359 Questions
What type of environment includes factors within the company that impact its ability to serve customers?
Micro environment
Which aspect serves as the guiding star for all strategic planning in a business?
Vision statement
What provides a foundation for a business's existence and outlines its primary activities?
Mission statement
In strategic planning, what are specific, actionable steps that define how goals will be achieved?
Objectives
What type of outcomes provide long-term direction for a business?
Goals
Which environment segment is under the direct control of the company?
Micro environment
What is the main role of the secondary sector?
Transforming raw materials into finished or semi-finished products
Which sector includes professional services and transport?
Tertiary sector
Which auxiliary service helps bridge the risk gap?
Financing and insurance
What are the characteristics of the informal sector?
Lack of access to formal credit and limited growth potential
What is the function of the public sector?
Providing essential services like healthcare and education
What challenges do businesses in the informal sector face?
Lack of access to formal credit and limited growth potential
Which of the following is NOT a part of a business's organizational culture?
Physical resources
Which of the following is NOT a core activity of management as outlined by the POLC framework?
Selling
Which of the following is NOT a part of a business's organizational resources?
Customer resources
Which of the following is NOT a function of general management?
Recruiting and training staff
Which of the following is NOT a part of the macro environment?
Competitors
Which of the following is NOT a part of the micro environment?
Economic conditions
Which of the following is NOT a part of the production function?
Identifying customer needs
Which of the following is NOT a part of the purchasing function?
Managing the public image of the business
Which of the following is NOT a part of the financial function?
Identifying customer needs
Which of the following is NOT a part of the human resource function?
Managing the production process
What is an example of an infrastructure element that can impact business operations?
Quality of roads
How can a negative balance of payments affect a country's economy?
Impact import costs
Which factor influences consumer behavior through customs, religion, and language?
Cultural influences
What can reduce labor needs but increase operational efficiency?
Introduction of new technologies like robotics
Which external event can impact local markets through disruptions in supply chains?
Natural disasters in other countries
What influences consumer behavior and product preferences through age, gender, and education?
Demographic shifts
How can political stability impact business growth?
Foster business growth
What is a key characteristic of the micro environment that a business has control over?
Management's strategies and decisions
How do social grants impact consumer spending among lower-income groups?
Boost consumer spending
What aspect requires businesses to protect data integrity and privacy?
Technological advancements
What sector involves the cultivation of crops and rearing of animals for food, fiber, and other products?
Primary Sector
Which sector includes innovations such as automation and digital marketing tools?
Quaternary Sector
How do economic expansions and recessions affect business operations?
By influencing consumer behavior
What can disrupt or create business opportunities but requires quick adaptation from businesses?
Technological advancements
Which external factor can shape the operational context for businesses according to the text?
Macro environment
In the market environment, what factors are situated immediately outside the business?
Consumers, suppliers, agents, competitors
Which sector involves the extraction of minerals and other geological materials from the earth?
Primary Sector
How do changes in population age and cultural trends influence businesses?
By necessitating adjustments in product offerings and marketing strategies
How do government policies affect business operations according to the text?
By regulating legal environments
What factor in the macro environment affects consumer spending according to the text?
Economic factors
Who are the recipients of a business's goods and services?
Customers
What does Maslow’s Hierarchy of Needs consist of?
Biological and physiological needs
Which elements of the macro environment does a business have control over?
None of the above
What do intermediaries do in delivering a product to the end consumer?
Play a critical role in delivering the product to the end consumer
What is the role of suppliers in a business?
Provide the essential inputs needed for production
What are the external environments that a business needs to continuously monitor?
Both micro and macro environment
What factors in the physical/natural environment directly affect the physical operations and logistics of a business?
Landscape, site, and buildings
What factors can affect industries such as agriculture, retail, and energy consumption patterns?
Local weather and climate changes
What is the strategic importance of understanding the business environment?
All of the above
What essential resources are included in resources availability and sustainability?
Water and electricity
What does the vision of a business represent?
