business Management

Terms in this set (67)

are the various pressures from the macro-environment that impact upon a
Macro Factors
business and how they operate

Customer needs and wants

Customer expectations
Operating Factors
Competitor behavior
suppliers
supply chain
special interest groups

Macro large, something big

Macro environment is the external environment a business works within and over which the business
has no control. It is dynamic and ever changing so a business must adapt to remain
viable.

Macro internal Your choice the factors you control (who you hire)

External Environment
the uncontrollable elements outside an organization that may affect its
performance either positively or negatively

the events and trends inside an organization that affect management,

internal environment
employees, and organizational culture.
- Brand identity
- customer base

refers to the business related legislation (laws) passed by councils state

Legal and government regulations
government and Federal government as well as the decisions mad by the courts,
that protect consumers, the community and the environment, while encouraging
far trade and competition

includes external and internal customers. (workers suppliers) Values, beliefs and
societal attitudes and behavior
consumer trends. it includes what people currently think about ways of working,
how business should be operating and purchasing patterns. ie: work life balance

includes all things financial, meaning when planning, business must take into
Economic conditions
consideration interest rates, tax rates, business confidence and consumer
confidence levels

customer a person or business to whom merchandise or services are sold

business Consumer
Management A person who purchases goods and services for personal USE
 the environment immediately external to a business with which it has close
Operating environment interaction when conducting its business activities

The minimum quality standards for a product or service that is acceptable to

customer expectations consumers

customer needs The wants and desires of buyers of a product or the customers of a business.