The Grade 12 Business Studies Notes Set is the perfect study companion for students preparing for their IEB and DBE aligned paper 1 and 2 exams. Specifically designed for Grade 12 Business Studies, this set of notes contains comprehensive notes and summaries covering all the key topics and concepts...
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, business environment = internal and external elements and the external
environment of the companies affecting its operation
success of a business = environmentally variable and adjusting its business
policies so that the business can grow and survive
3 Types of Business Environments: MICRO , MARKET , MACRO
BUSINESS ENVIRONMENTS, ELEMENTS AND CHALLENGES:
Business Environments:
Internal environment External environment
MARKET ENVIRONMENT MACRO ENVIRONMENT
MICROENVIRONMENT
⇨Optional ⇨General
[full control by
[limited control by the [no control by the
enterprise]
company] company]
• Vision, mission, • Consumers • Political
strategy and goals • Competitors • Economically
of the business • Suppliers • Socially
enterprise • civil society • Technological
• Production • Intermediaries • Legally
Elements
Elements
factors/resources • Customers/Customers • Environment
• Business features • physically/naturally
• Management • Sociocultural &
structure Demographics
• Work environment • international/global
• Culture • Institutional
• Image of the
company
• difficult employees • Competition • changes in income
• lack of vision and • Demographics levels
mission • Inventory shortage • Globalization
lack of adequate change in consumers' Political changes
Challenges
Challenges
• • •
management skills preferences and habits • Recent legislation
• Trade unions • Psychographics • Labour restrictions
• stalkings and • socio-economic
sloopstalkings issues
• inflation and
interest rates
Business has complete Business has no control, but management can
control affect control factors
,MICROENVIRONMENT (BUSINESS PROCESSES):
CONTROL OVER THE MICROENVIRONMENT:
(management – full control)
Objectives of internal control systems:
f ( management ) = to what extent the goals of the business enterprise are achieved +
according to an action plan
f ensure that reliable financial statements are prepared
f check that all the business jurisdictions comply with all applicable laws and regulations
Microenvironment analyses ⇨ focuses on the internal business functions.
→ Environmental investigation internal departments/functions
→ SWOT analysis (S and W only) internal departments/functions
→ Source-based analysis tangible and non-tangible sources available within the
enterprise + leveraged
→ Value chain analysis value that is created (or not) due to a series of activities that
follow one another
CHALLENGES IN THE MICROENVIRONMENT
GOALS FORMS OF OWNERSHIP
→ related to the changes in the market → owners = exerting pressure on
and macro environment management to change tactics
→ not the necessary vision to bring in → contribute to the success or failure of
renewal / mission precludes social the enterprise
responsibility = ruin
ORGANISATION STRUCTURE MANAGEMENT PHILOSOPHY + MANAGEMENT
→ determine how a business is run STYLE
→ lack of adequate management skills to = determine how efficiently business is
tackle challenges = identified early conducted
→ Common values
→ Beliefs
→ Social habits
CHOICE + UTILIZATION OF RESOURCES EMPLOYEES [EXPERTISE]
→ change in resources = some change in → challenge of hiring the right staff +
the internal environment ensuring they stay motivated
→ challenge = creation of systems and → management = training on how to treat
procedures within the company to demanding employees, negotiate with
efficiently manage resource utilization, unions & industrial actions (stalkings or
origin, storage and distribution sloops)
Production
ROLE : Purchase of goods and services used and required by all
departments of the business / business (production) in order to Purchases
manufacture / provide the finished products / services [right
stock/raw materials in the right place and time + RIGHT QUALITY] > no Finance
purchases = no production = no profit
Public
→ Order + procure raw materials on time
Marketing
→ Keep purchases within budget
→ Make sure there is enough stock, but not too much General
→ Purchase goods that require business
Management
→ Buy packaging materials
→ Purchase of all the raw materials and end production that a business needs in order to
exist
RISK:
→ input not correct = poor quality → inferior products
→ losing money if production slows due to shortage of raw materials [Delays = sleek
reputation]
→ not purchasing at best price = losing business money
→ Too much stock that doesn't sell = lose money
RISK FACTORS:
f POLITICAL RISKS: government & political powers = "power" to enter into trade
agreements + introduction of new legislation on operation of the procurement
department
f ENVIRONMENTAL RISKS: shortage of production factors + resources = delay of the
procurement department
f ECONOMIC RISKS: = economic depression , change in exchange rates and import costs,
inflation, and changes in taxes
f SOCIAL RISKS: buyers' "social trends" + changing fashions = drastically buying new
stock & disposing of "old" stock
f TECHNOLOGICAL RISKS: technology and systems change over time [obsolete]
f INVENTORY RISKS: constant inventory levels tracking > obsolete inventory = loss in
profit ⇨ no money to purchase new stock [impact on purchases department]
f POWER OF SUPPLIER RISKS: SUPPLIERS HAVE THE POWER OF THE QUANTITY AND PRICE
OF OUR PURCHASES AND WHETHER THEY CAN SATISFY OUR "NEEDS" IN TERMS OF WHAT
WE NEED FOR CONSUMERS.
Three types of purchase
→ Goods purchased for own use
→ Goods purchased for resale
→ Goods purchased for processing / manufacturing
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