The guiding star for all strategic planning
Which component of the micro environment outlines the primary activities and market purpose of a business?
Mission
What are objectives in the context of business planning?
Specific, actionable steps defining how goals will be achieved
Which element of the micro environment is under direct control of the company?
Vision
What does the term 'micro environment' mainly encompass?
Factors within the company affecting customer service ability
In strategic planning, what does a company's mission statement provide?
Long-term direction for the business
What is the primary function of the tertiary sector?
Delivering services to consumers and businesses
Which sector provides auxiliary services to bridge gaps between production and consumption locations?
Primary sector
What characterizes the informal sector according to the text?
Small-scale, unregistered businesses
In which sector do businesses operate for profit and drive innovation?
Private sector
Which auxiliary service helps manage the time gap by holding products until they are needed?
Storage
What distinguishes the formal sector from the informal sector as per the text?
Large-scale with multiple workers
Which sector involves the extraction and harvesting of natural resources?
Primary sector
What impact do economic expansions and recessions have on business operations?
They directly influence business operations
Which sector is known for professional services and transport?
Tertiary sector
Which factor in the macro environment affects consumer spending according to the text?
Economic factors
Which sector involves the cultivation of crops and rearing of animals for food, fiber, and other products?
Primary sector
What are the external environments that a business needs to continuously monitor?
Macro environment
What factor in the macro environment affects business costs?
Economic factors
Which environmental factor shapes the operational context for businesses?
Macro environment
Which sector involves the extraction of minerals and other geological materials from the earth?
Primary sector
Which sector includes innovations such as automation and digital marketing tools?
Technological environment
What societal forces are included in the macro environment?
Economic conditions, social trends, and technological innovations
Which factors influence customers' purchasing decisions according to the text?
Cultural, social, personal, and psychological factors
What role do intermediaries play in delivering a product to the end consumer?
They add value by making the product available at the right place and time
Which groups are included in civil society as described in the text?
Media, local communities, financial entities, and citizen action groups
What is the strategic implication of businesses monitoring their environments according to the text?
Effectively respond to opportunities and threats
Which elements directly affect the physical operations and logistics of a business in the physical/natural environment?
Landscape, site, and buildings
What is the function of suppliers in a business according to the provided text?
Provide essential inputs needed for production
'Maslow’s Hierarchy of Needs' includes which category related to social interactions and relationships?
'Belongingness and Love'
'Market Environment' constitutes direct interactions with customers. Which factor drives business offerings according to the text?
'Customers' needs'
'Local Weather and Climate Changes' can have a significant impact on which industry according to the text?
Agriculture
Which factor in the micro environment directly shapes the business's mission, objectives, and management functions?
Management strategies and decisions
Which of the following is a challenge that businesses face in the social, cultural, and demographic environment?
Demographic shifts
In the international environment, how can events outside national borders impact local markets?
Through disruptions in supply chains
What is the role of legislation in the legal and political environment for businesses?
It shapes business operations and compliance requirements
What impact does a negative balance of payments have on a country's economy?
It increases import costs
Which of the following is an infrastructure element that can impact business operations?
Quality of roads
How does high unemployment impact a country's workforce productivity and economic output?
It reduces productivity and economic output
What is the main impact of the adoption of new technologies like robotics and automated systems on businesses?
It reduces labor needs but increases efficiency
How does a stable political environment foster business growth?
By fostering business growth and reducing uncertainty and risk
Which of the following is a key characteristic of the micro environment that a business has control over?
Resources availability and sustainability
What is the main role of general management in a business?
Overseeing and synchronizing all other business functions
Which of the following is NOT part of a business's organizational resources?
Intellectual resources
What is the main role of the production function in a business?
Converting raw materials into finished goods
Which of the following is NOT a core activity of management as outlined by the POLC framework?
Monitoring
Which of the following is NOT a part of the financial function in a business?
Recruiting, training, and maintaining a qualified and motivated workforce
What is the main role of the human resource function in a business?
