Business studies

What is the definition of the Public Sector?

Businesses owned or run by the government that provide collective goods and services.

What are some examples of collective goods and services provided by the Public Sector?

Education, health care, water and sanitation, police service, municipalities.

How is the Public Sector funded?

Funded by taxes collected by the State Revenue Service (SARS).

What is the main aim of the Private Sector?

To satisfy customer needs and wants while making a profit.

What are the different economic sectors?

Primary, Secondary, Tertiary, Quaternary, and Quinary sectors.

What characterizes a successful business?

Strong leadership, competitive advantage, satisfaction of needs, sustainable resource use, and social responsibility.

What are important business objectives?

Survival, profitability and growth, productivity and efficiency, competitive edge, employee development, accountability, and care for profits, people, and the environment.

What factors are included in the Internal Business Environment?

Control factors such as equipment, machinery, and employees.

What distinguishes the Formal Business Environment from the Informal Business Environment?

Formal businesses have a set location and pay taxes, while informal businesses do not have a set location and do not pay taxes.

What does SOE stand for and what is its definition?

State Owned Enterprise, a legal entity that engages in commercial activities as a state asset.

What are the roles of a manager in an organization?

Planning, organizing, leading, controlling, coordinating, decision-making, delegation, discipline, and motivation.

What are the functional areas of a business?

Purchasing, production, marketing, promotion, public relations, human resources, financial, risk management, and management information systems.

What are key resources needed for a business?

Entrepreneurship, human resources/labor, capital, and raw materials/land.

What is the role of business policy?

Documents containing rules and guidelines for employees, such as a code of conduct.

How is a business culture defined?

Refers to the beliefs and values that guide the stakeholders of the business.

What does a market environment encompass?

Suppliers, consumers, competitors, intermediaries, NGOs, and industry regulators.

What are the components of the Macro Environment in P.E.S.T.L.E analysis?

Political, Economic, Social, Technological, Legal, and Environmental factors.

What does SWOT Analysis evaluate?

Strengths, Weaknesses, Opportunities, and Threats of a business.