Business Studies June exam P1 (Hard)
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Questions and Answers

What can hinder or facilitate business operations according to the text?

  • Quality of roads, transport facilities, and telecommunications infrastructure (correct)
  • Governmental influence
  • Balance of payments
  • Production and operations advancements

    • High unemployment and health issues like HIV/Aids are stated as impacting what aspect of economic activity?

  • Overall national productivity (correct)
  • Consumer spending behaviors
  • Market dynamics
  • Income distribution

    • What is the role of social grants in the context of consumer spending?

  • Boosting consumer spending among lower-income groups (correct)
  • Shaping business operations
  • Increasing luxury goods market size
  • Influencing market dynamics

    • What influences consumer behavior and product preferences according to the text?

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

    Which environmental factor can impose restrictions and require compliance to sustainability practices?

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

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

    <p>Adoption of new technologies like robotics</p> Signup and view all the answers

    What does the primary sector encompass?

    <p>Mining and extraction of natural resources</p> Signup and view all the answers

    Which environment fosters business growth according to the text?

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

    Changes in population statistics such as age and gender influence what according to the text?

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

    How can economic expansions or recessions impact business operations?

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

    What governs business operations in terms of laws regarding employment and competition?

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

    What is an example of a technological advancement mentioned in the text?

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

    Which sector involves the cultivation of crops and rearing of animals?

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

    What requires businesses to protect data integrity and privacy according to the text?

    <p>Communication and information management technologies</p> Signup and view all the answers

    What external factor affects the cost of imported goods?

    <p>Taxation policies</p> Signup and view all the answers

    How do changes in population age and education levels influence businesses?

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

    What can significantly influence consumer behavior and supplier relations according to the text?

    <p>Actions by competitors</p> Signup and view all the answers

    Which sector is involved in the extraction of aquatic species?

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

    How do economic factors like inflation impact businesses?

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

    Which factor can create business opportunities but also require businesses to adapt quickly?

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

    What does the micro environment management control?

    <p>Organizational culture and strategic changes</p> Signup and view all the answers

    What societal forces are included within the macro environment?

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

    According to Maslow's Hierarchy of Needs, what comes after Safety Needs?

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

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

    <p>Age, occupation, lifestyle</p> Signup and view all the answers

    In the market environment, who plays a critical role in delivering products to the end consumer?

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

    What is essential for businesses to effectively respond to opportunities and threats in the market environment?

    <p>Adaptive management strategies</p> Signup and view all the answers

    How do competitors impact a business?

    <p>By vying for the same customer base</p> Signup and view all the answers

    What is crucial for businesses to remain competitive in the marketplace?

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

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

    <p>Landscape, Site, and Buildings</p> Signup and view all the answers

    What should a business plan for if located in areas prone to natural disasters?

    <p>Disruptions in operations</p> Signup and view all the answers

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

    <p>To define the company's primary activities and market purpose</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 customers</p> Signup and view all the answers

    What is the role of objectives in the strategic planning process?

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

    What is the relationship between goals and objectives?

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

    What is the purpose of understanding the business environment components?

    <p>To ensure strategic planning and operational success</p> Signup and view all the answers

    What is the role of vision in strategic planning?

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

    What is the primary role of the secondary sector?

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

    What is the key process involved in the production of machinery or vehicles?

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

    What is the primary function of the public sector?

    <p>Operating under government control to serve the public interest</p> Signup and view all the answers

    What is a characteristic of the informal sector?

    <p>Unregistered businesses that operate outside the official regulatory framework</p> Signup and view all the answers

    What is the role of sorting and grading in auxiliary services?

    <p>Addresses the quality and quantity gaps, ensuring products meet certain standards</p> Signup and view all the answers

    What is a characteristic of the formal sector?

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

    What is the primary impact of a positive organisational culture on a business?

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

    Which type of organisational resource is critical for funding operations and expansions?

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

    What is the primary purpose of the Controlling function in the POLC framework?

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

    What is the term for the hierarchical arrangement of business roles and responsibilities?

    <p>Organisational Structure</p> Signup and view all the answers

    Which business function is responsible for identifying customer needs and marketing the product accordingly?

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

    What is the term for the external factors that directly affect the company, such as competitors, suppliers, and customers?

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

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

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

    Which organisational resource comprises data, analytics, software, and hardware?

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

    What is the term for the broader societal forces that influence the business indirectly, such as economic conditions and legal frameworks?

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

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

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

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

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

    What is the relationship between goals and objectives?

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

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

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

    What is the primary purpose of mission statements?

    <p>To clarify the business's reason for being</p> Signup and view all the answers

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

    <p>It includes factors within the company</p> Signup and view all the answers

    Which auxiliary service bridges the possession and risk gaps in economic activities?

