Business Life Cycle
What is the first stage of the business life cycle?
Seed stage
What are stakeholders?
Anyone who has an interest in the business
What are the two broad external environments?
operating and macro
What is the S in STEEPLE?
Socio-cultural factors.
What is the vision statement of a business?
Overarching inspirational statement. Their vision for the future.
What are the three options for the post-maturity stage?
Steady-state, decline, renewal
They give the business leadership and direction.
Owners and managers
What are suppliers?
individuals, companies, or organizations that provide essential goods, raw materials, or services to another business
What is an example of an environmental factor?
Reducing carbon emissions
What are the legal structures of businesses in Australia?
Sole trader, partnership, private company and public company.
Which stage is this? When a business expands demographically or geographically the most.
What is organisational structure?
defines how job titles, roles, and responsibilities are assigned within a company
An external factor that could be called a 'rival'.
competitors
What is an example of an economic factor?
Raising interest rates, cost of living pressures, employment levels, inflation
What are the four levels of strategic planning?
Goals, objectives, strategies, tactics
What is this stage? When the business starts trading or operating.
Start-up stage
The way the business makes people 'feel'.
Organisational culture
Organizations formed by individuals who share common interests or objectives and seek to influence public policy.
Interest groups
Changes to environmental protection laws is an example of which macro factor?
Legal
Explain one of the 4 business criteria used when 'evaluating'
Stakeholder satisfaction, competitiveness, efficiency, effectiveness
What is this stage? When a business is at its peak in the industry.
Maturity stage
What are internal environmental factors?
Factors internal to the business that can be controlled
List all of the external operating factors
Competitors, suppliers, customers, interest groups
Which factor does this relate to? Prioritising the welfare of animals
Ethical
What are the 6 business goals?
Profitability, market share, employment, societal wants & needs, sustainability and growth.