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Summary business studies grade 11 R258,00   Add to cart

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Summary business studies grade 11

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this document covers most chapters covered in the grade 11 IEB syllabus. it is colorful, insightful and will help you get that fantastic mark you are looking for.

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  • October 31, 2022
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Chapter 1 (pg1 – 13)
Business environments
 Macro – external environment with no control, need to be able to adapt to
certain variables using pestle.
 Market – external environments that you can influence (influence the
market) be aware of porter’s forces and swOT
 Micro – internal business operations/functions can use SWot
 Environmental scanning – the process of obtaining info on possible
current/future events that may impact the business (done to ensure
businesses can adapt and be ready for developments to take advantage of
opportunities and overcome threats.
o ID challenges
o Analyse the impact
o Implement strategy
o Or: vision – formulate strategy – implement – evaluate and control
 Swot analysis – strengths, weaknesses, opportunities and threats
 Porters 7 forces




o Attractive market = high profit: high barriers to enter, low levels of
competition, fewer substitutes, weak supplier bargaining power,
weak buyer bargaining power.
o Unattractive markets = low profit: low barriers to enter, high level
of competition, many substitutes, strong supplier and customer
bargaining power.
o Complimentary products – 2 products complement each other.
 Pestle analysis

, Chapter 3 (pg24-37)
Management and entrepreneurship
Management: management is the process of accepting countability for the
innovative application of resources in order to achieve goals. Planning,
organising, leading and controlling
 Levels of management




 Management tasks
o Planning (rational process aimed at the future): first function of
management, involves a combination of creative and logical
thinking in order to improve the future of the business
 Principles of effective planning – id the gap between the
current state of the business and the future plans. Discuss
and formulate the vision, mission, objectives, policies and
procedures. Where and how to obtain resources
 Funnel approach – environmental scanning and effects from
the different environments.
 Flexibility – adapt to internal or external pressures, flexibility
is limited to the resources at the business’s disposal.
 Importance - Ensures attention is focused on objectives,
minimize risk, ensures co-ordination, facilitates control and
allows to measure performance.
 Steps of planning: establishing objectives deciding on the
planning period considering alternatives implementing the
plan controlling the process.
o Organising (ID activities that should be undertaken)
 Steps in organising: considering objectives ID and group
activities assigning of duties delegating authority

,  Advantages – focuses all resources and activities towards
achieving objectives, gives people responsibilities.
 Benefits – communication structure, authority and
responsibility are allocated, creates balance with planning
being allocated according to the level of management,
stimulates creativity, encourages growth.
o Leading and activating staff: leadership encourages the workforce
to perform, direction and subordinates from manager is important.
Manager should understand the needs motives and attitudes of the
employees.
 Principles of leading
 Harmony of objectives - “win–win situation”
 Effective communication – clarity
 Unity of direction – clarity
 Direct supervision – personal touch
 Follow up – challenges that are faced
 Sound leadership
 Planner – what needs to be done now and in future
(long term business goals)
 Able to make decisions – not afraid (clear head)
 Guide people – in the face of challenges the leader
should decide on necessary actions and help others
follow suit.
 Encourage others – will reward/discipline accordingly,
promotes better performance (leads by example)
 Take initiative – gets involved
 Mediator and arbitrator – aims to develop relationships
btw staff and helps find common ground to resolve
conflict
o Leadership and management styles: defined by the way the leader
behaves and influences the workforce
 Autocratic leadership – commands/instructs while directing.
Will formulate all objectives, procedures and policies their
self
 Benefits – saves time and is effective in a crisis, no
confusion
 Downfalls – not allowing creativity, less motivation,
less work place satisfaction
 Laissez faire leadership – little control over employees, simply
supplying employees with the necessary information and
resources it achieves.
 Works if the work force are independent thinkers,
competent, creative and trust worthy.
 Can create uncertainty and confusion if they do not
have direction.
 Democratic leadership style – participative, joint decision
making, leader will help grow the confidence and
performance (boosts morale)
 Can be time consuming or used to avoid
responsibilities.

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