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

    Which sector encompasses the production of new products from raw materials through various forms of production?

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

    Which characteristic of the informal sector reflects its challenges and limitations?

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

    Which sector focuses on delivering services such as healthcare and education without profit motives?

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

    Which organizational resource is critical for driving innovation and ensuring significant employment?

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

    Which aspect of economic activity is impacted by high unemployment and health issues such as HIV/Aids?

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

    What is the primary role of the market environment in influencing a business's operations?

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

    What is the scope of the macro environment?

    <p>External to the business and includes broad factors like economic, technological, and social environments</p> Signup and view all the answers

    How do economic factors like inflation affect business operations?

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

    What is included in the social and cultural environment?

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

    What is the primary role of the primary sector?

    <p>To involve activities that directly interact with natural resources</p> Signup and view all the answers

    What can significantly influence the cost of imported goods?

    <p>The relationship between a country's imports and exports</p> Signup and view all the answers

    What is the primary role of the tertiary sector?

    <p>To provide services</p> Signup and view all the answers

    What can drastically alter operational efficiencies and market reach?

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

    What shapes the operational context for businesses?

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

    What is the primary impact of a negative balance of payments on a country's economy?

    <p>Increased import costs and economic instability</p> Signup and view all the answers

    Which environmental factor can directly affect the availability of skilled labor in a business?

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

    What is the primary purpose of understanding the interrelationship between micro, market, and macro environments?

    <p>To navigate and strategize effectively in a business</p> Signup and view all the answers

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

    <p>Developing business objectives</p> Signup and view all the answers

    Which environmental factor can impose restrictions and require compliance to sustainability practices in business operations?

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

    What is the primary impact of high unemployment and health issues like HIV/AIDS on economic activity?

    <p>Reduced national productivity</p> Signup and view all the answers

    Which environment comprises the external factors that directly affect the company, such as competitors, suppliers, and customers?

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

    What is the primary role of official procedures in the institutional environment?

    <p>Company registration, tax registration, and compliance with labor laws</p> Signup and view all the answers

    What is the primary impact of technological advancements on business operations?

    <p>Increased efficiency and reduced labor needs</p> Signup and view all the answers

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

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

    What aspect of the market environment is most crucial for a business to understand in order to tailor its internal processes and resources?

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

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

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

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

    <p>Delivering products to end consumers</p> Signup and view all the answers

    Which element of the macro environment includes factors such as economic conditions and technological innovations?

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

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

    <p>Developing strategic plans</p> Signup and view all the answers

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

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

    What is the primary difference between suppliers and intermediaries in the market environment?

    <p>Suppliers provide raw materials, while intermediaries deliver products</p> Signup and view all the answers

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

    <p>Includes broader societal forces</p> Signup and view all the answers

    What is the primary purpose of managing the micro environment?

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

    Which of the following is an example of a safety need, according to Maslow's Hierarchy of Needs?

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

    Which management activity, according to the POLC framework, involves both directing and motivating staff to follow business plans and achieve objectives?

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

    Which type of organisational resource includes data, analytics, software, and hardware that enable the business to stay competitive and efficient?

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

    What is the primary role of the primary sector within the market environment?

    <p>Extracting raw materials</p> Signup and view all the answers

    How do economic expansions or recessions impact business operations and policy changes?

    <p>Adjusting production, prices, and staffing based on market demand</p> Signup and view all the answers

    According to the provided text, which factor can both create business opportunities and require businesses to adapt quickly in the market environment?

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

    What is the role of sorting and grading in auxiliary services for businesses?

    <p>Ensuring the quality and standard of goods</p> Signup and view all the answers

    What are the primary activities of the secondary sector?

    <p>Manufacturing goods</p> Signup and view all the answers

    What are the societal forces included in the macro environment that can indirectly influence businesses?

    <p>Cultural trends and ethical standards</p> Signup and view all the answers

    According to Maslow's Hierarchy of Needs, which level comes after Safety Needs?

    <p>Love and Belonging</p> Signup and view all the answers

    What is the role of vision in strategic planning for businesses?

    <p>Outlining the long-term direction and purpose of the company</p> Signup and view all the answers

    What is a key characteristic of the formal sector mentioned in the text?

    <p>Employs many workers and has fixed premises</p> Signup and view all the answers

    In the context of auxiliary services mentioned in the text, what gap does financing and insurance help bridge?

    <p>Possession and risk gaps</p> Signup and view all the answers

    What distinguishes the tertiary sector from the secondary sector?

    <p>Delivers services and distributes finished products</p> Signup and view all the answers

    Which of the following accurately describes the informal sector as per the text?

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

    What role does the private sector play in the economy based on the text?

