Business Studies June exam P1 (Medium)
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Questions and Answers

What does the secondary sector primarily do with raw materials?

  • Use them for storage purposes
  • Engage in professional services
  • Sell them directly to consumers
  • Transform them into finished or semi-finished products (correct)

Which of the following is an example of a tertiary sector activity?

  • Sorting and Grading
  • Indulging in informal credit
  • Manufacturing machinery
  • Transport and Communication (correct)

What is the main role of auxiliary services in relation to the primary, secondary, and tertiary sectors?

  • Generate new products through manufacturing
  • Focus on professional services
  • Bridge various gaps such as spatial, time, quality, and quantity (correct)
  • Deliver direct services to consumers

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

<p>Operate outside the official regulatory framework (B)</p> Signup and view all the answers

Which sector focuses on providing essential services like healthcare and education?

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

What is a distinguishing factor of the private sector compared to the public sector?

<p>Operates for profit (A)</p> Signup and view all the answers

What is the main purpose of understanding the business environment components?

<p>To identify the internal and external pressures and influences impacting the business (D)</p> Signup and view all the answers

What is included in the micro environment of a business?

<p>Elements within the company that impact its ability to serve its customers (C)</p> Signup and view all the answers

What is the primary difference between a company's goals and objectives?

<p>Goals provide direction, while objectives are milestones (D)</p> Signup and view all the answers

What is the purpose of a company's vision statement?

<p>To serve as the guiding star for all strategic planning (A)</p> Signup and view all the answers

What is the purpose of a company's mission statement?

<p>To outline the company's primary activities and market purpose (B)</p> Signup and view all the answers

What are the three main segments of the business environment?

<p>Micro, market, and macro (D)</p> Signup and view all the answers

How can poor quality roads and transport facilities impact business operations?

<p>Hinder business operations (A)</p> Signup and view all the answers

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

<p>Impact import costs and economic stability (B)</p> Signup and view all the answers

How do mechanisms like social grants influence consumer spending in lower-income groups?

<p>Boost consumer spending temporarily (C)</p> Signup and view all the answers

What role do technologies like EPOS systems and online banking play in daily business operations?

<p>Increase operational efficiency (A)</p> Signup and view all the answers

Why is political stability important for business growth?

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

How do demographic shifts impact market dynamics?

<p>Play a significant role in determining market needs (D)</p> Signup and view all the answers

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

<p>Directly controlling internal elements (A)</p> Signup and view all the answers

Why is understanding local customs important for businesses operating internationally?

<p>Enhances networking and business relationships (B)</p> Signup and view all the answers

How can high unemployment rates impact a country's economic output?

<p>Reduce productivity and increase training costs (A)</p> Signup and view all the answers

What influence do advancements in communication technologies have on businesses?

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

What are the societal forces included in the macro environment described in the text?

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

Which element directly influences the physical operations and logistics of a business in the physical/natural environment?

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

What role do intermediaries play in the market environment?

<p>Delivering products to consumers (B)</p> Signup and view all the answers

Customers’ purchasing decisions are influenced by a blend of factors, except:

<p>Technological innovations (A)</p> Signup and view all the answers

Which need does 'Self-Actualization' represent in Maslow’s Hierarchy of Needs?

<p>Personal growth and fulfillment (C)</p> Signup and view all the answers

What does Maslow’s Hierarchy of Needs NOT include?

<p>Technological Needs (B)</p> Signup and view all the answers

An essential aspect for businesses is to monitor environmental __________ to effectively respond to opportunities and threats.

<p>Trends (A)</p> Signup and view all the answers

Which Part of the External Environment directly interacts with the business?

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

What must businesses do to respond effectively to changing market conditions?

<p>Adapt management strategies (A)</p> Signup and view all the answers

Which groups are part of the Civil Society interactions influencing businesses?

<p>Media, local communities, financial entities, citizen action groups (D)</p> Signup and view all the answers

What is the primary function of the primary sector?

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

Which of the following is an example of a macro environmental factor?

