Business Studies - Via Afrika

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C. ChaplinBusiness StudiesGrade 111

ContentsIntroduction to Business Studies5Term 1Introduction6Topic 1Influences on the business environments7Questions and answers12Challenges of the business environments15Questions and answers23Adapting to challenges of the business environments26Questions and answers34Contemporary socio-economic issues37Questions and answers42Business sectors44Questions and answers48Benefit of a company over other forms of ownership50Questions and answers62Avenues of acquiring a business67Questions and answers74Topic 2Topic 3Topic 4Topic 5Topic 6Topic 72

Term 2Introduction77Topic 1Creative thinking and problem-solving78Questions and answers85Stress and crisis management87Questions and answers93Transforming a business plan into an action plan94Questions and answers98Topic 2Topic 3Topic 4Topic 5Topic 6Setting up or starting a business100Questions and answers104Professionalism and ethics105Questions and answers108Presentation of a business plan109Questions and answers115June exam and memo117Term 3Introduction132Topic 1Entrepreneurial qualities and success factors133Questions and answers136Citizenship roles and responsibilities137Questions and answers141Topic 23

Topic 3Topic 4Marketing function143Questions and answers166Production function168Questions and answers174Term 4Introduction176Topic 1Team dynamics and conflict management177Questions and answers184Introduction to human resources186Questions and answers195Topic 2November exam and memo1974

Why Business Studies?Business Studies is an important subject to study when you would like to follow a career inbusiness management, finance, administration or marketing. Business Studies will also help youwith many areas of your life and with whatever career you would like to pursue.Business Studies will help you to: analyse the impact of changing and challenging environments on business practices,e.g. the increasing fuel price and the impact it has on businesses worldwide; devisingstrategies to cope with these challengesdesign and use a research instrument to assess needs and wantsencourage creative thinking to generate entrepreneurial opportunities, e.g. opening an icecream stall on Margate beach during peak seasonprocess and analyse data for decision makingdevelop an action plan from a business planunderstand the legal implications of contactsunderstand the implementation of the employment equity act and labour lawsdemonstrate and apply a range of management skills in all eight management functions:purchasing, production, financial, marketing, public relations, human resource management,information management and general managementIt is an exciting subject – focused on your future! Business Studies will help you to plan ahead andto maintain a good work ethic. This means that you are going to have to work quite hard but notwithout rewards.This Study Guide eBook was designed to help you to reach your goals for Business Studies. It issummarised in point form to make it easier for you to memorise. An effective way to use the StudyGuide is by using it together with the SQ3R study method:SStudyUse this Study Guide to get to know your work. Study small sections at atime and then continue to the next section. Use mindmaps and othervisuals to make it easier for you to remember your work.QQuestionsAfter every topic, there are questions that you can use to test yourknowledge. Make sure that you can answer all of these questions.RReadOff course there will be questions that you will not be able to answerimmediately. Go back to these sections and read them again.RRecallCheck to see if you can recall the answers of questions you were unable torecall before.RReviseIt is important for you to revise. Have a look at your summaries again. Thiscan be done early the morning before you write your exam or test.We hope you will enjoy this Study Guide and that it will help you to pass exams.Aim for success!The Author5

Term 1 IntroductionTopic 1 Influence on the business environmentsTopic 1 introduces you to the influence the business has over its businessenvironments.Topic 2 Challenges of the business environmentsTopic 2 gives an overview of the challenges that arise from the differentenvironments. The challenges are linked to the different elements of themicro, market and macro environments.Topic 3 Adapting to challenges in the business environmentsTopic 3 deals with ways a business can adapt to challenges in the internal andexternal environments. This depends on the control or influence the businesshas over the environment (Topic 1) and how serious and complicated thechallenges are (Topic 2).Topic 4 Contemporary socio-economic issuesTopic 4 deals with the impact of contemporary socio-economic issues on thebusiness and productivity. The topic also investigates the developments ofindustrial relations that relate to existing business practice. These includeindustrial action such as strikes, lock-outs and go-slows, as well as the history,role and functions of trade unions.Topic 5 Business sectorsTopic 5 introduces you to the different sectors of the economy: primary,secondary and tertiary, as well as to the links between these sectors.Topic 6 Benefit of a company over other forms of ownershipTopic 6 describes the benefits of forming a company over other forms ofownership. In Grade 10 you were introduced to the range of legally recognisedforms of business ownership. In this topic, these various forms of ownershipare described in greater detail, comparing them directly with each other interms of their ownership, structure and legal requirements.Topic 7 Avenues of acquiring a businessTopic 7 introduces you to different ways to acquire a business. The two basic waysare starting a new business or buying an existing business. These are extended bythe options of franchising, outsourcing and leasing of assets. The advantagesand disadvantages of the different options are explained.6

Topic 1 Influences on businessenvironmentsOverview The micro, market and macro environment affect each other. Anything that can change in theenvironment is called a variable.The enterprise has most control over the micro environment, less control over the marketenvironment and even less control over the macro environment.It is beneficial to the enterprise to be involved in the macro environment.the variables occurin all threeenvironmentsInternal (Micro) Environment mission objectives management structure resources culture ExternalEnvironmentThe business environmentWays that the business can beinvolved in the macroenvironmentMarketEnvironment customers suppliers competitors regulators intermediariesMacro Environment Socioeconomic Legal Technological Political Institutional(government) Economic International Physical7

