Business Management Unit 1 AOS 2 Questions and Answers ( Certified solutions )

Business Management Unit 1 AOS 2 Questions and Answers ( Certified solutions ) Corporate Social Responsibility - ANS- Refers to managing a business in such a way that the broader social welfare of the community, including its employees, customers, suppliers and its environment, is taken into consideration when making business decisions Internal Environment - ANS- includes those factors over which the business has some degree of control over External Environment - ANS- includes those factors over which the business has little control Operating Environment - ANS- refers to specific outside stakeholders with whom the business interacts in conducting its business Macro Environment - ANS- is made up of the broad conditions and trends in the economy and society within which a business operates Employees - ANS- people working for a business who expect to be fairly paid, trained properly and treated ethically. Customers - ANS- the people who purchase goods and services from the business, expecting high quality at competitive prices Competitors - ANS- other businesses or individuals who produce and sell rival or competing goods and services Suppliers - ANS- the businesses or individuals that supply materials or other resources that the business needs to conduct its operations Goods and Services Tax - ANS- a broad based tax of 10 per cent on the supply of most goods and services consumed in Australia Values and Beliefs - ANS- shared principles and morals of a group of people or society - often a learned way of life. Business Environment - ANS- The surrounding conditions in which a business operates - can be internal or external. Technological Issues - ANS- How the market may change in the future and developments in technology Globalisation - ANS- The effect of hi-tech communications, lower transport costs and unrestricted trade and financial flows turning the whole world into a single market, producing a more integrated global economic system Global Issues - ANS- Overseas competitors and markets, offshoring labour, exchange rates, protection of intellectual property at a global level and online sales are all examples of this. Developments in Technology - ANS- The growing use of machinery, techniques and systems in order to improve operations. For example, Australia post is trialling drones to deliver small parcels. Political and Legal - ANS- Society expects business owners to abide by the law made by the government. Some of these include: taxation, OH&S, anti discrimination, environmental protection. Societal attitudes and behaviours - ANS- These are the ideas, values and beliefs held by people in a particular society. Businesses must be aware, plan and respond to change in conditions that impacts society.