Recruiting, training, and maintaining a qualified and motivated workforce
Which of the following is NOT a part of a business's organizational culture?
Profit margins
What is the main role of the public relations function in a business?
Managing the public image and community relations
Which of the following is NOT a part of the micro environment in a business?
Legal frameworks
What is the main role of the marketing function in a business?
Marketing the product accordingly
What is the primary role of the tertiary sector as mentioned in the text?
Delivering services to consumers and businesses
Which gap do auxiliary services related to sorting and grading aim to address?
Quality and quantity gaps to ensure standards are met
What distinguishes the formal sector from the informal sector according to the text?
Access to formal credit
Which sector operates under government control providing essential services like healthcare and education?
Public Sector
In which sector are businesses typically registered, comply with regulations, and contribute to the country's GDP?
Formal Sector
What is a characteristic of the private sector according to the text?
Driven by profit motives
What is the primary difference between goals and objectives in the context of business planning?
Goals are broad and long-term, while objectives are specific and short-term.
What role do Vision and Mission statements play in a business?
Vision is aspirational guiding direction, while Mission clarifies purpose and activities.
Which factor in the micro environment directly influences a company's ability to serve its customers?
Suppliers and intermediaries
What is the strategic significance of understanding the micro environment for businesses?
To adjust internal elements impacting customer service
In strategic planning, what differentiates goals from objectives?
Goals are strategic, while objectives are tactical.
Which component of the micro environment is directly under the control of a company's management?
Vision, Mission, Goals, and Objectives
What is the primary role of the General Management function in a business?
Overseeing and synchronizing all business functions
Which function is responsible for procuring materials and services at the right price, quality, and time?
Purchasing Function
What does the Production Function primarily involve in a business?
Converting raw materials into finished goods
What is the main purpose of the Public Relations Function in a business?
Handling public image and community relations
What aspect of a business does the Administration Function primarily handle?
Daily administrative tasks and information management
What is the primary responsibility of the Financial Function in a business?
Ensuring adequate funding and financial planning
Which function recruits, trains, and maintains a qualified workforce in a business?
Human Resource Function
How does a positive organizational culture affect business operations?
Fosters motivation and productivity
Which sector involves activities related to the extraction and harvesting of natural resources?
Primary sector
What can significantly influence consumer behavior and supplier relations within the market environment?
Technological advancements
Which macro-environmental factor affects business operations by changing consumer spending and investment levels?
Economic factors
What external factor can potentially disrupt business operations and create new opportunities?
Technological advancements
In the market environment, what factors are situated immediately outside the business?
Consumers, competitors, and suppliers
Which environmental factor involves innovations such as automation and digital marketing tools?
Technological environment
Which governmental elements influence business practices and compliance requirements?
Taxation and government spending
What directly affects the operational context for businesses by shaping economic stability?
Economic factors
What can drastically alter operational efficiencies and market reach within the technological environment?
Technological advancements
In which sector are activities related to professional services and transport primarily found?
Tertiary sector
Which environmental factor can impose restrictions and require compliance to sustainability practices?
Environmental regulations related to air, water, and noise pollution
What stage of the business cycle can weaken the national currency and impact import costs and economic stability?
Recession
Which cultural influence can affect consumer behavior and product preferences?
Customs, religion, and language
Which technology can reduce labor needs but increase efficiency in daily business operations?
Robotics and automated systems
What can a stable political environment foster for businesses?
Business growth
How can events outside national borders impact local markets?
Through disruptions in supply chains
Which internal dynamic characterizes the micro environment of a business?
The business's mission, objectives, management functions
What is the interrelationship between the micro, market, and macro environments?
The macro environment influences the market environment, which influences the micro environment
Which element of the business environment directly impacts the physical operations and logistics of a business?
Quality of roads
Which stage of the business cycle can temporarily boost consumer spending among lower-income groups?
Redistribution of income
What role do customers play in the market environment, according to the text?
Driving business offerings through their needs
How do intermediaries contribute to the product delivery process, as mentioned in the text?
