My summary covers all the topics mentioned in my tags. Not only do I use colour, but I make sure to use logical structure and layout too, for the best possible learning to take place.
Chapter 1 – Business Environments
Environmental scanning – getting info about possible current & future events that may have an
impact on the performance of the business.
We do environmental scanning to make sure that the business is ready for developments in the
internal and external environments by adapting constantly to make sure that you are using your
resources in the best way that gives you an advantage so that you can take advantages of the
opportunities and overcome threats.
Quick and unexpected changes are a crisis because the business did not see them coming and so did
not plan for them. Some changes take place over a period of time and so this warns the business in
time that they need to make a plan.
Once management have got this info, they can use it to make flexible strategies that will deal with
crises in the future.
Macro Use PESTLE to
environment find O & T
External
environment
Use Porter's
Market
model to find
Environmental environment
O&T
scanning
Internal Micro
Look at S & W
enviroment environment
SWOT ANALYSIS
Eg’s of Strengths:
Competitive price C
Location L
Unique products U
W
Works skills
BC
Business culture
GM
Good marketing & a strong brand
F
Access to financing and other resources
O
Operational efficiency (good quality)
, The above could also be points that fall under
Weaknesses.
Opportunities and Threats come from the external environment.
Threat of • Political
new P
competitors
Impact of
Current • Economic
complement
competitors E
ary products
Porter’s
Model • Social
S
Threat of
Power of the • Technological
subs
buyer T
products
Power of
supplies • Legal
L
• Environmental
E
Chapter 2 – CSR
CSR is about the relationship between the business and society, and how the business affects society.
The business should not just focus on making a profit for itself, but also on the responsibility that it
has towards the community and the environment.
CSR is the practice of giving back or adding value to society over and above, selling goods and services
to them.
The king code talks about how the business should be a good corporate citizen and that its actions
should show that it cares for the environment and society. Examples of issues that CSR must deal with
includes; crime, poverty, lack of education, unemployment, environmental concerns, poor health
services and equality, poor housing.
A business has two levels of responsibility;
The primary responsibility is the businesses obligation to look after the stakeholders, who are directly
affected by the success of the business.. This includes employees, and shareholders.
The secondary responsibility is towards stakeholders who are indirectly affected by the businesses
activities, example the community, government, and the environment.
A pyramid can be used to determine a businesses level of responsibility.
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