The Micro Environment Pt1

The business policy...

• defines the scope for decision-making in the business

• provides guidelines developed by the business to guide its action

• defines the business strategy

• consists of the vision, mission, goals and

  objectives of the business

The vision...

• is the dream of the business.

• outlines the purpose, basic activities and explains the reason why the business exist.

• is a short term goal.

A strategy...

• is a plan of action that guides management to achieve its objectives

• is put in place by management to give the business the competitive advantage

• is defined in the business policy

• is the dream of the business

The Business ___________ consists of the different beliefs, expectations, values and attitudes shared within the business.

Every business must be organised into a basic structure that will show...

• each person's tasks

• The co-ordination between the various departments

• each person's level of authority and responsibility

______________ is the process of achieving business goals through planning, organising, leading and control (POLC)

_____________ is the process of inspiring and guiding others to achieve organisational goals

___________ management oversees the other seven business

functions.

The _________ function is responsible for buying goods and services needed by all the other functions so that the

business can operate efficiently.

The _______ function transforms raw materials into finish products by combining raw materials with labour, capital and entrepreneurial skill.