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

What is the market environment composed of?

<p>Consumers, suppliers, agents, and competitors (A)</p> Signup and view all the answers

What is the impact of economic factors on business operations?

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

What is the role of technological advancements in business?

<p>To create business opportunities and improve operational efficiencies (D)</p> Signup and view all the answers

What is the function of the Electronic Point of Sale (EPOS) system?

<p>To enhance inventory management and customer transactions (B)</p> Signup and view all the answers

What is the impact of demographic shifts on business operations?

<p>Changes in market demands and adjustments in product offerings and marketing strategies (A)</p> Signup and view all the answers

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

<p>To manufacture goods (D)</p> Signup and view all the answers

What is the scope of the macro environment?

<p>External to the business (A)</p> Signup and view all the answers

What is a positive organizational culture most likely to foster?

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

Which of the following is not considered an organizational resource?

<p>Customer satisfaction (D)</p> Signup and view all the answers

According to the POLC framework, what is the purpose of the 'Controlling' activity?

<p>Applying corrective measures for alignment with goals (D)</p> Signup and view all the answers

What is the primary role of the 'General Management' function?

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

Which of the following is not considered a part of the 'Marketing Function'?

<p>Producing finished goods (A)</p> Signup and view all the answers

What does the 'Financial Function' primarily manage?

<p>The financial health of the company, ensuring adequate funding and financial planning (B)</p> Signup and view all the answers

Which of the following best describes the 'Micro Environment' of a business?

<p>The internal environment of the business over which management has control (A)</p> Signup and view all the answers

What is the primary purpose of the 'Purchasing Function'?

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

What is the primary role of the 'Public Relations Function'?

<p>Managing the public image and community relations of the business (C)</p> Signup and view all the answers

What is the primary role of the 'Human Resource Function'?

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

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

<p>Regulatory compliance (D)</p> Signup and view all the answers

In the tertiary sector, which activity plays a crucial role in ensuring the smooth movement of goods and information?

<p>Transport and Communication (C)</p> Signup and view all the answers

Which gap do auxiliary services address by holding products until they are needed?

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

Which sector focuses on innovation, profit generation, and significant employment creation?

<p>Private Sector (C)</p> Signup and view all the answers

What is the main role of the secondary sector in the economy?

<p>Processing raw materials into finished products (C)</p> Signup and view all the answers

How do businesses in the tertiary sector contribute to the economy?

<p>Delivering services and distributing finished products (A)</p> Signup and view all the answers

What impact can a negative organizational culture have on a business?

<p>Reduce motivation and lead to conflicts (B)</p> Signup and view all the answers

Which of the following is primarily responsible for converting raw materials into finished goods in a business?

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

In the POLC framework of management, which activity is related to directing and motivating staff to follow business plans?

<p>Leading (A)</p> Signup and view all the answers

Which function within a business is responsible for managing the public image and community relations?

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

What is the purpose of the macro environment in the context of business?

<p>Influencing the business indirectly through societal forces (A)</p> Signup and view all the answers

Who oversees and synchronizes all other business functions to ensure the company’s objectives are achieved?

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

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

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

In business, what does the term 'Organisational Structure' primarily refer to?

<p>Hierarchical arrangement of roles and responsibilities (C)</p> Signup and view all the answers

What role does the Purchasing Function play in a business?

<p>Procures necessary materials at the right price, quality, and time (A)</p> Signup and view all the answers

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

<p>By reducing the workforce's productivity and economic output. (C)</p> Signup and view all the answers

What influences consumer behavior and product preferences through customs, religion, and language?

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

How can the internal dynamics and norms of a business impact employee performance?

<p>Lead to conflicts and reduce motivation (B)</p> Signup and view all the answers

What technology can facilitate faster and more reliable communication but also requires businesses to protect data integrity and privacy?

<p>Telecommunications infrastructure (A)</p> Signup and view all the answers

What does a negative balance of payments, where imports exceed exports, primarily impact?

