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Chapter 1 business summary R79,33
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  2.  
  3. 12th Grade
  4.  
  5. Business Studies

Summary

Chapter 1 business summary
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With the lengthy and detailed extensive business textbook, it’s often difficult to pinpoint and study what’s important and of actual relevance, there notes have been made summarising everything that is important in the business chapter, and will assist you to achieve a distinction.

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  • January 5, 2025
  • 13
  • 2024/2025
  • Summary

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Environmental Scanning:
The process of obtaining current and future information that may affect the
performance of a business, ensuring readiness for external and internal events. To
benefit from positive eventualities and overcome negative eventualitie.

To identify strengths, weaknesses, opportunities and threats

To identify and develop a strategy:
Chapter 1: Business Environments




Vision/mission

Formulate a strategy

Implement the strategy

Evaluation and control

Strengths and Weaknesses
-all strengths will apply as weaknesses if not applied properly, with the
opposite effect on the business in comparison to the strengths
•Competitive price
•Location
•Unique products (patents)
•Work skills
•Business culture
•Good marketing and a strong brand



Opportunities and Threats
-It is important that the business assesses the impact that opportunities and threats could
have on it and to deal with these factors by putting strategies in place-
•PESTLE factors in the macro environment
•Porter’s Six Forces Model in the market environment



8 Functional areas of a business
(8 functions of business)
Purchasing, Production, Financial, Marketing, Public Relations, Administration
,Human Capital, General Management

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