By adding value and making the product available at the right place and time
Which environmental factor impacts industries such as agriculture, retail, and energy consumption patterns?
Local Weather and Climate Changes
Why do businesses need to monitor their environments continuously, as per the text?
To effectively respond to opportunities and threats
What distinguishes the formal sector from the informal sector, according to the text?
Regulation, taxation, and protection of workers' rights
Which societal groups are considered part of civil society interactions within the business environment?
Media, local communities, and citizen action groups
What is the primary function of suppliers in a business, based on the text?
Providing inputs needed for production
'Maslow’s Hierarchy of Needs' outlines different levels of human needs. Which level pertains to social interactions and relationships?
Belongingness and Love
How do psychological factors influence customers' purchasing decisions?
By influencing motivation, perception, learning, beliefs, and attitudes
What is a key strategic implication for businesses in terms of managing their environments?
To adapt to market opportunities while controlling internal efficiencies
Which of the following best describes the role of a business's mission?
It provides a foundation for the business's existence and clarifies its reason for being.
Which of the following elements is NOT considered part of the micro environment of a business?
Suppliers
What is the main purpose of objectives in a business's strategic planning process?
To outline the company's specific, actionable steps to achieve its goals
Which of the following best describes the role of the POLC framework in management activities?
It outlines the core activities of management, which are planning, organizing, leading, and controlling.
Which of the following elements directly influences a company's ability to serve its customers?
Mission
Which of the following best describes the role of goals in a business's strategic planning process?
They provide long-term direction for the business.
Which auxiliary service ensures products meet certain standards and are appropriately grouped?
Sorting and Grading
Which sector involves activities related to the sale of goods directly to consumers or in bulk to retailers?
Tertiary Sector
Which of the following is NOT a part of the private sector?
State-owned enterprises
Which sector is responsible for the extraction and harvesting of natural resources?
Primary Sector
Which sector operates under government control, providing essential services like healthcare and education?
Public Sector
Which of the following is a key aspect of the micro environment that a business has control over?
Customers
What is the primary role of the Marketing Function in a business?
Identifying customer needs and marketing products accordingly
Which function oversees and synchronizes all other business functions to ensure the achievement of the company’s objectives?
General Management
What is the main focus of the Human Resource Function in a business?
Recruiting, training, and maintaining a qualified workforce
Which core activity of management involves monitoring processes and outputs to ensure alignment with goals?
Controlling
What is the defining characteristic of Financial Resources within a business?
Comprising owned and borrowed capital for operations
Which function is responsible for procuring necessary materials and services at the right price, quality, and time?
Purchasing Function
In business operations, which function ensures adequate funding and financial planning for sustainability?
Financial Function
'Organising' within the management framework primarily involves:
Structuring resources and tasks effectively to meet business goals
'Public Relations Function' in a business primarily focuses on:
Managing public image and community relations
What is a key characteristic of Information and Technological Resources in a business?
Include data, analytics, software, and hardware
What do suppliers provide to a business according to the text?
Raw materials
Which societal groups are included in civil society interactions within the business environment?
Media and local communities
What is the primary role of intermediaries in the product delivery process?
Delivering the product to the end consumer
How does the primary sector contribute to the economy?
By extracting natural resources
What shapes the operational context for businesses according to the text?
Legal and political frameworks
'Maslow’s Hierarchy of Needs' includes which level related to personal growth and fulfillment?
Self-Actualization
Which factor in the macro environment affects consumer spending?
Economic factors like inflation
What do competitive strategies help businesses with in the market environment?
Identifying growth opportunities
What are activities involved in the primary sector?
Extraction of minerals and geological materials
What are the factors that influence customers' purchasing decisions based on the text?
Personal factors and psychological motivations
How can changes in consumer preferences impact businesses?
By requiring adaptive strategies
'Market Environment' primarily involves direct interactions with which group according to the text?
Customers
Which sector focuses on the extraction of aquatic species?
Primary sector
'Competitors' in the business environment provide what to businesses?
