Year 11 Business terms

Business planning

Establishing goal and developing strategies to achieve them

External environment

Surrounding factors that can affect a business (and has minimal or no control over)

Legal and Government regulations

Laws and rules made by parliaments and government and made by the courts

Societal attitudes

Collective values, beliefs and opinions held by a group of people

Societal behavior

The way people act and response in various situations

Societal values and beliefs

Principals, standard and assumptions upheld by individuals or a group of people, which influence how they make decisions

Societal trends

General developments in the way a group of people in society are behavior

Economic conditions

Conditions that exist in relation to the productive performance and financial stability of a nation or other geographical area

Technological development

Innovations and invention of tools that solve problems and enhance processes

Business responsiveness to technological development

A

When planning a business, business owners much monitor, understand, and adopt the latest technological developments in order to remain competitive

Globalisation

Interconnected with others across the globe, allowing for increased international trade and cultural exchange

Environmental considerations

Impact of businesses on environment

Social considerations

Impact of businesses on society

Customer needs

Essential requirements that customers intend to fulfil with purchase

Customer expectations

Values or beliefs that customers intend to fulfil with purchase

Competitors

Business that operate in same or similar industries and offer a similar service or good

Special Interest Groups

Organisations or group of people that seek to influence laws, policies or behaviors to benefit a specific cause

SIG: Unions

Employee help, treatment, pay (FOR EMPLOYEES)

SIG: Business Associations

legal requirements (FOR BUSINESS)

SIG: Environmental lobby groups

Sustainability purposes

CSR

Corporate social responsibility:

Ethical conduct of a business beyond legal obligations and the consideration of social, economic and environmental impacts when making business decisions

Niche market

Small specialized market for a particular product

Mass market

Largest market for products produced on a large scale

Market segmentation

Divides consumers into groups with similar characteristics

Market research

Systematic procedure used to develop and analyse new and existing information

7Ps model of marketing

Product, price, place, promotion, people, physical evidence and process

Accountant

A professional who manages, updates, analyses and reports a business's financial information

Business name

The title that a business operates under and what customer use to identify the business

Website domain: a website address that identifies the businesses online site

A website address that identifies the businesses online site

Trade practice legislation

The law that governs how a business interacts with customers and competitors

The role of external professionals

Financial advisors, accountants, IT specialists, legal advisers, marketing advisers

Legal requirements for establishing a business

Registering a business name, registering a website domain, trade practices legislation, business tax compliance, work safe insurance

Importance of choosing appropriate suppliers

Quality, price, reliability, location, socially responsible suppliers

Dividing market into variables

Demographic, behaviour: brand loyalty and personal benefits

Types of demographic segmentation

Demographic characteristics, geographic characteristics, psychographic characteristics, behavioral characteristics