These notes are for grade 11 November business exams. They are questions and answers. Cover the right hand column to cover the answers, ask the questions in the left hand column and see if you can get the answers right.
Chapter 1 – Business Environments
Question Answer
1 3 B environments Macro
Market
Micro
2 Env. scanning definition Obtaining info about possible current + future
events that may have an impact on B
performance.
3 Env. scanning purpose To ensure a B can adapt to changing int + ext
env.
4 Steps of continuous env. scanning Vision/mission
Formulate a strategy
Implement a strategy
Evolution + control
5 Conduct env. scanning in internal env. Micro env. (S+W)
6 Conduct int. scanning in external env. Macro: use PESTLE to find O+T
Micro: use Porter’s forces to find O+T
7 What does SWOT analysis identify S+W = internal (micro)
O+T = external (macro, market)
8 Analysis of strengths factors add value to B performance
competitive advantage
factors = tangible + intangible
9 Eg of strengths Competitive price
Location
Work skills
B culture
Patents
Good marketing + strong brand
10 Factors to ensure it’s a strength Customers have access
Security
Future development
Competitors surrounding B
Type of B in neighborhood
11 Analysis of weaknesses Opposite effect of B success to strength
Not addressing effects = debilitating
Must put strategies in place
12 Opportunity definition External factor present B with chance to
outperform competitors.
13 Opportunities may include: Offer better product
Getting P to consumer faster
Having access to large markets
14 Definition of threats External factors can hamper success/ growth.
15 What to use PESTLE for Macro env.
16 Where to use porter’s forces In market env.
17 What to do once SWOT analysis is complete Look at how B uses info to look @ future +
evaluate how info could lead success/ failure.
18 What is SWOT matrix Used to develop B strategies
Look into different B elements to gain
, understanding of B
19 What makes a market attractive 1. High barriers to enter
2. Low levels of competition
3. Few substitute P/S
4. Weak supplier + buyer bargaining power
20 What makes a market unattractive 1. Low barriers to enter
2. High competition levels
3. Many substitute P/S
4. Strong supplier + buyer bargaining
power
21 Eg of O + T Threats to new + current competitors
Threat of substitute P
Power of suppliers + buyers
Impact of complementary P
22 PESTLE acronym P – political
E – economic
S – social
T – technology
L – legal
E – environment
23 What is PESTLE analysis for Used to help B understand macro env.
Helps B adapt + take advantage of
changes
Chapter 2 – Corporate Social Responsibilities
Question Answer
1 What is CSR Relationship between B (corporate) +
, society (social) + degree to which B
impacts society
2 What is the idea of CSR B should not just focus on profits but have
responsibility towards people + env.
3 What must B do when dealing w/ CSR Formulate policies + procedures
4 What does CSR in practice mean Ensure commercial sustainability +
profitability
Act in a manner to meet societies
expectations
5 What is the King Code B must be a good corporate citizen
Actions must show care for society +
environment
6 Who do stakeholders include Employees, customers, shareholders,
government, lobby groups etc.
7 What is the job of stakeholders Place pressure on the B + demand the B acts in
their interest.
8 CSR issues 1) Crime
2) Poverty
3) Lack of education
4) Unemployment
5) Env. concerns
6) Poor health services
7) Inequality
8) Poor housing
9 B 2 levels of responsibilities 1) Primary
2) Secondary
10 B primary level of responsibility Look after interest of stakeholders, directly
affected by success of B employees +
stakeholders.
11 B secondary responsibilities Towards stakeholders indirectly affected by B
activities community, government,
environment
12 4 levels of responsibilities 1. Discretionary
2. Ethical
3. Legal
4. Economic
13 What is economic responsibility Responsible to ensure B is economically
active.
Produces goods + services for profit.
14 What is legal responsibility Ensure its respecting the laws of the
country.
Obeying laws: B is responsible citizen
15 What is ethical responsibility Ensure ethical sound B decisions that
won’t have negative impact on
stakeholders.
Sustainable future of society +
environment.
16 What is discretionary responsibility B should consider what, who, how B will
give back.
Building brand with values to be
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 EFT, 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 this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller madisonash2004. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R125,00. You're not tied to anything after your purchase.