Challenges for market positioning
What is the impact of a negative balance of payments on national currency?
It weakens the national currency
What is a key element that directly affects the physical operations and logistics of a business?
Weather conditions
What impacts the cost of imported goods according to the text?
Balance of Payments
What can technologies like EPOS systems provide for businesses?
Enhanced inventory management and customer transactions data
How do businesses need to monitor their environments according to the text?
To respond effectively to opportunities and threats
Which macro-environmental factor affects business operations by changing consumer spending and investment levels?
Business cycle stages
What can disruptions or business opportunities from technological advancements require from businesses?
Quick adaptation from businesses
Which technology can reduce labor needs but increase efficiency in daily business operations?
Robotics and automated systems
What is the main role of technologies like online shopping platforms in business operations?
Providing data for marketing analysis
How do income disparities affect the market size for different types of products?
They decrease the market size for luxury goods
What influences consumer behavior and product preferences through age, gender, and education?
Demographic shifts
Which factor in the micro environment directly shapes the business's mission, objectives, and management functions?
Management's strategies and decisions
Which technology requires businesses to protect data integrity and privacy?
Communication and information management technologies
How do government policies affect business operations?
They shape business operations and compliance requirements
What is the impact of high unemployment and health issues like HIV/Aids on economic output?
Decreases productivity and economic output
What role do Vision and Mission statements play in a business?
They serve as the guiding star for all strategic planning
What is the primary function of the 'Vision' statement in a business?
To serve as a guiding star for all strategic planning
Which micro environment element is primarily responsible for providing goods and services to meet consumer needs?
Production function
What is the primary purpose of the 'Mission' statement in a business?
To provide a foundation for the business's existence, outlining its primary activities and market purpose
Which micro environment element directly influences a company's ability to serve its customers?
Suppliers
What is the main role of the 'Marketing' function in a business?
To identify and satisfy customer needs and wants
Which micro environment element is primarily responsible for managing financial resources and ensuring profitability?
Financial function
What characteristic distinguishes businesses in the formal sector from those in the informal sector according to the text?
Employment of multiple workers and access to formal credit
Which sector's function involves providing essential services under government control and is not profit-driven?
Public Sector
What is the primary focus of businesses operating within the secondary sector?
Transforming raw materials into finished products
Which auxiliary service specifically addresses the spatial gap between production and consumption locations?
Transport
In the context of sectors, which one is comprised of privately-owned organizations operating for profit and driving innovation?
Private Sector
Which sector focuses on delivering services to consumers and businesses, as well as distributing finished products?
Tertiary Sector
Which macro-environmental factor can be influenced by businesses through corporate social responsibility initiatives?
Social trends
Which level of Maslow's hierarchy of needs includes recognition and status?
Esteem needs
What is the primary role of intermediaries in the product delivery process?
To add value by making products available at the right place and time
Which of the following is NOT considered a part of the micro environment of a business?
Economic conditions
Which sector is responsible for the extraction and harvesting of natural resources?
Primary sector
What role do Vision and Mission statements play in a business?
They outline the core values and strategic direction of the business
What type of environment includes factors within the company that impact its ability to serve customers?
Micro environment
Which sector includes innovations such as automation and digital marketing tools?
Quaternary sector
What is the main role of the public relations function in a business?
To maintain a positive image of the company
What is a characteristic of the private sector according to the text?
Businesses are registered and comply with regulations
Which environmental factor has a significant impact on business operations and sustainability practices due to regulations related to air, water, and noise pollution?
Environmental Factors
Which of the following is NOT a key economic indicator that businesses must consider when assessing market conditions and consumer spending behaviors?
Inflation Rate
Which cultural influence can significantly affect consumer behavior and product preferences, leading to shifts in market dynamics and consumer needs?
Religion
Which of the following is NOT a potential impact of the adoption of new technologies like robotics and automated systems on businesses?
Lower energy consumption
Which governmental element directly influences business practices and compliance requirements by shaping employment, consumer protection, and competition laws?