1. Control factors in the business environments.The business environment is made up of all those variables that can influence the survival of anorganisation.These variables are divided into: The micro environmentThe market environmentThe macro rnalenvironment The internal environment consists of the micro environment of the businesses that is theactual business itself.The external environment consists of the market and macro environments of the business.The market environment is its operating environment and the macro environment is thegeneral environment surrounding the business.1.2 Factors in the environments that affect the organisation.External EnvironmentInternal (Micro) Environment Vision, mission and goalsBusiness structureFactors of productionBusiness functionsManagement styleEmployeesBusiness ethicsOwnersBusiness policiesMarket Environment 8Macro Environment onal (government)EconomicInternationalPhysical

2. Characteristics of the business environment. The business environment is made up of many parts.All the parts are interdependent and interrelated.The business environment is uncertain and unstable and can vary from time to time.The business environment is dynamic and unstable. Businesses must be prepared to be bothproactive and reactive, they must adapt to changes.Changes in the business environment can affect different businesses in different ways; achange can be positive for one business and negative for another.Changes in the business environment can have both short term and long term effects on abusiness.The external business environment can have a huge impact on a business that it must adaptto in order to survive. For example the current global recession.The business environment is complex and it is difficult for entrepreneurs to determine riskfactors.2.1 The control of the business over the business environment.2.1.1 The Micro EnvironmentControl of the micro environment is achieved by using internal control systems. These aim to: Enable management to make sure that the objectives of the business are met.Make sure that reliable financial statements are prepared.Check that the business complies with all applicable laws and regulations.Controllable variables are: The mission, mission and goals of the firm.The firm's business structure.The organisation and use of factors of productionThe organisation of the eight business functionsThe management styleManagement of employeesChoice of business ethicsType of ownershipImplementation of business policiesAspects of internal control: Controlling the philosophy and values of the businessCreating efficient information and communication systemsMonitoring performanceAssessing riskControlling the activities of the business9

philosophy andvaluesrisk assessmentInternal controlinformation andcommunicationscontrol of activitiesperformancemonitoring2.1.2 The Market EnvironmentThe business needs to be aware of the opportunities and threats in the market environment becausethese will affect its success or failure.Opportunities include: Understanding the customer and their needs Making use of trade discounts Finding cheaper services or suppliers Making use of market research to create higher sales Creating a positive public imageThreats include: Lack of customer loyalty Increase in the cost of raw materials Unrest among workers Price wars Failure to lobby government.The business has limited control over the market environment. The market environment can bedivided into four main areas: Customers Suppliers and intermediaries. Competitors Civil SocietyOpportunities and threats in the market environmentOpportunitiesThreatsCustomersCreating customer loyaltiesLack of customer loyaltySuppliersPossibility of trade discountIncrease in cost of raw materialsIntermediariesAlternative or cheaper servicesUnrest amongst workersCompetitorsMarket research and higher salesPrice warCivil SocietyPositive public imageNegative public image10

2.1.3 The macro-environmentThe business has no control over the macro environment but can control how it reacts to challengesin the macro environment.Examples of areas of the macro environment include the following: Physical environmentEconomic environmentThe socio-economic environmentLegal environmentTechnological environmentPolitical environmentInstitutional (government) environmentInternational environment11

3. Ways that the business can be beneficially involved in the macroenvironment.By being positively and actively involved in the macro environment, businesses can improve theeconomic and social conditions within South Africa.Ways in which the business can be involved in the macro environment: Collective bargaining or lobbying to improve working conditions or change governmentregulations.Private-public partnerships, such as crime watches or social upliftment.Privately owned services for the community or country such as schools or water supply.Job creationSocial responsibility initiativesGovernment tenders to bid for large state contracts.Expansion into other African countries to create export markets and more jobs.Improving technology to streamline economic growth.End of topic questionsMultiple ChoiceSelect the correct answer from the alternatives.1. The marketing function of Gizmo Toys (Pty) Ltd would be part of the .environment.A. MicroB. MarketC. MacroD. Internal(2)2. A change in the immigration policy of the country would take place in the.environment.A. MicroB. MarketC. MacroD. Business3. Which of the following is NOT a characteristic of an entrepreneur?A. The need for achievementB. Focus of controlC. Propensity for risk-takingD Ability to solve problems(2)(2)True or FalseAnswer only true or false.4. The market environment is always under the control of the business.12(2)