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

    Which role is characteristic of the public sector according to the text?

    <p>Funded by taxpayers to provide essential services</p> Signup and view all the answers

    What defines the micro environment in the context of a business?

    <p>Factors within the company that directly affect its ability to serve customers</p> Signup and view all the answers

    In the business text, what purpose does the mission serve?

    <p>Defining the business's reason for being and its primary activities</p> Signup and view all the answers

    What distinguishes goals from objectives within the business context?

    <p>Goals are specific actionable steps while objectives define how goals are achieved</p> Signup and view all the answers

    Which statement accurately describes the significance of vision in a business?

    <p>It serves as the guiding star for all strategic planning activities</p> Signup and view all the answers

    How is the market environment different from the micro environment?

    <p>Market environment consists of societal forces while micro environment has internal company factors</p> Signup and view all the answers

    Which aspect plays a crucial role in shaping the micro environment for a business?

    <p>Management decisions and internal factors</p> Signup and view all the answers

    What is the primary purpose of management's control over the micro environment?

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

    Which societal force is part of the macro environment that businesses must adapt to?

    <p>Civil society</p> Signup and view all the answers

    Why is managing relationships with suppliers important for businesses?

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

    In the Market Environment, what category do competitors fall under?

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

    How does a negative balance of payments affect a country's economy?

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

    What influences customers' purchasing decisions according to the text?

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

    What is the primary role of business cycle stages in market dynamics?

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

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

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

    How do mechanisms like social grants impact consumer spending?

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

    What do advancements in communication and information management technologies require businesses to prioritize?

    <p>Protecting data integrity and privacy</p> Signup and view all the answers

    Why is understanding competitive strategies crucial in the market environment?

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

    How does political unrest impact business operations?

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

    Which societal group falls under the category of civil society?

    <p>Customers' reference groups</p> Signup and view all the answers

    What factor in Maslow's Hierarchy of Needs influences personal growth and fulfillment?

    <p>Self-actualization</p> Signup and view all the answers

    In what way do events outside national borders affect local markets?

    <p>Cause disruptions in supply chains</p> Signup and view all the answers

    Why should businesses monitor the environments according to the text?

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

    Why is understanding the interrelationship of micro, market, and macro environments crucial for businesses?

    <p>To navigate and strategize effectively</p> Signup and view all the answers

    What influences consumer behavior and product preferences according to the text?

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

    How do technological advancements affect labor needs in production and operations?

    <p>Reduce the need for human labor</p> Signup and view all the answers

    What is the primary impact of high unemployment and health issues like HIV/AIDS on productivity according to the text?

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

    What contributes significantly to maintaining a business's market position in response to competitor actions or changing consumer preferences?

    <p>Implementation of <strong>pricing, product development, and customer service</strong> strategies</p> Signup and view all the answers

    Which sector involves the extraction of minerals and geological materials from the earth?

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

    How do technological advancements like digital marketing tools impact business operations?

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

    What factor can disrupt business operations and create new opportunities but requires businesses to adapt quickly according to the text?

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

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

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

    What external factors beyond direct business control shape the operational context for businesses?

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

    Which sector involves activities related to the cultivation of crops and rearing of animals for food, fiber, and other products?

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

    In what way can government policies influence business operations and market conditions?

    <p>Through indirect effects on taxation and spending</p> Signup and view all the answers

    How do economic factors like inflation or unemployment affect consumer spending and business costs?

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

    What is the primary role of strategies devised within the micro environment like pricing and product development?

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

    What aspect of business operations does a positive culture help foster?

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

    In the context of microenvironment functions, what is the primary role of the purchasing function?

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

    What core activity of management includes monitoring processes and outputs to ensure alignment with goals?

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

    Which environment encompasses economic conditions, legal frameworks, and cultural trends that indirectly influence a business?

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

    What is the primary focus of the marketing function within a business?

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

    Which function 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 main accountability of the administration function in a business?

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

    Which resource is critical for businesses to ensure adequate funding and financial planning?

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

    What is the core function of the production function within a business?

    <p>Converting raw materials efficiently</p> Signup and view all the answers

    What is the overarching impact of understanding and managing the microenvironment components on a business?

    <p>Enhanced decision-making processes</p> Signup and view all the answers

    Which component of the micro environment serves as a clear and concise statement guiding all strategic planning?

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

    What are the broad primary outcomes that the business aims to achieve in the micro environment?

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

    Which element of the micro environment outlines the business's fundamental reason for existence?

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

    Which part of the micro environment provides specific, actionable steps defining how goals will be achieved?

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

    What serves as the foundation for a business's existence in the micro environment by outlining its primary activities and market purpose?

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

    In the micro environment, what are specific, actionable steps that serve as milestones in the strategic planning process?

