Business 2
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Questions and Answers

What is business environment?

Factors affecting operations &; performance of the business

Internal environment consists of ?

The owner, business structure, business resources, marketing strategies & business culture

External environment consists of?(7)

Economic, demographic,legal-political, competitive, physical,cultural and technological

Benefits of using modern technology

<p>Saves time since fast. Goods produced r of high quality Proper management of business Production rate is high.</p> Signup and view all the answers

Outline 4 elements of demographic environment that may influence a business

<p>Population size, population distribution, age &amp; gender and birth &amp; death rates</p> Signup and view all the answers

Highlight 4 factors that may limit adoption of modern technology

<p>Expensive to acquire modern technology,can create loss of employment,can cause losses if modern technology breaks and it requires new skills</p> Signup and view all the answers

Success of business

<p>1)Political stability 2)Increased population 3)low competition 4)favourable climate 5) Appropriate technology 6)good planning 7)good business culture 8) good business structure</p> Signup and view all the answers

Highlight 4 ways in which a entrepreneur can positively affect micro environment

<p>Setting up realistic goals Employing qualified personel better decisions making and provision of adequate resources &amp; finance</p> Signup and view all the answers

Business failures

<p>1)Stiff competition 2)Lack of market 3) political instability 4) Unfavorable climatic conditions 5)poor management policies 6) unskilled employees 7) inappropriate technology 8)poor decisions</p> Signup and view all the answers

Differentiate between generic and enterprise competition

<p>Generic is where products are used for same purpose while Enterprise is where firms are producing similar services</p> Signup and view all the answers

The following are strengths of a good business structure which one is not?

<p>Objectives are achieved (C)</p> Signup and view all the answers

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