Business Environments - Micro Environment

The micro environment in a business context refers to:

• the internal factors affecting a business.

• the external factors affecting a business.

• the economic conditions of a country.

• the global market trends.

What tool is used to scan the micro environment?

• SWOT Analysis

• PEST Analysis

• Porter's Five Forces

• Benchmarking

How many business functions or departments are traditionally considered in a business?

• 8

• 5

• 6

• 7

Business functions are considered interrelated because:

• they operate independently without affecting each other.

• they are isolated and do not influence one another.

• they work together and impact each other.

• they have no connection or dependency.

The role of the manager or entrepreneur in understanding business functions is to:

• oversee daily operations

• develop marketing strategies

• understand and integrate various business functions

• manage financial accounts

What is the vision in a business context?

• A long-term goal or direction for a company

• A short-term objective for a project

• A financial forecast for the next quarter

• A detailed plan for daily operations

What are goals in a business context?

• Objectives that a business aims to achieve

• The financial statements of a company

• The employees working in a company

• The products sold by a business

Objectives in a business context are:

• Goals that a company aims to achieve

• The daily tasks of employees

• The financial statements of a company

• The organizational structure

The purpose of business policies is to:

• provide guidelines for decision-making and behavior

• increase the complexity of business operations

• limit the growth of the company

• reduce employee productivity

List the four factors of production

• Land, labour, capital, and entrepreneurship.

• Land, labour, money, and technology.

• Land, labour, resources, and management.

• Land, labour, goods, and services.