outcome 1-3 vce business management

external environment is made up of..?

• macro environment and the operating environment.

• external environment and the operating environment.

• macro environment and internal environment

• external environment and internal environment

macro environment consists of factors

• outside the business, over which the business has no control, such as key legal, political, social, economic, technological, global and corporate social responsibility factors.

• outside the business, over which the business has little control, including customers, competitors, suppliers and special interest groups.

• inside the business such as employees and managers, location and legal business structures.

• influenced by the external environment. Both will have an effect on the decisions made when planning a business.

The operating environment consists of factors

• outside the business, over which the business has little control, including customers, competitors, suppliers and special interest groups.

• outside the business, over which the business has no control, such as legal, political, social, economic, technological, global and corporate social responsibility factors.

• inside the business such as employees and managers, location and legal business structures.

• influenced by the external environment. Both will have an effect on the decisions made when planning a business.

What are the three business objectives?

• Making a profit

• Reducing workload for business owners

• Expanding the business

• Increasing market share

Hamish will not have to be flexible when it comes to decisions as he is the boss.

• True

• False

A.S Motors does not yet produce an environmentally friendly car.

• True

• False

Being innovative is a key characteristic to be a successful entrepreneur

• Yes

• No

The internal environment consists of factors

• inside the business such as employees and managers, location and legal business structures.

• outside the business, over which the business has little control, including customers, competitors, suppliers and special interest groups.

• outside the business, over which the business has no control, such as key legal, political, social, economic, technological, global and corporate social responsibility factors.

• influenced by the external environment. Both will have an effect on the decisions made when planning a business.

business models

• is the way in which the business will run its operations to generate a profit. The business owner will select a business model that meets the goals of the business.

• refers to managing a business in such a way that the broader social welfare of the community, including its employees, customers, suppliers and the environment, is taken into consideration when making business decisions.

• describes the core activities of the business, the specific features and value of the goods or services it provides, and the target market.

• refers to what a business expects to accomplish over a set period.

goodwill

• a loan on a property, secured by the property of the borrower (the business)

•  the monetary value attached to the reputation of a business

• the funds contributed by the owner(s) of a business to start and build the business

• starting a business using personal finance or the revenue from the business