AOS 3 Business Management

What should business owners consider during planning to remain competitive?

Various social attitudes and behaviors to satisfy customers.

What defines societal attitudes?

The collective values, beliefs, and opinions held by a group of people.

What are societal behaviors?

The way people act and respond in various situations.

What impacts business success according to societal attitudes?

Adapting planning to suit the attitudes and behavior of society and the target market.

What are societal values and beliefs?

Principles, standards, and assumptions upheld by individuals or groups that influence decisions.

How can trends affect business planning?

Businesses should plan products and activities according to trends relevant to their target market.

What are positive economic conditions?

A favorable time for starting a business.

What influences a business's expenses and employment levels?

Economic conditions.

What is consumer confidence?

A measure of customers’ expectations and feelings about future economic conditions.

How do low interest rates affect businesses?

They make business loans less costly and loan repayments easier to manage.

What is the role of suppliers in business planning?

Suppliers provide the resources required to produce goods and services.

What are the impacts of offshore labor on businesses?

It can lower costs but may involve risks such as legal issues and reputation damage.

What does CSR stand for?

Corporate Social Responsibility.

What is a key element of environmental considerations in business?

Protecting and preserving the environment to ensure the welfare of society.

What are special interest groups?

Organizations or groups that seek to influence laws, policies, or behaviors for specific causes.

Why is it important for businesses to consider customer needs?

To improve customer satisfaction and retention, which can increase sales.

What is the impact of competitors on business planning?

Business owners must consider competitor behavior to establish a competitive advantage.

What challenges can businesses face when going global?

Dealing with unfamiliar laws, strong local competition, and cultural differences.

Why should businesses consider tax rates?

Tax obligations must be budgeted as they are necessary expenses for doing business.

What role do business associations play?

They provide advice and support to businesses in a particular industry.

What are the consequences for businesses that do not comply with unions?

They may face strikes and develop a negative reputation.

What is a supply chain?

The network of individuals or businesses involved in producing and distributing a good or service to customers.

What do environmental lobby groups advocate for?

The protection of the environment and promotion of environmental issues.