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level: Topic 1 - Fundamentals of Business

Questions and Answers List

level questions: Topic 1 - Fundamentals of Business

QuestionAnswer
Internal Business Environment features include:Owners, Employees, Structure, Culture
What are the Industry Sectors of a business?- Primary - Secondary - Tertiary - Quaternary - Quinary
What is a primary industry?Involves the collection of resources from nature - Farming - Mining - Fishing
What is a Secondary Industry?Businesses that take the output of raw materials and process it into a semi or finished product - Steel manufacturer - Car manufacturer
What is a Tertiary Industry?Performing a service for other people - Retailer - Dentist - Lawyer
What is a Quaternary Industry?Services that involve transfer and processing of information and knowledge - Telecommunications - Education - Property
What is a Quinary Industry?Includes all services that have traditionally been performed in the home - Hospitality - Childcare - Tourism
What are business goals?A desired outcome (target) that an individual or business intends to achieve with a certain time frame.
What makes up SMART goals?- Specific - Measurable - Attainable - Realistic - Timely
What are the 4 Key business functions?- Operations - Marketing - Finance - Human Resources
What are the 4 P's?- Price - Product - Promotion - Place
What are Human Resources?Effective management of the formal relationships between the employer and the employees
What is HR training?Aimed at improving employees' skills and abilities - they are necessary for both personal and business growth
What are the Skills of management?- Decision-making - Interpersonal - Communication - Strategic thinking - Vision - Problem-solving - Flexibility and adaptability to change - Reconciling the conflicting interests of stakeholders.
What are 4 features of effective management?- Planning - Organising - Leading - Controlling
What are the stages of a business?Seed, Start-up, Growth, Maturity, Post-maturity
What is the evaluating criteria of a business?Effectiveness, Efficiency, Stakeholder Satisfaction, Competitiveness
Internal Business Environment features include:Owners, Employees, Structure, Culture
External Business Environment features include:Customers, Suppliers, competitors, Interest groups
External Macro Environment features include:STEEPLE: Socio-Cultural, Technological, Economic, Environment, Political, Legal, Ethical
What are the fundamentals of a Business?Business structure, Business goals, Strategic planning, key Business functions
What are the types of Businesses?Profit Based, Not-for-profit, Government owned corporations, Government business enterprise.
What are the 4 sizes of a business?Micro (1-4 employees), Small (1-19), Medium (20-199), Large (200+)
What are the 5 business categories?Home based, digital, local, national, international
Define a business objective.a statement of intention that provides direction for achieving a goal
Define a mission statement.a plan of action for a business: its actionable statement
Define a vision statement.a vision: a framework for a businesses strategic planning: an aspirational statement of the business.
What is the difference between an objective and the mission statement?Mission statement is an objective for the overall business while an objectives are much smaller and are small steps along the way.
What are the 2 basic organisational structures?Tall organisational (centralised) and Short organisational (decentralised)
What are the 3 main types of organisational structures?Simple structure, Functional structure, Divisional structure A functional organization is a common type of organizational structure in which the organization is divided into smaller groups based on specialized functional areas, such as IT, finance, or marketing The divisional structure is a type of organizational structure that groups each organizational function into a division. A simple structure is defined as a design with low departmentalization, wide spans of control, centralized authority, and little formalization
What is a simple business structure?A basic system that has limited specialisation. There is a centralised authority and no formalisation.
What is a functional business structure?The most common structure. Employees grouped into departments. Very structured and hierarchical.
What is a divisional structure?Groups employees by divisions that exist within the business. Divisions have individual goals and targets. Very structured and hierarchical.
How customers can influence the operating environment of a business?The amount of revenue gained, reviews of your business from customers, their health and safety within the business.