Influcences on Decision-Making (AQA A-Level Business): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
Which six factors are the main influences on business decisions?
Which six factors are the main influences on business decisions?
Mission, ethics, environment, rivals, resources, stakeholders
What is a business's mission?
What is a business's mission?
Its fundamental purpose and reason for existing
What do fair trade products guarantee for producers in developing countries?
What do fair trade products guarantee for producers in developing countries?
Better prices, working conditions, and terms
What typically happens to investment decisions when interest rates rise?
What typically happens to investment decisions when interest rates rise?
Businesses may postpone or abandon them
What is first-mover advantage?
What is first-mover advantage?
Being first to enter a market or launch a product
What are the three types of resources that constrain business decisions?
What are the three types of resources that constrain business decisions?
Production capacity, workforce skills, finance
Which resource constraint is described as often the most significant?
Which resource constraint is described as often the most significant?
Financial resources
How does a stakeholder differ from a shareholder?
How does a stakeholder differ from a shareholder?
Stakeholders are a broader range of people affected
What do shareholders primarily want from a business?
What do shareholders primarily want from a business?
Capital growth and dividends
What two criteria does Mendelow's matrix use to classify stakeholders?
What two criteria does Mendelow's matrix use to classify stakeholders?
Power to influence and level of interest