Refers to the surrounding conditions in which the business operates. It can be divided into two broad categories: internal and external.
What is the Business Environment?
100
Includes those factors over which the business has very little control
What is the external environment?
100
Includes those factors over which the business has some degree of control.
What is the internal environment?
100
The periods of growth ('boom') and recession ('bust') that occur as a result of fluctuations in the general level of economic activity.
What are economic cycles?
100
The removal of government regulation from industry, with the aim of increasing efficiency and improving competition
What is deregulation?
200
The process that sees people, goods, money and ideas moving around the world faster and more cheaply than before.
What is globalisation?
200
A broad-based tax of 10% on the supply of most goods and services consumed in Australia
What is GST?
200
Refers to the ability of a business to develop strategies that will ensure it has an 'edge' over its competitors for a long period of time.
What is Sustainable competitive advantage?
200
Refers to the number of competitors in a particular market. There are four main types of market concentration.
What is Market concentration?
200
Complete concentration by one firm in the industry, e.g. Australia Post
What is a monopoly?
300
Where a small number of larger firms have a greater control over a market, e.g. car manufacturers
What is an oligopoly?
300
Where there is a large number of buyers and sellers in a particular market, e.g. local retailing shops
What is Monopolistic competition?
300
Where there is a large number of small firms that sell similar products.They are unable to differentiate products from each other and so can only use price as a way of achieving market share, e.g. fruit and vegetable growers.
What is Perfect competition?
300
A business that sells a similar range of goods and services
What is complementary business?
300
The activities needed to assist the core operations or prime function of a business
What are Support Services?
400
Are the employees of the business and are generally its most important asset
What are human resources?
400
Include the knowledge and data required by the business, such as market research, sales reports,economic forecasts,technical material and legal advice.
What are information resources?
400
Include equipment,machinery,buildings and raw materials.
What are Physical Resources?
400
Are the funds the business uses to meet its obligations to various creditors
What are financial resources?
400
Refers to the values, ideas, expectations and beliefs shared by members of the organisation
What is Business (corporate) Culture?
500
Any group or individual who has an interest in or is affected by the activities of a business
What is a Stakeholder?
500
Occurs when economic growth meets the needs of the present population without endangering the ability of future generations to meet their needs