<p>National currency strength (D)</p> Signup and view all the answers

Which factor dictates market conditions and consumer spending behaviors through stages like Expansion, Peak, and Recovery?

<p>Business cycle stages (A)</p> Signup and view all the answers

What factor must businesses consider in terms of their environmental impact related to air, water, and noise pollution?

<p>Environmental laws compliance (C)</p> Signup and view all the answers

What can reduce labor needs but increase efficiency through the adoption of new technologies like robotics and automated systems?

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

What directly shapes the micro environment of a business and comprises elements over which the business has direct control?

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

In which environment do elements like company registration, tax registration, and labor law compliance fall under?

<p>Institutional environment (C)</p> Signup and view all the answers

What plays a crucial role in fostering business growth by reducing uncertainty and risk?

<p>Political stability (C)</p> Signup and view all the answers

How do strategies within the micro environment, like pricing and product development, influence market dynamics?

<p>By indirectly affecting supplier relations (C)</p> Signup and view all the answers

What is the main role of the macro environment in shaping business operations?

<p>Indirectly influencing business decisions (B)</p> Signup and view all the answers

How do technological advancements like automation and online shopping platforms affect a business's operations?

<p>By altering operational efficiencies (D)</p> Signup and view all the answers

What impact do changes in demographic trends have on business demands?

<p>Necessitate adjustments in product offerings (D)</p> Signup and view all the answers

In the context of business sectors, which primary sector activity involves ocean and freshwater fishing?

<p>Fisheries (A)</p> Signup and view all the answers

How does the balance of payments influence a country's economic stability?

<p>Affects currency value and cost of imported goods (A)</p> Signup and view all the answers

What is the primary role of legal frameworks in the business environment?

<p>To influence compliance requirements and business practices (C)</p> Signup and view all the answers

What distinguishes the primary sector from the tertiary sector in terms of activities?

<p>Tertiary sector provides essential services like education and healthcare (A)</p> Signup and view all the answers

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

<p>Indirectly influencing business operations by affecting consumer spending and investment levels (D)</p> Signup and view all the answers

How do advancements like EPOS systems enhance business operations?

<p>By providing valuable data for marketing and transactions (C)</p> Signup and view all the answers

What is the main difference between a company's vision and mission statements?

<p>Vision is a broad aspirational concept while mission outlines specific objectives (C)</p> Signup and view all the answers

Which of the following is NOT an element of the micro environment?

<p>Government policies (C)</p> Signup and view all the answers

What is the primary purpose of objectives in strategic planning?

<p>To serve as milestones in the strategic planning process (B)</p> Signup and view all the answers

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

<p>Elements under the direct control of the company (A)</p> Signup and view all the answers

What is the primary purpose of a company's goals?

<p>To outline broad primary outcomes (C)</p> Signup and view all the answers

Which of the following is NOT a psychological factor that influences customers' purchasing decisions?

<p>Education (C)</p> Signup and view all the answers

Which sector of the economy focuses on providing essential services like healthcare and education?

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

Landscape, site, and buildings directly affect which aspect of a business?

<p>Physical operations and logistics (B)</p> Signup and view all the answers

What is the purpose of a company's mission statement?

<p>To provide a clear direction for the organization's long-term strategies (A)</p> Signup and view all the answers

Which need does 'self-actualization' represent in Maslow’s Hierarchy of Needs?

<p>Personal growth and fulfillment (B)</p> Signup and view all the answers

What is the main role of auxiliary services in relation to the primary, secondary, and tertiary sectors?

<p>To support the primary, secondary, and tertiary sectors by providing additional services (A)</p> Signup and view all the answers

What is NOT considered an organizational resource?

<p>Customer loyalty (D)</p> Signup and view all the answers

What is the primary difference between a company's goals and objectives?

<p>Goals are long-term, while objectives are short-term (A)</p> Signup and view all the answers

What is a distinguishing factor of the private sector compared to the public sector?

<p>Profit motivation (C)</p> Signup and view all the answers

What role do technologies like EPOS systems and online banking play in daily business operations?

