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Summary Business environments - Business studies Gr 11 IEB summaries/ notes R85,00   Add to cart

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Summary Business environments - Business studies Gr 11 IEB summaries/ notes

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This document contains summaries made from " Consumo Business Studies textbook" which summarizes business environments and the tools used.

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  • February 10, 2023
  • 8
  • 2020/2021
  • Summary
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Chapter 1 - Business environments:
- Environmental scanning

¬ Defined as the process of obtaining information
about possible, current and future events that may
have an impact on the business.


Why is environmental scanning done?
- It is done to ensure the business is ready for
development in the internal and external environments.



Purpose of environmental scanning.
➢ To identify possible challenges.
➢ To identify possible opportunities.
➢ Will also help management to understand the impact of business decisions
on the competitive position and sustainability of the business.




Where does Environmental scanning fit into the strategic?


1. Vision/mission.




2. Formulate strategy.


Continuous
Environmental
scanning.
3. Implement strategy.




4. Evaluation and control.

, Conducting Environmental scanning.



Environmental
Scanning




External environment Internal environments




Macro Environment Market environment Micro environment




Uses Pestle to identify Uses Porters model to identify
O&T Looks at S & W
O&T




SWOT Analysis:


Strengths – tangible & intangible factors
➢ Give business a competitive advantage.
➢ Adds value to the performance of business.
Weakness – Exact opposite effect on the success of the
business.
Opportunities – External factor
➢ Presents business with a chance to outperform competitors.
Threats – External factor
➢ Could hamper the success or growth of the business.

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