Business Environments and Influences

A set of vocabulary flashcards covering key terms and definitions related to business environments and influences.

Control

The power to influence or direct people's behavior or the course of events.

Organisational Structure

Framework for managers which shows the division of responsibilities and roles played by each stakeholder.

Vision

Reflects or predicts what the future will look like.

Mission Statement

Shows what one does best every day in the business and how one should go about doing it.

Human Resources

The personnel of a business organization regarded as a significant asset in terms of skills and abilities.

Suppliers

Factories/providers of goods/services that businesses would obtain/buy from in order to operate.

Competitors

Businesses which sell the same or similar products/services.

Deforestation

Removal of trees to clear land to be used for another purpose.

Redressing

To make amends or set right.

Nepotism

The practice of showing favoritism towards one's family members or friends.

Retrenchment

Involuntary ending of a service contract of an employee by the employer due to operational requirements.

Go-slows

When employees work more slowly to persuade an employer to agree to higher pay.

Trade Union

An organized association of workers formed to protect their rights and interests.

Strike

A work stoppage as a form of protest or to strengthen one's bargaining position.

Industrial Action

Actions that include strikes or go-slows.

Open Market

A market with no control over who may provide goods/services or over the prices charged.

Demographics

Statistical data relating to the population and particular groups within it.

Psychographics

Classification of people according to their attitudes, aspirations, and other psychological criteria.

Globalisation

Greater trade and collaboration between businesses or people in different countries.

Physical Environment

An environment comprising ecological elements such as natural disasters, air pollution, and water pollution.

Institutional Environment

Private-public partnerships formed between government and private enterprises.

Micro Environment

The immediate environment affecting a business, including its customers, suppliers, and competitors.

Macro Environment

The broader environment that affects businesses, including political, economic, and social factors.

Market Environment

The environment consisting of consumers, regulators, and competitors.

PESTLE

An acronym for Political, Economic, Social, Technological, Legal, and Environmental factors affecting a business.

Full Control

Business owners have significant control over the micro environment.

Limited Control

Entrepreneurs can influence certain components of the market environment, but not all.

No Control

Businesses cannot control macro environment factors like government policies and economic changes.

Job Opportunities

Creating jobs through business activities can positively impact the macro environment.

Tax Rebates

Tax reductions offered to businesses that support their communities.

Carbon Footprint

The environmental impact of a business, which can be reduced through responsible practices.