Unit 1.1 Fundamentals of Business Queensland Exam Prep

Reorder the following stages of the Business life cycle:

• Maturity Stage

• Post Maturity Stage

• Growth Stage

• Start- Up Stage

• Seed Stage

This stage is the first stage of the business life cycle where the business is a thought or idea.

• Post Maturity

• Maturity

• Growth

• Seed Stage

• Start up stage

Match the following

• steady state, renewal, decline.

• Start Up

• Competitors start to slow down growth.

• Post Maturity

• Sales take off and business rapid growth

• Maturity

• beginning stage business not open.

• Growth

• where the business opens at first.

• Seed Stage

A major challenge for this stage is the time energy and money to develop the idea and no money coming in for the business.

• Start Up Stage

• Seed Stage

• Growth Stage

• Maturity Stage

A challenge of this stage is that the business should be at the top of its industry. Sales slow down and new competitors emerge. The business needs to focus on strategic planning.

• Seed Stage

• Start Up Stage

• Growth Stage

• Maturity Stage

In this stage the business needs to focus on hiring staff to expand and the business may struggle with finance as it is trying to pay for new supplies and may still be paying off debts from the start up stage.

• Seed Stage

• Start Up Stage

• Growth Stage

• Post Maturity Stage

Match the following

• Achieving goals of the business

• Competitiveness

• Growth, Sales, Market Share, competitors

• Efficiency

• How good with limited resources

• Effectiveness

• Interest groups, individuals

• Stakeholder Satisfaction

Organise these options into the right categories:

Groups:

(a) Operating

,

(b) Internal

,

(c) Macro

• suppliers

• Technological

• interest groups

• employees

• Organisational structure

• competitors

• political

• environmental

• Owners

• Economic

• sociocultural

• customers

• Organisation culture

• ethical

A business environment that focuses on the trends that are changing in society including ageing population, diversity in the workforce is called:

• technological

• Ethical

• Sociocultural

• Political

A type of business environment that focuses on the level of inflation, interest rates and levels of consumer confidence:

• Customers

• Competitors

• Economic

• Sociocultural