Grade 10 Business Studies Comprehensive Summary

Micro Environment (Internal): Includes everything inside the business managed by owners or directors. The business has full control. Components include vision, mission, culture, resources, and the eight business functions.
Market Environment (External): Immediate external components impacting operations. The business has limited influence. Includes consumers, suppliers, intermediaries, competitors, and civil society (CBOs, NGOs, Regulators, Unions, and Strategic Allies).
Macro Environment (External): Condition of the economy as a whole; the business has no control. Analysed using PESTLE: Political, Economic, Social, Technological, Legal, and Environmental.
Interrelationships: The three environments are interrelated. A change in the macro environment (e.g., an increase in interest rates) can affect the micro environment (production costs) and the market environment (customer demand).

Planning: Evaluating existing activities and formulating strategic, tactical, or operational plans.
Organising: Bringing human, financial, and physical resources together to execute plans.
Leading/Directing: Inspiring and motivating subordinates to achieve business objectives.
Controlling: Establishing performance standards and taking corrective measures if objectives are not met.
Risk Management: Identifying and monitoring potential threats to mitigate financial liability.

General Management: Sets the overall strategy and coordinates the other seven functions.
Purchasing: Acquires quality raw materials and services from reputable suppliers.
Production: Processes raw materials into finished or semi-finished products.
Marketing: Conducts research and manages the 7Ps: Product, Price, Place, Promotion, People, Process, and Physical Environment.
Public Relations: Maintains a positive image through media, social responsibility, and networking.
Human Resources: Handles recruitment, training, and employee well-being.
Administration: Collects, processes, and stores data and information using ICT (Information and Communication Technology).
Financial: Manages capital needs, budgets (capital and cash), and financial reporting.

Sectors: * Primary: Extraction of raw materials (e.g., mining, agriculture). * Secondary: Transforming materials into goods (e.g., manufacturing, construction). * Tertiary: Service industries (e.g., banking, tourism, transportation).
Formal vs. Informal: Formal sector businesses are registered with CIPC, pay tax to SARS, and are included in GDP. Informal sector businesses are unregistered and often home-based (e.g., spaza shops).
Public vs. Private: Public sector consists of state-owned enterprises (SOEs/SOCs) like Eskom and SAA. Private sector consists of businesses owned by individuals seeking profit.
Forms of Ownership: * Sole Trader: One owner, unlimited liability. * Partnership: Minimum of two partners, unlimited liability. * Close Corporation (CC): Minimum one, maximum 10 members. * Companies: Private ((Pty) Ltd), Public (Ltd - listed on JSE), State-Owned (SOC Ltd), and Non-Profit (NPC). * Co-operatives: Voluntary associations focused on service to members.

Issues: Poverty, inequality (top $1\%$ of earners take home $20\%$ of income), inclusivity, HIV/AIDS (estimated $38$ million people globally in 2019), gambling, piracy, and crime.
Social Responsibility: Individuals and businesses have a duty to act in the best interest of the environment and society. Corporate Social Responsibility (CSR) involves conducting operations ethically and giving back to the community.

Problem-Solving Cycle: Identify problem $\rightarrow$ Define problem $\rightarrow$ Formulate strategy $\rightarrow$ Implement strategy $\rightarrow$ Allocate resources $\rightarrow$ Monitor $\rightarrow$ Evaluate.
Techniques: * Delphi Technique: Using a panel of experts and rounds of questionnaires. * Force Field Analysis: Weighing driving forces against restraining forces. * Nominal Group Technique: Silent brainstorming with anonymous ranking. * SCAMPER: Substitute, Combine, Adapt, Modify, Put to another use, Eliminate, Reverse.

Contracts: Legally binding agreements (Employment, Insurance, Hire Purchase, Lease, Rental). Must have contractual capacity, be reasonable, and be legally possible.
Acts and Regulations: * National Credit Act (NCA): Regulates credit providers and protects against over-indebtedness. * Consumer Protection Act (CPA): Prevents customer exploitation. * BCEA and LRA: Regulate basic conditions of employment and labour relations.
Quality: Quality Control is the inspection of the final product; Quality Assurance is the continuous maintenance of standards throughout the entire process.
SWOT Analysis: Internal Strengths and Weaknesses; external Opportunities and Threats.