<p>To improve efficiency and accuracy of transactions (B)</p> Signup and view all the answers

Which element of the micro environment outlines a business's long-term direction?

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

Which component of the micro environment provides the fundamental objectives of a business?

<p>Mission (C)</p> Signup and view all the answers

Which component of the micro environment provides specific, actionable steps in the strategic planning process?

<p>Objectives (B)</p> Signup and view all the answers

Which component of the micro environment provides a foundation for a business's existence?

<p>Mission (C)</p> Signup and view all the answers

Which component of the micro environment is considered the aspirational concept of what a business aims to become?

<p>Vision (B)</p> Signup and view all the answers

Which component of the micro environment is the broadest and provides the primary long-term outcomes a business aims to achieve?

<p>Goals (B)</p> Signup and view all the answers

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

<p>Delivering services and distributing finished products (C)</p> Signup and view all the answers

What role does the public sector play in the economy?

<p>Operates under government control to provide essential services (B)</p> Signup and view all the answers

What can negatively impact business operations by imposing restrictions and requiring compliance to sustainability practices?

<p>Water pollution regulations (A)</p> Signup and view all the answers

Which gap do auxiliary services address by holding products until they are needed?

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

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

<p>Unregistered businesses (B)</p> Signup and view all the answers

How do disparities in income affect the market size for different types of products?

<p>Reduce market size for luxury goods (D)</p> Signup and view all the answers

What impact do changes in demographic trends have on business demands?

<p>Changes in business demands (D)</p> Signup and view all the answers

What impact do high unemployment rates and health issues like HIV/Aids have on a country's workforce and productivity?

<p>Impact overall national productivity (C)</p> Signup and view all the answers

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

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

Which factor has a direct influence on consumer behavior and product preferences through customs, religion, and language?

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

What can weaken a country's national currency and impact import costs and economic stability?

<p>Negative balance of payments (C)</p> Signup and view all the answers

In business, what can reduce labor needs but increase efficiency when adopted?

<p>Adoption of new technologies like robotics and automated systems (D)</p> Signup and view all the answers

What technological advancements can enhance operational efficiency but also demand new skills and adaptation from businesses?

<p>EPOS systems (C)</p> Signup and view all the answers

Which macro environmental factor dictates market conditions and consumer spending behaviors through stages like Expansion, Peak, and Recovery?

<p>Business cycle stages (C)</p> Signup and view all the answers

How does a stable political environment impact businesses?

<p>Promotes business growth (D)</p> Signup and view all the answers

What type of advancements can reduce labor needs but increase efficiency in production and operations?

<p>New technologies like robotics and automated systems (D)</p> Signup and view all the answers

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

<p>Managing the public image of the business (B)</p> Signup and view all the answers

Which management activity involves monitoring processes and outputs to ensure alignment with goals?

<p>Controlling (D)</p> Signup and view all the answers

What is the main purpose of the Financial Function within a company?

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

Which external factor influences a business indirectly rather than directly?

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

What differentiates Human Resources from other business resources like Physical and Financial Resources?

<p>Focuses on workforce recruitment and management (D)</p> Signup and view all the answers

In the POLC framework, which activity involves structuring resources and tasks effectively to meet business goals?

<p>Organising (B)</p> Signup and view all the answers

What is the key focus of the Marketing Function within a business?

<p>Identifying customer needs and marketing accordingly (B)</p> Signup and view all the answers

Which business function directly oversees and synchronizes other functions to ensure the company's objectives are met?

<p>General Management Function (B)</p> Signup and view all the answers

Which segment of the business environment involves all internal factors and processes that management can control?

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

What is the core role of overseeing and motivating staff under the POLC framework?

<p>Leading (C)</p> Signup and view all the answers

What is the main component of the market environment that includes customers, suppliers, intermediaries, and competitors?

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

What do customers' purchasing decisions depend on?

<p>A blend of cultural, social, personal, and psychological factors (D)</p> Signup and view all the answers

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

<p>To make the product available at the right place and time (C)</p> Signup and view all the answers

What is included in Maslow's Hierarchy of Needs?

