Business Environments
Name the 8 business functions
Production
Purchasing
Public Relations
Finance
Human Resources
Administration
Marketing
General Management
A business that has a maximum of 1 owner is known as...
Sole Trader/ Sole Proprietor
Define creative thinking
The ability to think of original, diverse, or new ideas that can be applied to situations requiring solutions.
Name any 4 of the 7 P's of Marketing
Product, Price, Place, Promotion, People, Process, Physical evidence.
Name any 2 activities HR does.
Recruitment
Selection
Induction
Placement
Which environment does a supplier fit into?
Market
The full legal responsibility that business owners and partners assume for all business debts is known as...
Unlimited liability
Name 2 advantages of creative thinking in the workplace.
• Creative thinking will lead to improved participation of staff members, which will ensure the generation of new ideas.
• The business will have competitive advantage over other businesses because of the unique strategies that are introduced.
• Businesses will be able to solve complex problems.
• As management and employees introduce and create many ideas, saving time and money for the business, productivity will increase.
• Managers and employees will demonstrate more confidence as they perform their duties.
• Managers will be inspired to lead their teams more efficiently.
• Managers and employees will apply their knowledge in a collaborative manner when performing their duties.
What does AIDA stand for when referring to advertising principles.
Attention
Interest
Desire
Action
What is the role of the interviewer during the interview?
• Ensure that each candidate should be allocated the same amount of time for their interviews.
• Ensure that members of the interviewing panel should be introduced to the interviewee at the commencement of the interview.
• Make the interviewee feel at ease.
• Explain the purpose of the interview to the interviewee and interview panel.
• Pose the same questions to all interviewees.
• Record the interview responses of the interviewees for future reference or if disputes occur.
• Ensure that the interviewee should not be misled or be misinformed deliberately.
• Provide an opportunity for the interviewee to ask questions.
• Conclude the interview by thanking the interviewee for attending the interview.
What are the 3 possible business solutions to deal with piracy?
Trademark
Copyright
Patent
This document sets out the rights, responsibilities, and duties of shareholders and directors. Serves as a constitution of a company.
MOI
Memorandum of Incorporation
Name the problem solving technique that involves identifying the advantages and disadvantages of a decision for change.
Force Field Analysis
Which pricing strategy is this describing:
Products are sold at very low prices to attract consumers to products that are being introduced into the market.
Penetration Pricing
Name the salary determination method. Workers are paid according to the the number of items or units produced.
Piecemeal
What are the 3 types of lobbying?
Hedging against inflation
Bargaining sessions between management and unions
Influencing supervisory body/regulators
Which form of ownership requires no formalities to start?
Sole Trader / Partnership
This advantage describes which problem solving technique:
People are more likely to participate as they can do so in their own time.
Delphi Technique
Name any 2 factors that influence the pricing of products.
Input costs
Demand for the product
Target market
Type of product
Explain any legal requirements of an employment contract.
• Both the employer and employee should agree to any changes to the contract.
• During the employment term, aspects of the contract can be renegotiated if necessary.
• No changes may be made to the employment contract by any of the parties.
• The contract must be signed by both the employer and employee.
• A code of conduct and ethics should be included in the employment contract.
• The terms and conditions of the contract must be explained to the employee.
• The contract may not contain any requirements that conflict with the Basic Conditions of Employment Act (BCEA), No. 75 of 1997.
Explain the negative impact of strikes on businesses.
• Strike actions have a potential of jeopardising relations between the employer and employees.
• It can also affect teamwork in the workplace in instances where not all workers are in support of such industrial action.
• Businesses suffer financial losses due to low levels of productivity and consumer confidence is adversely affected.
What form of ownership requires the name to end in Inc.?
Personal liability company
How can businesses create a work environment that encourages creative thinking?
• Businesses must emphasise the importance of creative thinking to ensure that all staff know that their ideas will be heard.
• Inspire staff to come up with new ideas.
• Plan regular workshops so that brainstorming sessions can be held to generate new ideas.
• Ensure that communication channels remain open by placing suggestion boxes around the workplace.
• Train staff members to think creatively, to solve problems, use mind mapping and lateral thinking.
Explain Oligopoly as a form of economic market.
• Only a few suppliers/sellers control the prices of products.
• Products are homogenous/same, for example, MTN, Vodacom/Cell C.
Explain the implications of EEA on the HR function.
Employment Equity Act
• The human resources manager should ensure that equal opportunities are encouraged and promoted in the workplace.
• The human resources function should try to promote workplace diversity through affirmative action.
• The human resources function should compile employment equity plans indicating how affirmative action will be implemented in the workplace.
• To ensure that the employment equity plan will be implemented and monitored regularly, a manager should be appointed by the business.
• The human resources manager should report to the Department of Labour on the progress of the implementation of the equity plan.