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Slides for N5 Business Management
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1.2 Influences on BusinessN5 Business Management
TASK
Question Bank
1-4
StakeholdersStakeholders are people with a
key interest in a businessThe main ones in business are:
•Customers
•Government
•Community
•Owners/Shareholders
•Managers
•Employees
Owners and Shareholders
• The number of owners and the roles they carry out differ according to the size of the firm
• In small businesses there may be only one owner (sole trader) or perhaps a small number of partners (partnership)
• In large firms there are often thousands of shareholders, who each own a small part of the business
Managers
OrganiseMake decisionsHire and firePlan aheadCommand & controlAccountable to the
owner(s)
Employees
A business needs staff or employees to carry out its activities
Employees agree to work a certain number of hours in return for a wage or salary
Pay levels vary with skills, qualifications, age, location, types of work and industry and other factors
Customers• Customers buy the goods or
services produced by firms• They may be individuals or other
businesses• Firms must understand and meet
the needs of their customers, otherwise they will fail to make a profit or, indeed, survive
SuppliersFirms get the resources they
need to produce goods and services from suppliers
Businesses should have effective relationships with their suppliers in order to get quality resources at reasonable prices
This is a two-way process, as suppliers depend on the firms they supply
Firms and the communities they exist in are also in a two-way relationship
The local community may often provide many of the firm’s staff and customers
The business often supplies goods and services vital to the local area
But at times the community can feel aggrieved by some aspects of what a firm does
Community
• Economic policies affect firms’ costs (through taxation and interest rates)
• Legislation regulates what business can do in areas such as the environment and occupational safety and health
• Successful firms are good for governments as they create wealth and employment
Government
TASK
Question Bank
1-10
DebateThe school is to be knocked down and a new
hospital is to be built here. Pupils will relocate to Blantyre.
You will be assigned different Stakeholder roles to debate this for/against whether it is good for the town.
Internal Factors
Technology
Labour
Finance
TASK
Question Bank
11-21
In GroupsCreate a charter (set of rules) for
working conditions that you agree are acceptable for people aged 16-18.
External Factors
Political Economic Social Technological Environmental Competitive
PESTEC
Political Factors
Legislation
Tax
Trade barriers & Tariffs
Economic Factors
Inflation
Unemployment
State of Economy (Boom v Recession)
Exchange Rates
TASK
Question Bank
22-36
Go FurtherFind 5 laws in the UK that affect a
business and say why.
Go FurtherWhat does GDP mean?How is it calculated?What is the Exchange Rate?
Social Factors
Demographic changes
Tastes & Trends
Technological FactorsCommunication & Connectivity
Smart phones & Tablets
Automation
Technology (EXTERNAL)
Some Recent Technological Innovations:
Google’s Driverless CarsChina’s 3D Express CoachIndoor Clouds3D PrintersGoogle’s Project GlassApple TVAsimoElectric Cars
TASK
Question Bank
37-43Go FurtherPolish is now the 2nd most spoken
language in the UK. What products would you target to the Poles?
Environmental FactorsBad or unseasonal weather
Extreme weather
Natural disasters
Recycling
Green issues
Competitive Factors
New products/servicesPrice warsAggressive advertisingBOGOFSponsorshipBetter customer service
TASKQuestion Bank
44-54Go FurtherWho are the G8?What is the Earth Summit?What is the Kyoto Agreement?
Go FurtherWhat is a Price War?What is a Loss Leader?What are the features of the Copyright, Designs &
Patents Act
ICT Presentation
Prepare a revision presentation on External Environmental Factors (PESTEC)
Include a Title SlidePolitical FactorsEconomic FactorsSocial FactorsTechnological FactorsEnvironmental FactorsCompetitive Factors
TASK
Question Bank
55-59