Business Studies - Prelim Study Notes

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Key Terms:

* Analyse: identify components and the relationship between them; draw out and relate implications. * Appreciate: make a judgement about the value of. * Assess: make a judgement of value, quality, outcomes, results or size. * Define: state meaning and indentify essential qualities. * Describe: provide characteristics and features. * Determine: make a decision or work out an answer after appropriate thought and investigation. * Discuss: identify issues and provide points for and/or against * Distinguish: recognise or note/indicate as being distinct or different from; to note differences between. * Evaluate: make a judgement based on criteria; determine the value of. * Examine: inquire
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* Geographic: opportunities for business expansion, sales and profit. * Institutional: government, regulatory bodies and others such as trade unions and employer associations. * Legal: can be time consuming and costly, confusing and contradictory. Many laws apply to businesses. * Markets: the number of competitors in a particular market. * Political: derive from both state and federal government policies including taxation and the implementation of paid parental leave. * Social: changes in tastes, fashion and culture. Failure to respond to change can threaten stability and viability * Technological: can increase business productivity and communication.

Internal: * Business culture: values, ideas, expectations and beliefs shared by the staff and managers of the business. * Location: prime locations = customer convenience + visibility * Management: ability to adapt to changing consumer needs and market conditions. * Product: types of goods and services produced, how created and monitored. * Resource management: employees, knowledge and data requirements, equipment and funds.

Stakeholder: any individual or group who has an interest in or is affected by the activities of a business.

* Shareholder * Consumer/customer * Manager * Employee * Other businesses * Society * Government * Innovation * Environment * Economy

Business Lifecycle:

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