Internal and External Environment (VCE SSCE Business Management): Flashcards
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3 layers of business environment
3 layers of business environment
Internal, operating, and macro
Internal environment definition
Internal environment definition
Everything inside a business influencing operations & decisions
Stakeholders definition
Stakeholders definition
Individuals/groups with vested interest in the business
Operating environment definition
Operating environment definition
Immediate external surroundings interacting directly with business
Macro environment definition
Macro environment definition
Broad external factors beyond individual business control
Shareholders' primary concern
Shareholders' primary concern
Maximise dividend payments and increase share value
What customers expect from businesses
What customers expect from businesses
High-quality products, fair prices, excellent service
Pressure competitors create
Pressure competitors create
Innovation, differentiation, quality standards, pricing strategies
Examples of economic conditions
Examples of economic conditions
Growth, interest rates, inflation, employment, consumer confidence
Operating vs macro environment key difference
Operating vs macro environment key difference
Operating: two-way influence; Macro: one-way (only respond)