Internal Influences on Business

Flashcards covering key concepts related to internal influences on business, including definitions and explanations of terms.

Internal Influences

Factors within a business that affect its operations and are under its control, such as products, location, management, resources, and culture.

Products

The goods and services produced by a business, influencing its internal structures and operations.

Location

The physical place where a business operates, affecting customer convenience, visibility, and cost.

Management

The organization and coordination of business activities, impacting efficiency, effectiveness, and innovation.

Business Culture

The values, ideas, expectations, and beliefs shared among members of the organization.

Proximity to Customers

The closeness of a business to its customers, which affects customer traffic and business success.

Visibility

The extent to which a business can be seen by potential customers, influencing customer flow.

Financial Resources

The funds available to a business to cover its expenses.

Human Resources

The employees who carry out the business's operations.

Physical Resources

The equipment and materials needed to conduct the business.

Information Resources

Knowledge and data that assist in decision-making within the business.

Organizational Structures

The way a business is arranged, which influences its efficiency and effectiveness.

Flatter Organizational Structures

Business structures that are less hierarchical, promoting flexibility and accountability.

Support Services

Activities and services that assist the core operations of a business.

Rituals, Rites and Celebrations

Routine behavior patterns and events considered important within a business culture.

Heroes in Business Culture

Successful employees who embody and exemplify the values of the business.