June business environments flash cards

Demographics

Statistics of the population such as gender, age, etc. Constant changes in demographic characteristics can impact the target market.

Psychographics

Refers to customers’ lifestyles, behavior, attitudes, interests, opinions, desires, and lifestyles, which can be challenging to determine due to frequent changes.

Government tenders

Individuals or companies providing goods/services to the government at an agreed price and time.

Ways to overcome competitors

Having unique goods/services, producing high-quality products, well-trained employees, and competitive pricing.

Employment Equity Act

Legislation promoting preference for previously disadvantaged individuals in employment.

Triple Bottom Line

Accounting framework focusing on people, planet, and profit for business evaluation.

Mergers

Collaboration of two companies to form a new business, sharing resources for growth and sustainability.

Networking

Businesses sharing information and contacts for mutual benefit, aiding in acquiring leads and identifying trends.

Piracy

Illegal use or imitation of another person’s work, affecting productivity levels of artists and producers.

Industrial Relations

Relations between management and employees, governed by the Labour Relations Act, encouraging fair practices and collective bargaining.