Draft-Short Business Studies Paper

Topics: Economics, Business, Strategic management Pages: 1 (904 words) Published: March 13, 2012
Yr 12 Business Studies Assessment Task 2


Many factors contibute to a businesses success. However, in order for the business to actually succeed, we first need to understand how the influences on operations help the business succeed. Influences on business operations include such things as; Globalisation, technology, quality expectations, cost-based competition, government policies, legal regulation, environment sustainability, corporate social responsibility, supply chain management, overcomig resistance to change, outsourcing and product or service design. The success of a business can be assessed by a range of different factors including; Operational goals/objectives, financial goal/objectives, marketing goals/objectives and human resource goals/objectives. Businesses are not just affected by the environment directly around them. They are also affected by the external environment. The global factors that influence a business are; legal, political, social, technological and economic. To develop a business strategy you must first understand these factors. SOCIAL FACTORS: These are changes made in social structures. These factors provide insights into behaviour, tastes, and lifestyles patterns of a population. Buying patterns are greatly influenced by the changes in the structure of the population, and in consumer lifestyles.1. http://www.businessteacher.org.uk/business-environments/global-factors-strategy/. Age, gender, wealth, etc all influence the buying patterns and understanding of such changes is essential in order to develop strategies which are in line with the market situations. In the global market it is important that when business strategies are put together the different cultures and societies are taken into account. Religion, language and lifestyle patterns of consumers are all important information for successful business management. LEGAL FACTORS: A...
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