<p>Biological and Physiological Needs, Safety Needs, Belongingness and Love, Esteem Needs, and Self-Actualization (C)</p> Signup and view all the answers

What is the term for businesses that vie for the same customer base and provide similar products or services?

<p>Competitors (B)</p> Signup and view all the answers

What is the primary role of the macro environment in the context of business?

<p>To adapt to broader societal forces (C)</p> Signup and view all the answers

What is an essential aspect for businesses to monitor to effectively respond to opportunities and threats?

<p>The macro environment (D)</p> Signup and view all the answers

What includes Landscape, Site, and Buildings in the physical/natural environment?

<p>The company's physical operations and logistics (D)</p> Signup and view all the answers

What is the term for groups that influence or are influenced by the business, including media, local communities, and financial entities?

<p>Civil Society (B)</p> Signup and view all the answers

What is the primary role of the market environment in a business?

<p>To influence market conditions through marketing and strategic partnerships (D)</p> Signup and view all the answers

What are the factors that shape the operational context for businesses in the macro environment?

<p>Economic, technological, legal, and social environments (B)</p> Signup and view all the answers

Which factor in the macro environment can disrupt or create business opportunities?

<p>Technological advancement (B)</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 (A)</p> Signup and view all the answers

What is the impact of demographic shifts on business operations?

<p>Influence market demands and necessitate adjustments in product offerings and marketing strategies (B)</p> Signup and view all the answers

What is the role of technologies like Electronic Point of Sale (EPOS) systems in business operations?

<p>To enhance inventory management and customer transactions (B)</p> Signup and view all the answers

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

<p>To provide finished goods (C)</p> Signup and view all the answers

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

<p>Influence consumer spending and investment levels (D)</p> Signup and view all the answers

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

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

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

<p>Providing essential services to consumers and businesses (C)</p> Signup and view all the answers

Which element directly influences the physical operations and logistics of a business in the physical/natural environment?

<p>Site and buildings (D)</p> Signup and view all the answers

What directly shapes the micro environment of a business and comprises elements over which the business has direct control?

<p>Suppliers, customers, and competitors (C)</p> Signup and view all the answers

Which gap do auxiliary services address by holding products until they are needed?

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

What is the primary function of the primary sector?

<p>Turning raw materials into products (A)</p> Signup and view all the answers

What directly influences consumer behavior and product preferences through customs, religion, and language?

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

What primarily influences consumer behavior and supplier relations in the market environment?

<p>Competitor actions (A)</p> Signup and view all the answers

Which sector directly involves the extraction of minerals and geological materials?

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

What factor can drastically alter operational efficiencies and market reach through innovations like online shopping platforms?

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

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

<p>Influence product offerings (C)</p> Signup and view all the answers

In what way do advancements in technology like EPOS systems impact businesses?

<p>Enhance inventory management (B)</p> Signup and view all the answers

Which economic factor directly influences consumer spending and investment levels?

<p>Business cycle stages (B)</p> Signup and view all the answers

What sector is primarily involved in the cultivation of crops and rearing of animals for food and fiber?

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

Which external factor shapes the operational context for businesses by affecting consumer spending and business costs?

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

How do business strategies within the micro environment maintain market position in response to changes in consumer preferences?

<p>By adapting pricing (D)</p> Signup and view all the answers

What is the primary role of the market environment in relation to businesses?

<p>Indirect effect on business operations (A)</p> Signup and view all the answers

What is the primary purpose of a business's vision statement?

<p>To provide a clear and concise statement of the business's future goals (C)</p> Signup and view all the answers

What are objectives in the context of business planning?

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

What is included in the micro environment of a business?

<p>Factors within the company that impact its ability to serve its customers (C)</p> Signup and view all the answers

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

<p>Objectives are broad outcomes that goals aim to achieve (D)</p> Signup and view all the answers

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

<p>To clarify the business's reason for being and fundamental objectives (D)</p> Signup and view all the answers

What is the relationship between the micro environment and a business's ability to serve its customers?

