure timely and cost-effective delivery of quality inputs?

    <p>Careful and managed relationship</p> Signup and view all the answers

    How does the macro environmental factor 'Technological Environment' primarily influence businesses?

    <p>By introducing innovations such as automation and digital marketing tools</p> Signup and view all the answers

    What do legal frameworks governing employment, safety, and competition primarily do in the business context?

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

    What characterizes the extraction of minerals and geological materials from the earth in the business sector?

    <p>These activities are part of the primary sector involving natural resources</p> Signup and view all the answers

    How do economic expansions and recessions primarily affect business operations?

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

    Which sector directly involves the cultivation of crops, rearing of animals, and harvesting of forests?

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

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

    <p>Contributing to the production and distribution of goods</p> Signup and view all the answers

    How do demographic shifts primarily influence business in the social and cultural environment?

    <p>By fundamentally changing market demands and necessitating adjustments</p> Signup and view all the answers

    What can be considered as the main characteristic of the macro environment in business?

    <p>Shaping the operational context with broad factors like economic and legal frameworks</p> Signup and view all the answers

    How does the market environment primarily differ from the macro environment in business?

    <p>Market environment includes factors like consumers and competitors, while the macro environment involves broader external factors.</p> Signup and view all the answers

    What is the primary purpose of business strategies devised within the micro environment?

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

    Which sector primarily focuses on turning raw materials into new products through various forms of production?

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

    What is a key characteristic that separates the Formal Sector from the Informal Sector?

    <p>Scale of operations</p> Signup and view all the answers

    Which Auxiliary Services function manages the time gap between production and consumption by holding products until they are needed?

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

    In the primary vs. tertiary sectors, which sector involves providing services to consumers and businesses alongside the distribution and sale of finished products?

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

    What role does the Private Sector primarily play in the economy?

    <p>Drives innovation and employment</p> Signup and view all the answers

    Which sector operates under governmental control, providing crucial services like healthcare and education?

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

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

    <p>Includes vision, mission, goals, and objectives guiding strategic planning</p> Signup and view all the answers

    Why are goals and objectives essential components of the micro environment?

    <p>Provide actionable steps and direction for strategic planning</p> Signup and view all the answers

    How are goals different from objectives in the business context?

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

    Which component of the micro environment provides a guiding star for strategic planning?

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

    How does the micro environment differ from the macro environment?

    <p>Micro environment focuses on internal factors, macro on external factors</p> Signup and view all the answers

    Why are elements within the micro environment considered to be under the direct control of a company?

    <p>They can be adjusted or improved through management decisions</p> Signup and view all the answers

    What does the POLC framework outline as the core activities of management?

    <p>Planning, Organizing, Leading, Controlling</p> Signup and view all the answers

    Which resource includes data, analytics, software, and hardware that enable a business to stay competitive and efficient?

    <p>Information and Technological Resources</p> Signup and view all the answers

    What aspect of organizational culture can lead to inefficiencies and conflicts within a business?

    <p>Negative culture</p> Signup and view all the answers

    Which function in the micro environment is responsible for managing the public image and community relations of a business?

    <p>Public Relations Function</p> Signup and view all the answers

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

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

    What does the market environment encompass beyond factors directly affecting the company like competitors and suppliers?

    <p>Macroeconomic conditions and cultural trends</p> Signup and view all the answers

    Which level of the business environment includes the internal factors and processes that affect a company's operations and strategy?

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

    What is the purpose of the General Management function within a business?

    <p>Overseeing and synchronizing other business functions</p> Signup and view all the answers

    What do physical resources in a business mainly comprise?

    <p>Tangible assets like buildings, machinery, equipment</p> Signup and view all the answers

    What is the primary reason for businesses to monitor the market environment according to the text?

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

    Which of the following is not a component of the micro environment discussed in the text?

    <p>Natural resources availability</p> Signup and view all the answers

    Why are psychological factors considered in customer behavior according to the text?

    <p>To understand motivation, learning, and attitudes</p> Signup and view all the answers

    How do intermediaries add value in the market environment according to the text?

    <p>By delivering products to end consumers efficiently</p> Signup and view all the answers

    Which strategic implication is highlighted for businesses concerning the environment in the text?

    <p>Optimization of internal efficiencies</p> Signup and view all the answers

    What is the significance of understanding competitive strategies in the market environment?

    <p>To bolster market positioning and growth</p> Signup and view all the answers

    How do civil society groups differ from competitors in the business environment?

    <p>They do not vie for the same customer base</p> Signup and view all the answers

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

    <p>To achieve strategic alignment</p> Signup and view all the answers

    In the business context, why are social factors like family roles important in understanding customer behavior?

    <p>To assess reference groups' impact</p> Signup and view all the answers

    What is the primary function of suppliers in the market environment as discussed in the text?

    <p>To deliver quality inputs for production</p> Signup and view all the answers

    How does a negative balance of payments impact a country's import costs and economic stability?

    <p>Increases import costs and weakens the national currency</p> Signup and view all the answers

    What significant role do demographic shifts play in influencing consumer needs?

    <p>Demographic shifts influence market dynamics and consumer needs</p> Signup and view all the answers

    How do social grants impact consumer spending among lower-income groups?

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

    How can health issues like HIV/Aids impact a country's productivity and economic output?

    <p>Reduce workforce productivity and increase training costs</p> Signup and view all the answers

    What is the primary influence of cultural factors on consumer behavior?

    <p>Customs, religion, and language influence consumer behavior and product preferences</p> Signup and view all the answers

    How do advancements in communication technology help businesses?

    <p>Facilitate faster and more reliable communication</p> Signup and view all the answers

    What is the impact of political stability on business growth?

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

    What does the legal environment of a country primarily regulate for businesses?

    <p>Business operations and compliance</p> Signup and view all the answers

    Why are environmental regulations related to pollution important for businesses to consider?

    <p>To ensure compliance with sustainability practices</p> Signup and view all the answers

    How does the advancement of robotics and automated systems impact labor requirements in businesses?

    <p>Reduces labor needs but increases efficiency</p> Signup and view all the answers

    What characterizes the macro environment in business management?

    <p>External and broad factors like economic and technological influences</p> Signup and view all the answers

    How do demographic shifts impact a business's marketing strategies?

    <p>Shape market demands and require adjustments in product offerings</p> Signup and view all the answers

    In a business context, what influences consumer spending and business costs?

    <p>Economic factors such as inflation and unemployment</p> Signup and view all the answers

    Which sector directly involves ocean and freshwater fishing activities?

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

    What type of technologies help enhance inventory management and customer transactions?

    <p>Electronic Point of Sale (EPOS) systems</p> Signup and view all the answers

    How do tax changes and government spending influence business operations?

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

    Which factor directly affects a country's currency value and economic stability?

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

    What essential role do governmental policies play in influencing market conditions?

    <p>Shaping economic factors</p> Signup and view all the answers

    How do changes in consumer preferences impact business strategies?

    <p>Require micro-environmental interventions</p> Signup and view all the answers

    In business operations, what are the primary activities in the primary sector?

    <p>Agricultural cultivation and forestry management</p> Signup and view all the answers

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