Business Environments

Flashcards covering key concepts from Business Environment lecture notes.

Micro Environment

The internal environment within which a business operates, consisting of the business itself and managed by its directors or owners.

Vision Statement

An inspiring statement about what a business wants its future to look like, describing its long-term goals.

Mission Statement

A statement that explains what the business provides or produces, and the reason for its existence.

Goals

Long-term plans that a business wants to accomplish, serving as guidelines for achieving desired outcomes.

Objectives

Short-term measurable actions that describe how goals will be achieved.

Market Environment

The external environment that includes consumers, suppliers, competitors, and other organizations affecting the business.

Macro Environment

The broader external environment that includes physical, political, legal, social, technological, economical, and cultural factors.

Technological Resources

Intangible resources such as computers and software that help improve the performance of an organization.

Organizational Culture

The shared values, beliefs, and practices within a business that influence how its members interact and work.

Business Functions

Key operational areas within a business such as marketing, finance, production, and human resources.