<p>The micro environment includes factors within the company that impact its ability to serve its customers (C)</p> Signup and view all the answers

Which element of the micro environment outlines a business's long-term direction?

<p>Planning Activity (D)</p> Signup and view all the answers

Which organizational resource is described as 'the workforce or employees of the company whose skills, attitudes, and performance directly impact the business's success'?

<p>Human Resources (D)</p> Signup and view all the answers

In the context of POLC framework of management, which activity is related to structuring resources and tasks effectively to meet business goals?

<p>Organising (C)</p> Signup and view all the answers

Which component of the market environment includes customers, suppliers, intermediaries, and competitors?

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

Which element of the micro environment ensures adequate funding and financial planning for the business?

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

Which component of the micro environment handles daily administrative tasks and supports the operation through information management?

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

Which management activity involves directing and motivating staff to follow business plans and achieve objectives?

<p>Leading (B)</p> Signup and view all the answers

In the POLC framework, which activity is related to monitoring processes and outputs to ensure alignment with goals and applying corrective measures as needed?

<p>Controlling (D)</p> Signup and view all the answers

Which sector of the economy focuses on providing essential services like healthcare and education?

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

Which component of the micro environment identifies customer needs and markets the product accordingly?

<p>Marketing Function (A)</p> Signup and view all the answers

Which factor in the macro environment dictates market conditions and consumer spending behaviors through stages such as Expansion, Peak, and Recovery?

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

Which groups are included in the Civil Society interactions influencing businesses?

<p>Media, Non-Governmental Organizations, and Academia (D)</p> Signup and view all the answers

Which element in the micro environment affects employee performance and is not directly controlled by management?

<p>Internal Dynamics and Norms (D)</p> Signup and view all the answers

Which stage of the Business Cycle Stages can weaken a national currency and impact economic stability?

<p>Recession (B)</p> Signup and view all the answers

Which sectors are involved in converting raw materials into finished goods in a business?

<p>Primary and Secondary Sectors (A)</p> Signup and view all the answers

Which of the following is NOT a factor influencing operational costs and business continuity in the infrastructure category?

<p>Mining Regulations (D)</p> Signup and view all the answers

Which of the following is a common example of a societal force that poses challenges to businesses in the macro environment?

<p>Income Distribution (C)</p> Signup and view all the answers

Which type of environmental regulations poses additional costs and requirements for businesses with sustainability practices?

<p>Air, Water, and Noise Pollution Regulations (A)</p> Signup and view all the answers

Which advancement in technology simplifies operations by reducing labor needs and increasing efficiency in production?

<p>Robotics and Automated Systems (B)</p> Signup and view all the answers

Which economic factor can temporarily boost consumer spending in lower-income groups during uncertain economic times?

<p>Social Grants (D)</p> Signup and view all the answers

What is the primary purpose of understanding the components of the business environment?

<p>To respond to opportunities and threats (B)</p> Signup and view all the answers

What includes raw materials, finance, and labor as essential inputs for production?

<p>Suppliers (B)</p> Signup and view all the answers

What is the primary role of intermediaries in delivering products to the end consumer?

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

Which of the following is an example of a physical/natural environment element that can affect business operations?

<p>Local weather and climate changes (B)</p> Signup and view all the answers

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

<p>To affect business operations and require adaptation (A)</p> Signup and view all the answers

Which of the following is a psychological factor that influences customers' purchasing decisions?

<p>Motivation and perception (B)</p> Signup and view all the answers

What is the primary role of management in the micro environment?

<p>To shape the organizational culture and deploy resources effectively (B)</p> Signup and view all the answers

What is the primary purpose of understanding customers in the market environment?

<p>To understand their needs and drive business offerings (B)</p> Signup and view all the answers

Which of the following is an example of a social factor that influences customers' purchasing decisions?

<p>Family roles and social status (A)</p> Signup and view all the answers

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