Legislation
Which of the following is NOT a part of the institutional environment that businesses must navigate?
Environmental Regulations
Which sector involves activities related to the extraction and harvesting of natural resources, but is NOT known for professional services or transport?
Primary Sector
Which of the following is NOT a part of the micro environment that businesses must manage and control?
Supply Chain Management
Which of the following is NOT a societal force included in the macro environment that businesses must consider?
Environmental Factors
Which of the following is NOT a core activity of management as outlined by the POLC framework?
Controlling and Monitoring
What factor in the macro environment can disrupt or create business opportunities, necessitating quick adaptation?
Technological advancements
Which sector involves the management, cultivation, and harvesting of forests for wood and wood products?
Primary sector
How do changes in a country's balance of payments impact its economy?
They impact the currency value and economic stability
Which technological innovation mentioned in the text can enhance inventory management and customer transactions in businesses?
EPOS systems
What is the primary role of government policies in the legal and political environment concerning business operations?
Affecting compliance requirements
What distinguishes positive culture from negative culture in an organization?
Positive culture fosters motivation and productivity, while negative culture can lead to inefficiencies and conflicts.
Which function is responsible for procuring all necessary materials and services at the right price, quality, and time?
Purchasing Function
In what way do economic expansions directly impact business operations?
By shaping consumer spending habits
Which demographic factor can significantly impact market demands and necessitate adjustments in product offerings?
Population age shifts
What does the Leading activity of management involve?
Directing and motivating staff to follow business plans and achieve objectives.
"Balance of Payments" is directly related to which aspect of a country's economic stability?
Currency value
How does the macro environment differ from the market environment for businesses?
The macro environment encompasses societal forces, while the market environment focuses on economic conditions.
Which business function deals primarily with managing the public image and community relations of the company?
Public Relations Function
What does the Controlling activity in management entail?
Monitoring processes and outputs to ensure alignment with goals.
In business terminology, what does POLC stand for as outlined in the text?
Planning, Organising, Leading, Controlling
How is the market environment defined in relation to a business?
The market environment involves external factors such as competitors that directly impact a business.
What is the primary focus of the Information and Technological Resources in a business?
Utilizing data, analytics, and hardware for competitiveness.
Which element plays a key role in shaping a business's strategic response to external pressures?
Financial Resources
What defines the micro environment in a business context?
Factors within the industry that impact business operations
Which of the following statements best describes the role of goals and objectives in a business?
Objectives define how goals will be achieved, serving as milestones
How do Vision and Mission statements differ within a business context?
Vision is aspirational for the future, while Mission outlines market purpose
In a business context, what is the primary function of the Mission statement?
To provide long-term direction for strategic planning
How do objectives contribute to the strategic planning process in a business?
By providing specific actionable steps to achieve broad goals
Which element in the micro environment directly influences a company's ability to serve its customers?
Internal factors within the company
Which sector involves turning raw materials into new products through various forms of production?
Tertiary sector
What characteristic distinguishes businesses in the informal sector from those in the formal sector?
They operate outside the official regulatory framework
Which auxiliary service helps manage the possession and risk gaps by facilitating purchases and providing risk management?
Financing and Insurance
Which sector consists of privately-owned companies that operate for profit and drive innovation?
Private sector
Which service ensures the movement of goods and information in the economy?
Transport and Communication
What defines the public sector in terms of its function?
Provides essential services funded by taxpayers for public interest
What is the primary focus of the financial function in a business?
Managing the financial health of the company
Which function within a business is primarily responsible for public image management?
Administration Function
What does the production function in a business mainly involve?
Converting raw materials into finished goods efficiently
Which business function is responsible for identifying customer needs and marketing products accordingly?
Marketing Function
What is the main role of the Public Relations Function within a business?
Managing the public image of the business
Which business function is primarily responsible for procuring necessary materials at the right price, quality, and time?
Purchasing Function
What is the core activity of the 'Leading' role within management as outlined in the POLC framework?
