Business Lecture Notes Flashcards

Flashcards about business environments, models, and structures.

Internal environment

Everything within the business that it has full control over, including shareholders, employees, and owners.

Macro environment

Broad external environment made up of large-scale factors (Political, economic, sociocultural trends) that affect businesses of all sizes.

Micro/operating environment

External groups or forces outside the business that are directly connected to the business to how it operates every day in which the business has little control over, such as customers, suppliers, and competitors.

Bricks and clicks

A business model that provides e-commerce and the traditional in-store business method.

Bricks and mortar

A traditional business model that is in person where the person goes to the store.

E-commerce

Buying and selling goods and services online.

Importer exporter business

A business that either focuses on exporting products, only importing products, or both.

Direct-to-customer

A business that sells its goods or services directly to consumers, without using middlemen like wholesalers or retailers.

Franchise

A business model where the franchisor grants the rights to a franchisee to operate a business location using the franchisor’s brand, products, and systems.

Public listed company

A business that is listed on the ASX, can sell shares to the public to raise capital, and must meet strict legal and financial reporting requirements.

Private limited company

A business that has a private group of shareholders, between 1 and 50, and shares that cannot be sold on the ASX or to the public.

Sole trader

A single person who owns and runs the entire business and is responsible for all debts and obligations of the business.

Partnership

An unincorporated business structure where two or more people share ownership and control of the business.