Podcast
Questions and Answers
Which of the following is the best example of management influences on a business?
Which of the following is the best example of management influences on a business?
- A retail chain adapting its pricing and service strategies in response to online competition. (correct)
- A fast-food restaurant offering halal options to cater to the local Muslim population.
- A coffee shop raising its prices due to climate change affecting coffee bean harvests.
- An airline upgrading its in-flight WiFi using new satellite technology.
Internal influences are factors outside a business's control that impact its operations.
Internal influences are factors outside a business's control that impact its operations.
False (B)
What is the primary focus of location influences on a business?
What is the primary focus of location influences on a business?
choosing a spot that brings in the most customers
__________ influences refer to changes in society, culture, and values that shift consumer behavior.
__________ influences refer to changes in society, culture, and values that shift consumer behavior.
Match the following influences with their correct example:
Match the following influences with their correct example:
Which scenario best illustrates the impact of product influences on a business?
Which scenario best illustrates the impact of product influences on a business?
Institutional influences relate to a business's internal organizational structure.
Institutional influences relate to a business's internal organizational structure.
What is the primary outcome of a well-executed location strategy for a business?
What is the primary outcome of a well-executed location strategy for a business?
__________ influences push businesses to upgrade their systems and services.
__________ influences push businesses to upgrade their systems and services.
Which of the following is an example of a business adapting to social influences?
Which of the following is an example of a business adapting to social influences?
Product influences mainly focus on the physical location of a business.
Product influences mainly focus on the physical location of a business.
What is the purpose of institutional influences concerning business operations?
What is the purpose of institutional influences concerning business operations?
__________ influences are business leadership choices that impact how a company runs and performs.
__________ influences are business leadership choices that impact how a company runs and performs.
What would be the best description of technological influences?
What would be the best description of technological influences?
Management influences only affect small businesses, not large corporations.
Management influences only affect small businesses, not large corporations.
According to the information provided, how did McDonald's adapt to social influences in Lakemba?
According to the information provided, how did McDonald's adapt to social influences in Lakemba?
_______ strategy equals convenient access, equals more customers.
_______ strategy equals convenient access, equals more customers.
What was the result of JB Hi-Fi's strong management influences?
What was the result of JB Hi-Fi's strong management influences?
Businesses have control over external influences.
Businesses have control over external influences.
Why was Nurofen fined $6 million?
Why was Nurofen fined $6 million?
Flashcards
Product Influences
Product Influences
Factors related to a product's quality, packaging, and variety that affect business decisions.
Location Influences
Location Influences
The physical place where a business operates and its impact on customer access and sales.
Management Influences
Management Influences
Business leadership choices that impact how a company runs, adapts and performs.
Social Influences
Social Influences
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Technological Influences
Technological Influences
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Institutional Influences
Institutional Influences
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Study Notes
- Internal influences are factors within a business that impact its operations, decision-making, and overall success.
- Businesses have control over internal factors and can adjust them to improve performance.
Product Influences
- Product influences relate to the product itself, such as quality, packaging, and variety.
- These factors affect business decisions.
- Businesses improve their products to suit customer needs.
- Coffee prices have increased by 40% since pre-COVID (La Marzocco Report 2025).
- Price increases are driven by climate change, ethical sourcing, and high demand.
- Cafes offer premium, single-origin, small-batch coffee.
- Coffee is viewed as an “affordable luxury.”
- Some businesses offer home-brew kits to attract customers, build loyalty, and strengthen their brand.
Location Influences
- Location influences refer to the physical place where a business operates and its impact on access and sales.
- Location focuses on choosing a spot that brings in the most customers.
- High-traffic areas like malls, streets, and near transport hubs are often chosen.
- Businesses may offer drive-thrus, delivery, and stores in remote/shopping areas.
- A good location strategy results in convenient access, leading to more customers.
Management Influences
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Management influences are business leadership choices that impact how a company runs and performs.
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It involves how well the leaders plan, adapt, and grow the business.
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Strong management focuses on pricing, service, and adapting to online trends.
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A balance of online shopping and in-store experience helps maintain market dominance despite online competition.
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External influences are factors outside a business’s control that impact its operations, decision-making, and success.
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Businesses can make adjustments to cater for these external factors.
Social Influences
- Social influences are changes in society, culture, religion, and values that shift consumer behavior.
- People’s beliefs and habits affect what they buy.
- In Lakemba, where 61% of the population is Muslim, McDonald's adapted by offering halal food.
- McDonald's displayed halal certification to build trust.
- Responding to community needs results in more customers and higher profit.
Technological Influences
- Technological influences are changes in technology that improve how businesses operate or connect with customers.
- Businesses are pushed to upgrade their systems and services.
- Qantas upgraded from Sky Muster to Viasat satellite WiFi.
- Qantas now offers international, fast, free in-flight WiFi.
- Improvements to customer experience leads to increased competitive globally.
Institutional Influences
- Institutional influences are government laws and rules that regulate how businesses operate.
- It ensures businesses follow fair and legal practices.
- Nurofen was fined $6 million for misleading “specific pain” products.
- All products had the same active ingredient.
- Nurofen was forced to remove products and inform customers.
- Law ensures honesty and protects consumers.
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