Summary
Summary NSC business studies - grade 12 book (summaries)
- Course
- Institution
- Book
All summaries are quick and easy to understand. They all cover all the content:)
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
More summaries for
-
Test Bank For Business Essentials, 2025 14th Edition by Ronald J. Ebert Ricky W. Griffin Chapter 1-17
-
Test Bank For Business Essentials, 12th Edition. Ronald J. Ebert. Ricky W. Griffin
-
Test Bank For Business Essentials, 12th Edition. Ronald J. Ebert. Ricky W. Griffin
Seller
Follow
grade12notes
Reviews received
Content preview
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:
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller grade12notes. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $4.14. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
52355 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now