Directing and motivating staff
What aspect does 'Organising' within the management framework primarily involve?
Structuring resources effectively to meet business goals
What does 'Controlling' in the management framework primarily focus on?
Monitoring processes and outputs to ensure alignment with goals
What is strategic and operational planning's primary purpose within the POLC framework as outlined in the text?
Determining the future path of the company
What societal forces are included in the macro environment of a business?
Technological innovations and legislative frameworks
In the market environment, what directly interacts with the business and includes customers, suppliers, intermediaries, and competitors?
Market Environment
What is the core role of suppliers in relation to a business?
Providing essential inputs like raw materials, finance, and labor
Which societal factor influences customer purchasing decisions by considering elements like religion, race, and social class?
Cultural Factors
What is the strategic implication of businesses needing to monitor external environments?
Responding to opportunities and threats effectively
Which group provides similar products or services and competes for the same customer base?
Competitors
How do intermediaries contribute to delivering a product to the end consumer?
By making the product available at the right place and time
'Maslow’s Hierarchy of Needs' includes which level related to personal growth and fulfillment?
Self-Actualization
'Public Relations Function' in a business primarily focuses on:
Managing public image and community relations
Which external event in the international environment could potentially have the greatest impact on a business's supply chain and market dynamics?
Political unrest in a neighboring country
In the context of cultural influences in the social, cultural, and demographic environment, which factor is least likely to impact consumer behavior and product preferences?
Personality traits
Which primary economic indicator has the most potential to influence a business's strategic planning and decision-making process?
Business cycle stages
In the context of the micro environment, which management function is most likely to shape the internal dynamics of a business?
Operational management
Which macro environment element is least likely to have an impact on a business's technological adoption and adaptation?
Cultural influences
How do actions by competitors or changes in consumer preferences impact business strategies within the micro environment?
Require adaptive strategies for maintaining market position
In the context of economic challenges, which factor is least likely to impact national productivity?
Redistribution of income
In the context of the market environment, what can businesses directly control?
Consumer behavior
Which legal and political environment factor is least likely to affect a business's strategic planning process?
Political stability
How do economic expansions and recessions affect business operations?
Directly influence business operations by affecting consumer spending and investment levels
In the context of the social, cultural, and demographic environment, which factor is least likely to influence a business's market dynamics?
Industrial sector
What role does taxation play in influencing business operations according to the text?
Influences business operations and market conditions
Which technological environment factor is least likely to impact a business's daily operations?
Print advertising
What sector involves activities like the cultivation of crops, rearing of animals, extraction of minerals, and harvesting of forests?
Primary sector
In the context of the international environment, which event is least likely to impact local markets through disruptions in supply chains?
Changes in cultural preferences within a region
How do technological advancements such as automation affect operational efficiencies?
Drastically alter operational efficiencies
What external factor beyond direct control can shape the operational context for businesses?
Legal frameworks
How do demographic shifts influence market demands according to the text?
Influence market demands and necessitate adjustments in product offerings
Which broad factor in the macro environment includes aspects like economic, technological, legal, political, social, and natural environments?
Macro environment
What are some factors generally beyond direct control that make up the macro environment?
Economic, technological, legal, political, social factors
What type of statements provide a foundation for the business's existence and outline its primary activities?
Vision statements
In the micro environment, what are specific, actionable steps that define how goals will be achieved?
Objectives
Which component of the micro environment provides broad primary outcomes that the business aims to achieve?
Goals
Which aspect of a business's internal environment is often considered under direct control and can be adjusted through management decisions?
Vision and mission
Which element in the micro environment directly shapes the business's reason for being and its fundamental objectives?
Vision statement
What provides a guiding star for all strategic planning within a business in terms of its future aspirations?
Objectives
What can hinder or facilitate business operations in terms of infrastructure, according to the text?
Telecommunications infrastructure
How do disparities in income affect the market size for certain products?
Decrease consumer spending on luxury goods
What is a potential outcome of high unemployment and health issues like HIV/Aids on economic output?
