Master this deck with 21 terms through effective study methods.
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Focuses on business principles, theory, and practice.
Includes internal factors under the business's control.
Vision, mission, goals, objectives, culture, structure, resources, management.
Exists outside the business with limited control.
External factors that businesses cannot control.
Physical, economic, legal, political, institutional, technological, social.
Macro influences micro and market environments strongly.
Describes the long-term dream and future position of the business.
Goals are long-term plans; objectives are short-term actions.
The way things are done within a business, reflecting its values.
How a business is organized, showing hierarchy and reporting.
To use resources effectively to achieve the business's goals.
Planning, organizing, leading, controlling, activating, directing.
Handles communication, data management, and organizational tasks.
Centralized has one department; decentralized allows each department to manage its own.
Equity finance, debt finance, and grants.
Money needed for short-term operational expenses.
Sources products and services at competitive prices.
Identify need, compare prices, select supplier, place order, receive stock, pay.
Methods used to measure quality against standards.
System to ensure products meet required quality standards.