Interview
Class Notes (summarized)
- Course
- Business Studies
- Institution
- 11
The following documents are about business studies and history, the first Chapters, they are summarized.
[Show more]
Seller
Follow
Content preview
Chapter 3ADAPTING TO BUSINESS CHALLENGES OF THE BUSINESS
ENVIRONMENTS
Terms and Definitions
Term Definition
Information The finding, recording, storing and retrieving of information from various
management sources so that it can be used effectively by the business.
Strategic response A reaction to a need by developing a system that will meet the long
term that has been identified.
Merger When two businesses of similar sizes willingly combine to become one.
Takeover The act of assuming control of something especially when one
company buys out another company against its will.
Alliances An association formed between organisations with similar interests,
nature or qualities for mutual benefit.
Hedging Is when one tries to invest his money in such a way that its value grows
faster than inflation.
Networking Interacting with others to exchange information and develop
professional contacts to help in gaining ne customers, better suppliers,
etc.
1 Introduction
• Businesses operate in dynamic business environments that pose many challenges on their
operations.
• The profitability and success of businesses depend on how they respond to challenges
posed by the internal and external business environments.
• Businesses operate within the political context of the country, therefore changes in
governance of the country can have a negative impact on businesses.
• There is an increasing trend for people to move freely between countries and for businesses
to trade across international borders.
• Businesses need strong relationships to succeed in the market place.
2 Ways in which businesses can adapt to challenges of the micro, market and
macro environment.
Ways business can adapt to the challenges of the MICRO environment
CHALLENGES RECOMMENDATION
Difficult employees • Businesses can deal with difficult employees as by revisiting the
recruitment & induction policies.
• Businesses need to develop strategies to deal with different types
of personalities.
• Businesses must offer counselling sessions to employees with
personal problems.
Lack of vision and • Management must have a clear vision which is understood and
mission communicated this to all employees.
• The vision must and mission statement have to be implemented in
a way that shapes the internal environment.
• The vision and mission should direct the use of resources and
actions of employees.
1
, • Businesses’ values must be evident in their ethical standards and
the way employees are treated.
• Management must be able to anticipate changes in the internal
environment so that they can plan goals and operations
proactively.
Lack of adequate • A business manager needs to be skilled in technical aspects of
management skills their job and in dealing with employees.
• Managers need good interpersonal and conflict resolution skills.
• Managers must attend management and leadership causes.
• Businesses may request mentors and coaches from successful
businesses to train their managers.
Unions, strikes and • Managers need to deal fairly and transparently with trade unions.
go slows • They need to build relationships with union representatives so that
through positive negotiations strikes can be avoided.
• The business can also make use of the CCMA to help reach an
agreement with the trade unions.
• Employers need a labour relations strategy where a business
engages positively and meaningfully with its employees before
tensions rise and strikes are threatened.
• Businesses must be able to manage employees in such a way
that good working relationships are maintained and disputes are
resolved timeously.
2
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 khadzinefale. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R133,00. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67866 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy summaries for 14 years now