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Grade 11 business notes/summary on business environments

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Excellent business notes/summary on business environments based off of both textbooks and extra notes taken during classes

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  • December 6, 2021
  • 5
  • 2021/2022
  • Summary
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Business environments
Different environments

Micro environment
 All elements are internal
 Could affect overall performance
 Tool: strength and weakness from SWOT

Market environment
 Element are external
 Cannot control but can access and put plans in place
 Tool: porters and opportunity’s and threats from SWOT

Macro environment
 Could either have positive or negative effect
 Very little to no control
 Tool: pestle and opportunity’s and threats from SWOT

Strategies to access environment

Environmental scanning
 Process of obtaining information about possible currant or future
events that may have an impact on the business
 Identify possible challenges or opportunity’s and gain a good
understanding of the nature and the pace of the changes
 Management uses information to develop flexible strategies to assist
and also help understand the impact of decisions on competitors and
sustainability


Vision


formulate strategy


implement strategy


evaluate

SWOT analysis
 Strengths: additional factors that add value and give competitive
advantage

,  Examples of strengths:
- Competitive price = sells product at a better price
- Location = easily accessible, pay
attention to demographics and take into Additional location factors
consideration transport (raw material/  Neighbourhood
product)  Complementary
- Patents and know how = unique businesses
products that are legally exclusive  Easy access
 Security
- Skilled workforce = less wastage and
 Future
improved productivity developments
- Business culture = ways in which things
are done, gives customers confidence
- Marketing and strong brand = positive
association and allows for higher sales and lower costs
- Finances and recourses = sufficient capital allows for
sustainability of other resources
- Efficiency and good quality = efficiency means less wastage and
more profit
 Weaknesses: not properly managed strengths that are debilitating
 Opportunity’s: external factors that provide a chance to overcome a
competitor ( offer better products or access larger markets)
 Threats: external factors hampering success or growth (use pestle to
identify) you can convert all of these into strategies through tactical
planning

Strengths Weakness
Opportunity’s Strategies that use Strategies that take
strengths to take advantage of
advantage of opportunities to
weaknesses overcome weaknesses
Threats Strategies that use Strategies that will
strengths to avoid minimise weaknesses
threats and also avoid threats


 Use this information to look towards future and evaluate how this
information can lead to success or failure



PESTEL analysis

 Political factors: infrastructure, political climate and load shedding
Strategies: have no choice but to comply with regulations and
legislations (can stand together to influence government)
 Physical factors: natural resources available or physical
developments

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