Components of the Micro Environment (Grade 10 NSC Matric Business Studies): Flashcards
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Micro environment definition
Micro environment definition
Everything inside the business that management can directly control
Six main components of micro environment
Six main components of micro environment
Vision/mission, culture, resources, management, structure, functions
Difference: Vision vs Mission statement
Difference: Vision vs Mission statement
Vision=future goal; Mission=what business does now & why it exists
Difference: Goals vs Objectives
Difference: Goals vs Objectives
Goals=long-term plans; Objectives=short-term steps to reach goals
Organisational culture definition
Organisational culture definition
How things are done; values, beliefs, norms shared in business
Four main types of business resources
Four main types of business resources
Human, physical, financial, technological
Overdraft definition
Overdraft definition
Withdrawing more money from account than you have in it
Technological resources definition
Technological resources definition
Intangible resources like software licences & patents
Management vs Leadership difference
Management vs Leadership difference
Management=plan/control; Leadership=inspire/motivate people
Organisational structure (organogram)
Organisational structure (organogram)
Shows how departments are arranged & organised in the business