Business Environments for Grade 11 Business Studies

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What is a business environment?

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A business environment refers to all external and internal factors that influence the operations, growth, and survival of a business.

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What are the three main types of business environments?

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Micro, Market, and Macro environments.

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What does the micro environment include?

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The micro environment includes the business mission and vision, management and leadership, employees, and resources.

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What is the role of the business mission and vision in the micro environment?

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It guides the organization’s purpose and direction.

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Who are the key components of the market environment?

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Customers, suppliers, competitors, and intermediaries.

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What influences business success in the market environment?

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Customers, as they demand products and services.

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What are the key components of the macro environment?

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Political factors, economic factors, social factors, technological factors, legal factors, and environmental factors.

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What challenges are associated with the micro environment?

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Employee conflicts, resource shortages, or unclear goals.

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What challenges are associated with the market environment?

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Changing customer needs, unreliable suppliers, and aggressive competitors.

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What challenges are associated with the macro environment?

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Economic downturns, legal restrictions, or rapid technological changes.