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WorksheetsBusiness environment
Total questions: 35
Worksheet time: 12mins
It means all the internal and external factors of that affect how the company functions including employees, customers, management, supply and demand, and business regulations.
Business Environment
Business Firm
Local Environment
International Firm
Successful managers must recognize opportunities and threats in their firm’s _______________.
internal environment
external environment
local environment
international environment
The internal business environment consists of...
factors that directly impact the organisation
factors that influence the operations of the business
factors that influence the wider environment in which the business operates
Just after the declaration of the results of the Lok Sabha Elections, 2009, the Bombay Stock Exchange’s price index (Sensex) rose by 2100 points in a day. Identify the environmental factor which led to this rise?
Legal Environment
Political environment
Social Environment
Economic Environment
The growing awareness about healthcare has led to an increase in the demand for healthcare products and services in the country. Identify the feature of business environment being described in the above case.
Dynamic nature
Uncertainty
Relativity
Interrelatedness
A business has to offer wider choice in purchasing enhanced quality of goods and services in order to maintain an edge over its competitors. The implementation of the new economic policy with liberalisation, privatisation and globalisation has posed various challenges for the corporate sector. One of the important challenges is explained in the above lines. Identify it.
Increasing competition
More demanding customers
Necessity for change
Market orientation
Which factor of the External Operating Environment is affected when a rival business makes changes to its product or pricing?
Customers
Competitors
Suppliers
Interest Groups
Consistently monitoring similar businesses is an appropriate action to remain competitive. True or False?
True
False
What does S stand for in SWOT?
small
strong
strengths
slow
Positive and controllable factors that contribute to the success of parks
Strength
Weaknesses
Opportunities
Threat
Negative factors that are beyond the control of the Parks Management.
Strength
Weaknesses
Opportunities
Threat
Positive factors that are not within the control of the business.
Strength
Weaknesses
Opportunities
Threat
Internal resources such as skilled, knowledgeable staff.
Strength
Weakness
Opportunity
Threat
Things your competitor does better than you.
Strength
Weakness
Opportunity
Threat
Resource limitations.
Strength
Weakness
Opportunity
Threat
Negative press/media coverage.
Strength
Weakness
Opportunity
Threat
You conduct a SWOT analysis and find out that a new competitor is opening within 5 miles of your store. This would be considered a __________.
Strength
Weakness
Opportunity
Threat
By identifying areas under the weaknesses section, how does this help you develop?
So that you can avoid them.
So that you can pretend they don't exist and ignore them
Use them to identify areas for development and focus on them
By allowing other people to see them and use them against you.
PESTLE is not used in analyzing potential economic problems that may arise in small businesses that are about to established or are already established.
TRUE
FALSE
P for the PESTLE mnemonic stands for
Political
Principal
Phenomenon
None of the above
I am concerned with which where I am to establish my business. What Part of the PESTLE analysis am I to look at?
Political
Environmental
Legal
Technological
Acquiring permits in establishing a business is a concern of what part of the PESTLE analysis?
Legal
Political
Economic
None of the above
It is ideal to use the PESTLE analysis only during if you have encountered a problem in your own business.
TRUE
FALSE
Location of business is not a significant factor in establishing one.
TRUE
FALSE
In Porter's Five Forces, the 'threat of new entrants' relates to:
Barriers to entry
Substitutes
Switching costs
Buyer power
Buyer power is high if:
Differentiation is low
Switching costs are low
They have little information
The buyer requires a high quality product for their own production
Competitive rivalry will be high if:
The industry is fragmented
There are a few strong players in the industry
There is a high degree of differentiation
The industry is in its infancy
A substitute product or service is:
A competitor's product or service
An alternative way of meeting the same need
A new entrant into the industry
A less attractive way of meeting the same need
