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Summary NSC business studies - grade 12 book (summaries)
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Test Bank For Business Essentials, 12th Edition. Ronald J. Ebert. Ricky W. Griffin
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Business chapter 5:Environmental scanning:
- Entrepreneur must constantly be in touch with the world around them to remain
successful
- Industries - primary, secondary, territory
Benefits of environmental scanning: identifies problem before it occurs, allows entrepreneurs to
make both long term and short term strategies to protect the business
2 types of scanning:
1. before starting businesses look at the viability of the product, strength of competitors,
size of market, resources
2. Using pestle and swot
- If done in detail businesses can identify the social, environmental and economic effect
that the business is having
Developing a management strategy:
1. Define the businesses vision, mission and objectives
2. Analyse the different environments ( micro - SW) (market - OT) (macro - pestle and OT)
3. Identify strategic options
4. Evaluate and analysis viability to each option
5. Implementation of plan
6. Monitor and control strategy and mange changes
Micro environment:
Elements = vision, mission, long and short term, resources
● Businesses have the MOST control
Business functions:
General management functions
- Overall running of the business
- Short term and long term planning
, - Organise all resources
- Leads by example
- Sets work ethic, standards
- Helps the business run smoothly
Financial function:
- Controls the money going into and out
- Budgeting (planning income and expenditure)
- Sourcing funds
Human resource function:
- People put the other factors of production together
- Right people must be employed with necessary qualifications
Marketing function:
- No business can survive without customers and marketing
- Understands the needs and wants of target market and satisfying those needs
- Allows for the product to get from producer to consumer
Includes: market researcher, transport, financing, sorting, grading, branding …
Production function:
- Goods are finalised to meet demands
- Alos on retail business ( naklery)
- Referred to operations management
Purchasing function
- Look at suppliers who supply necessary raw materials and products
- Find reliable suppliers
- Acceptable prices and good quality
- Keep in pout cost low and profit high
Administrative function:
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