Impact on national productivity
Which technological advancement mentioned in the text can reduce labor needs but increase efficiency?
Robotics
How do changes in population statistics such as age and education influence market dynamics?
Influence consumer behavior and needs
Which governmental element directly shapes business operations and compliance requirements?
Legislation
What is the main impact of political unrest on business growth?
Creation of uncertainty and risk
In terms of technological advancements, what demands new skills and adaptation from businesses?
Cloud computing
What can a negative balance of payments weaken, impacting import costs and economic stability?
National currency
Which factor among the business cycle stages dictates market conditions and consumer spending behaviors?
Peak
Which auxiliary service is primarily responsible for managing financial resources and ensuring profitability in a business?
Financing and Insurance
Which macro-environmental factor can be influenced by businesses through corporate social responsibility initiatives?
Physical/Natural Environment
Which elements directly affect the physical operations and logistics of a business in the physical/natural environment?
All of the above
Which societal groups are considered part of civil society interactions within the business environment?
All of the above
Which sector involves turning raw materials into new products through various forms of production?
Secondary Sector
Which technological environment factor is least likely to impact a business's daily operations?
Typewriter Technology
Which business function focuses on managing the public image and community relations of the company?
Public Relations Function
Which management activity involves structuring resources and tasks effectively to meet business goals?
Organising
Which type of resources includes data, analytics, software, and hardware in a business context?
Information and Technological Resources
What is the primary role of the Financial Function within a company?
Manage the financial health of the company
Which external factor influences the company indirectly and includes societal forces such as economic conditions and legal frameworks?
Macro Environment
What is the core activity that involves strategic and operational planning to determine the future path of a company?
Planning
Which segment of the business environment includes all internal factors and processes that affect a company's operations?
Internal Environment
'Human Resources' in a business context refers to:
Workforce or employees impacting business success directly
'Public Relations Function' in a company primarily focuses on:
'Manages public image and community relations'
'Marketing Function' in a business context is responsible for:
'Identifying customer needs & marketing products accordingly'
How do economic expansions and recessions impact business operations according to the text?
By affecting consumer spending and investment levels
What role does taxation play in influencing business operations according to the text?
Influencing compliance requirements
Which technological innovation can enhance inventory management and customer transactions according to the text?
Electronic Point of Sale systems
What societal factor can necessitate adjustments in product offerings and marketing strategies?
Cultural trends
How do government policies impact business practices according to the text?
By influencing tax structures
In what way do demographic shifts impact market demands?
Through changes in population age and education levels
How does the balance of payments affect economic stability?
Through affecting the cost of imported goods
What can disrupt or create business opportunities according to the text?
Technological advancements
What is the primary role of the macro environment for businesses?
Shaping the operational context for businesses
How do actions by competitors or changes in consumer preferences impact businesses?
Leading to adaptive strategies within the micro environment
Which of the following is a factor that can significantly impact market demands and necessitate adjustments in product offerings in the market environment?
Cultural shifts
What is the primary role of intermediaries in the product delivery process within the market environment?
They add value by making the product available at the right place and time
Which of the following best describes the relationship between a business and its suppliers within the market environment?
The relationship with suppliers needs to be managed carefully to ensure the timely and cost-effective delivery of quality inputs
Which of the following is a factor that directly affects the physical operations and logistics of a business in the physical/natural environment?
Landscape, site, and buildings
Which of the following is a societal group included in civil society interactions within the business environment?
Credit bureaus
Which of the following is a key characteristic of the micro environment that a business has control over?
The ability to shape the organizational culture
Which of the following is a factor that can shape the operational context for businesses according to the text?
Legislative frameworks
Which of the following is least likely to impact a business's daily operations in the technological environment?
Weather conditions
Which of the following is a factor that can impact the cost of imported goods according to the text?
Exchange rates
Which of the following is a level of Maslow’s Hierarchy of Needs that includes recognition and status?
Esteem Needs
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
