Grade 11 Business Studies - Influences on Business Environments

A collection of vocabulary flashcards based on key terms and definitions from the Grade 11 Business Studies lecture notes.

Micro Environment

Refers to the business itself and deals with internal operations.

Vision

The long-term dream of the business and where owners see the business in the future.

Mission

Describes the main function of the business and guides the activities to achieve the vision.

Goals

Desired results that a business aims to achieve in the long-term.

Objectives

Measurable short-term actions that must be completed to achieve goals.

Management style

The approach or method a manager uses to lead people and organizations.

Organizational resources

Includes human resources, physical resources, and financial resources required for operations.

Organizational culture

The values and beliefs shared within the organization that guide its conduct.

Democratic approach

Management style that considers employee opinions in decision-making.

Autocratic approach

Management style that does not take into account employee opinions.

Market Environment

An external environment involving customers, suppliers, competitors, and regulators.

Customers

Participants who purchase goods and services from a business.

Suppliers

Businesses that provide goods and services required by another business.

Competitors

Businesses selling similar products or services that vie for the same market.

Regulators

Entities that ensure businesses comply with laws and support public interest.

Macro Environment

An uncontrollable external environment that affects the business's operations.

Political factors

Government stability and policies that can influence business operations.

Economic factors

Economic conditions affecting trade, such as interest rates and inflation.

Social factors

Societal influences on consumer preferences and purchasing power.

Legal factors

Legislation and laws that businesses must comply with.

Technological factors

The need for businesses to keep up with technical advancements.

Environmental factors

The impact of the business's operations on the physical environment.

SWOT analysis

Assessing strengths, weaknesses, opportunities, and threats within the business.