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These following notes are about business studies and history grade 11, they are summarized.
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CHAPTER 1 & 2INFLUENCES AND CHALLENGES OF THE BUSINESS
ENVIRONMENTS
Terms and Definitions
TERM DEFINITION
Control The power to influence or direct people’s behaviour or the course of
events.
Organisational structure Framework for managers which shows the division of responsibilities
and roles played by each stakeholder.
Organisational culture Controls and influences the way in which the business is conducted
Vision Reflects or predicts what the future will look like.
Mission statement Shows what one does best every day in the business and how one
should go about doing it.
Human resources The personnel of a business organization regarded as a significant
asset in terms of skills and abilities.
Suppliers Factories/providers of goods/services that businesses would
obtain/buy from in order to operate their businesses.
Competitors Businesses which sell the same/similar products/services
Deforestation Removal of trees to clear land to be used for another purpose, e.g.
industrialization
Redressing To make amends or to set right
Nepotism The practise of showing favouritism towards one’s family or friends in
economic or employment terms
Retrenchment Involuntary ending of a service contract of an employee by the
employer due to operational requirements.
Go- slows When employees work more slowly and with less effort than usual to
try to persuade an employer to agree to higher pay
Trade union An organized association of workers in a trade , group of trades, or
profession formed to protect their rights and interest
Strike A work stoppage as a form of protest or to strengthen one’s
bargaining position
Industrial action These are actions that include strikes or go slows
Open market A market where there is no control over who may provide goods and
services or over the prices that can be charged
Demographics Statistical data relating to the population and particular groups within
it. Often incudes age, gender, income groups and occupation.
Psychographics The classification of people according to their attitudes, aspirations
and other psychological criteria.
Globalisation Greater trade and collaboration between businesses or people in
different countries which is enabled by technological advances and
communication.
Physical environment This is an environment that is comprising of the ecological elements
such as natural disasters, air pollution, water pollution, deforestation,
waste products or natural resources
Institutional environment These are private-public partnerships which are formed between
government and private enterprise
Redressing To make amends or to set right
1
, Nepotism The practise of showing favouritism towards one’s family or friends in
economic or employment terms
Retrenchment Involuntary ending of a service contract of an employee by the
employer due to operational requirements.
Go- slows When employees work more slowly and with less effort than usual to
try to persuade an employer to agree to higher pay
Trade union An organized association of workers in a trade , group of trades, or
profession formed to protect their rights and interest
Strike A work stoppage as a form of protest or to strengthen one’s
bargaining position
1 COMPONENTS OF THE MICRO, MARKET & MACRO ENVIRONMENTS. (RECAP)
Components of the Components of the market Components of the macro
micro environment environment environment
• The business mission • Customers/Buyers; are the • Physical/Natural environment
and objectives, final users of the • Economic environment
• its management product/services. • Social/Cultural/Demographic
structure, • Suppliers; include environment
• its resources and its factories/providers of • Technological environment
culture are primarily goods/services that • Legal/Political
controlled by the businesses would obtain/buy • Environmental/Global
enterprise’s from in order to operate their environment
management businesses. • Institutional environment
• Intermediaries/Agents; who
help to promote, sell and
distribute products to
consumers.
• Competitors; which sell the
same/similar
products/services may have
a greater impact on the
market of the business.
• A regulator ; is a
person/organisation with
official power to control an
activity and make sure that it
is done in a satisfactory
way/make rules by which
enterprises in the different
industries must abide.
• Strategic allies; refer to two
or more businesses that
work together to allow them
to obtain the expertise they
lack from another business.
• Unions; are the employee
organisations that aim to
improve working conditions
of the labour force.
2
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