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

    What is the primary function of the public sector based on the text?

    <p>Delivering essential services like healthcare and education</p> Signup and view all the answers

    How do auxiliary services help bridge the possession and risk gaps in economic activities?

    <p>By facilitating purchases and providing risk management</p> Signup and view all the answers

    What role does the private sector play in the economy?

    <p>Driving innovation, ensuring significant employment, and operating for profit</p> Signup and view all the answers

    How does the informal sector differ from the formal sector?

    <p>Operates outside official regulatory frameworks</p> Signup and view all the answers

    How do sorting and grading services contribute to economic activities?

    <p>By ensuring products meet certain standards and are appropriately grouped</p> Signup and view all the answers

    Which sector comprises businesses that typically comply with governmental regulations and contribute to the country's GDP?

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

    How can high unemployment and health issues like HIV/Aids impact the overall national productivity?

    <p>By impacting workforce productivity and increasing training costs.</p> Signup and view all the answers

    Which sector can be negatively affected by political unrest leading to uncertainty and risk?

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

    How do advancements in technologies like robotics and automated systems impact labor needs in production and operations?

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

    What can cultural influences such as customs, religion, and language significantly impact in business?

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

    How do changes in population statistics such as age, gender, and education influence market dynamics and consumer needs?

    <p>They influence market dynamics and consumer needs.</p> Signup and view all the answers

    What is the impact of a negative balance of payments, where imports exceed exports, on the national currency?

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

    In what way can advancements in technology like EPOS systems and online banking impact business operations?

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

    How do environmental regulations related to air, water, and noise pollution affect businesses?

    <p>They impose restrictions and require compliance to sustainability practices.</p> Signup and view all the answers

    What role does the quality of infrastructure play in business operations?

    <p>It facilitates business operations.</p> Signup and view all the answers

    How does political stability versus political unrest influence business growth?

    <p>Political stability fosters business growth.</p> Signup and view all the answers

    What are the primary elements included in the macro environment as described in the text?

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

    Which of the following societal forces would be categorized under the macro environment for businesses?

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

    What is pivotal for businesses in managing the micro environment according to the detailed exploration?

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

    Which of the following needs from Maslow’s Hierarchy influences social interactions and relationships?

    <p>Belongingness and Love needs</p> Signup and view all the answers

    What do intermediaries mainly contribute to in the market environment from the text?

    <p>Product delivery to end consumers</p> Signup and view all the answers

    Which factor is considered essential for funding operations, expansions, and sustaining a business through challenging periods?

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

    What key role do competitors play in the market environment as described?

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

    What is the primary responsibility of the production function within a business?

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

    In what way should businesses respond to threats in the business environment according to the text?

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

    Which of the listed elements is crucial for businesses to remain competitive and compliant with external demands?

    <p>Adaptive control over micro environment</p> Signup and view all the answers

    Which business function is responsible for managing the public image and community relations of the company?

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

    What essential aspect of business operations can be influenced by local weather and climate changes?

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

    What is the overarching framework for management activities outlined through POLC?

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

    Which type of environmental factor in the macro environment does this text suggest businesses should adapt to?

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

    What does the term 'Organisational Culture' encompass within a business?

    <p>Collective behavior, norms, and work dynamics</p> Signup and view all the answers

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

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

    Which concept involves the hierarchical arrangement of business roles and responsibilities?

    <p>Business Organisational Structure</p> Signup and view all the answers

    What does the term 'Leading' refer to in the context of management activities?

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

    Which function recruits, trains, and maintains a qualified and motivated workforce?

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

    What encompasses the tangible assets like buildings, machinery, and equipment in a business context?

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

    How do economic factors related to the Balance of Payments impact businesses?

    <p>They influence the cost of imported goods and economic stability</p> Signup and view all the answers

    In the macro environment, how do legal and political factors influence businesses?

    <p>They shape business practices, compliance requirements, and market conditions</p> Signup and view all the answers

    What is the primary focus of the primary sector in terms of business activities?

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

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

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

    What key role do technological advancements like Electronic Point of Sale systems play in businesses?

    <p>Enhance inventory management, provide valuable data, and improve customer transactions</p> Signup and view all the answers

    How do government policies influence business operations?

    <p>Through taxation, spending, and regulations that impact operations and market conditions</p> Signup and view all the answers

    What is the broader scope of the macro environment in relation to businesses?

    <p>External factors like economic, legal, and social conditions that are beyond direct control</p> Signup and view all the answers

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

    <p>Direct influence on competitor actions and consumer preferences</p> Signup and view all the answers

    How do economic expansions and recessions relate to business operations?

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    What is the direct influence of strategic partnerships on the market environment?

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