| Internal Business Environment features include: | Owners, Employees, Structure, Culture |
| What are the Industry Sectors of a business? | - Primary
- Secondary
- Tertiary
- Quaternary
- Quinary |
| What is a primary industry? | Involves the collection of resources from nature
- Farming
- Mining
- Fishing |
| What is a Secondary Industry? | Businesses that take the output of raw materials and process it into a semi or finished product
- Steel manufacturer
- Car manufacturer |
| What is a Tertiary Industry? | Performing a service for other people
- Retailer
- Dentist
- Lawyer |
| What is a Quaternary Industry? | Services that involve transfer and processing of information and knowledge
- Telecommunications
- Education
- Property |
| What is a Quinary Industry? | Includes all services that have traditionally been performed in the home
- Hospitality
- Childcare
- Tourism |
| What are business goals? | A desired outcome (target) that an individual or business intends to achieve with a certain time frame. |
| What makes up SMART goals? | - Specific
- Measurable
- Attainable
- Realistic
- Timely |
| What are the 4 Key business functions? | - Operations
- Marketing
- Finance
- Human Resources |
| What are the 4 P's? | - Price
- Product
- Promotion
- Place |
| What are Human Resources? | Effective management of the formal relationships between the employer and the employees |
| What is HR training? | Aimed at improving employees' skills and abilities - they are necessary for both personal and business growth |
| What are the Skills of management? | - Decision-making
- Interpersonal
- Communication
- Strategic thinking
- Vision
- Problem-solving
- Flexibility and adaptability to change
- Reconciling the conflicting interests of stakeholders. |
| What are 4 features of effective management? | - Planning
- Organising
- Leading
- Controlling |
| What are the stages of a business? | Seed, Start-up, Growth, Maturity, Post-maturity |
| What is the evaluating criteria of a business? | Effectiveness, Efficiency, Stakeholder Satisfaction, Competitiveness |
| Internal Business Environment features include: | Owners, Employees, Structure, Culture |
| External Business Environment features include: | Customers, Suppliers, competitors, Interest groups |
| External Macro Environment features include: | STEEPLE:
Socio-Cultural, Technological, Economic, Environment, Political, Legal, Ethical |
| What are the fundamentals of a Business? | Business structure, Business goals, Strategic planning, key Business functions |
| What are the types of Businesses? | Profit Based, Not-for-profit, Government owned corporations, Government business enterprise. |
| What are the 4 sizes of a business? | Micro (1-4 employees), Small (1-19), Medium (20-199), Large (200+) |
| What are the 5 business categories? | Home based, digital, local, national, international |
| Define a business objective. | a statement of intention that provides direction for achieving a goal |
| Define a mission statement. | a plan of action for a business: its actionable statement |
| Define a vision statement. | a vision: a framework for a businesses strategic planning: an aspirational statement of the business. |
| What is the difference between an objective and the mission statement? | Mission statement is an objective for the overall business while an objectives are much smaller and are small steps along the way. |
| What are the 2 basic organisational structures? | Tall organisational (centralised) and Short organisational (decentralised) |
| What are the 3 main types of organisational structures? | Simple structure, Functional structure, Divisional structure
A functional organization is a common type of organizational structure in which the organization is divided into smaller groups based on specialized functional areas, such as IT, finance, or marketing
The divisional structure is a type of organizational structure that groups each organizational function into a division.
A simple structure is defined as a design with low departmentalization, wide spans of control, centralized authority, and little formalization |
| What is a simple business structure? | A basic system that has limited specialisation. There is a centralised authority and no formalisation. |
| What is a functional business structure? | The most common structure. Employees grouped into departments. Very structured and hierarchical. |
| What is a divisional structure? | Groups employees by divisions that exist within the business. Divisions have individual goals and targets. Very structured and hierarchical. |
| How customers can influence the operating environment of a business? | The amount of revenue gained, reviews of your business from customers, their health and safety within the business. |