5. Making sure all employees are trained to do their jobs properly is part of the micro environment.(2)6. Variables such as changes in Employment Laws do not affect the business because they arebeyond the control of the business.(2)Short questions7. Explain the meaning of the micro business environment.8. Make a list of 5 variables (challenges) of the micro business environment.9. Describe the market business environment and name 4 variables (challenges).10. List four parts of the macro environment.(6)(10)(10)(8)Essay Question.11. Responsible businesses become actively involved in their macro environment. Discuss thisstatement and suggest ways that businesses can be positively involved in the economic structure ofthe country.(40)End of topic answers1. B(2)2. C.(2)3. C.(2)True or False4. F5. T6. F(2)(2)(2)Short questions7. Consists of the business itself and is controlled by management. The business can control thevariables in this environment. (6)8. (any 5 x 2 10) Vision, mission and goals Business structure Factors of production Business functions Management style Employees Business ethics Owners Business policies (10)9. Consists of suppliers, customers and competitors. (2) Lack of customer loyalty Increase in the cost of raw materials Unrest among workers Price wars Failure to lobby government. ( any 4 x 2 8)(10)13

10. Physical environment Economic environment The socio-economic environment Legal environment Technological environment Political environment Institutional (government) environment International environment ( any 4 x 2 8)[8]Essay Question.11.The business has no control over the macro environment but can control how it reacts tochallenges in the macro environment. Examples of areas of the macro environment include the following: Physical environment Economic environment The socio-economic environment Legal environment Technological environment Political environment Institutional (government) environment International environment (20)By being positively and actively involved in the macro environment, businesses can improve theeconomic and social conditions within South Africa. Ways in which the business can be involved in the macro environment: Collective bargaining or lobbying to improve working conditions or change governmentregulations. Private-public partnerships, such as crime watches or social upliftment. Privately owned services for the community or country such as schools or water supply. Job creation Social responsibility initiatives Government tenders to bid for large state contracts. Expansion into other African countries to create export markets and more jobs. Improving technology to streamline economic growth. (20)[50]14

Topic 2 Challenges of the businessenvironmentOverview This topic examines the challenges that exist in the micro, market and macro businessenvironments. Businesses need to be aware of the challenges they will face in the differentenvironments in order to be able to deal with time and make provision for problems.Anything that can change in one of the business environments is called a variable. Thevariables in the internal and external environments are inter-related because a change in onevariable can affect other variables.The Topic deals with: Challenges of the micro environment, such as lack of vision, poor management, strikes and goslows. Challenges of the market environment, such as competition, supply problems and changes inconsumer behaviour. Challenges of the macro environment such as legislation, globalisation and socio-economicissues.Challenges of thebusiness environmentMicro Environment EmployeesThe goals(vision and mission andbusiness objectives)The form of ownershipThe organisational structureThe management philosophyand styleMarket EnvironmentThe Macro Environment rismSubstitute products15 The international environmentThe legal and politicalenvironmentThe physical environmentThe economic environmentThe governmental environmentThe technological environmentThe political environmentThe social environmentThe institutional environment

1 Challenges of the micro-environmentA challenge in the micro environment refers to variables within a business such as labour and rawmaterials, finance and assets that managers/owners have to manage effectively. EmployeesWorkers need to be properly trained, motivated and have the skills needed to produce high qualitygoods and services. Business owners must ensure that their workers receive adequate skillstraining and education in terms of their particular type of work.The Employment Equity Act ensures that equal employment opportunities are a legal requirementwhen businesses are seeking new recruits. The goals (vision and mission and business objectives)Vision refers to how you see the future or long term goals of the business. Managers and workerswho lack vision and mission are not aware of, or do not understand, the aims of the business andcontributions to the communities that they serve. The form of ownershipThe owners must choose a suitable form of ownership in order to run their business effectively. The organisational structureThe organisational structure determines how a business is managed. The management philosophy and styleThe management philosophy and style determines how effectively a business will be run. Itincludes the core values, convictions and social customs of the business.Three components that contribute to the future vision of the business.The core purpose – The reasons for starting and running the business.The core values – The guiding principles that are important to the business, such as producing thehighest quality products possible.The mission – This is a statement of the businesses' aims and values. Strikes, go slows and trade unionsA strike is when workers refuse to go to work because of disagreements with management orowners of a business. A go slow occurs when workers work slowly and refuse to do anythingextra or work overtime.Trade unions are labour organisations. Today, most workers belong to unions and when they aredissatisfied with wages, working conditions or any other grievances they organise strikes whichimpact negatively on productivity and the smooth running of a business.16

Collective bargainingCollective bargaining occurs when groups or their representatives seek to negotiate with andinfluence employers on matters relating to issues in the workplace. Collective bargaining can helpto stabilise relationships between managers and workers and provide a useful forum for thediscussion of wider issues concerning the progress of the businessLEGISLATION TO CONTROL EMPLOYER/EMPLOYEE RELATIONSHIPS IN SOUTH AFRICA.These are the main laws which regulate employer-employee relations. The Labour Relations ActThe Basic Conditions of Employment ActThe Employment Equity ActThe Occupational Health and Safety ActThe Skills Development Act17

2 Challenges of the Market EnvironmentThe marke

Business Studies Grade 11 . 2 Contents Introduction to Business Studies 5 Term 1 Introduction 6 Topic 1 Influences on the business environments 7 Questions and answers 12 Topic 2 Challenges of the business environments 15 Questions and answers 23 Topic 3 Adapting to challenges of the business environments 26 .

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