BUSINESS ENVIRONMENT | |After discussing the meaning of business environment‚ now we will discuss the various components of business environment. The various components of business environment are- [pic]External environment consists of those factors that affect a business enterprise from outside. External environment includes shareholders‚ competitors‚ customers‚ society‚ government laws and regulations‚ policies and technology. External environment is generally classified into micro environment and
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customers are categorized more often into two classes: * An external customer of an organization is a customer who is not directly connected to that organization. * An internal customer is a customer who is directly connected to an organization‚ and is usually (but not necessarily) internal to the organization. Internal customers are usually stakeholders‚ employees‚ or shareholders‚ but the definition also encompasses creditors and external regulators. Why customers are important? Customers
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CHAPTER 1 THE COMMERCIAL ENVIRONMENT INTRODUCTION The commercial environment is the “arena” in which purchasing and supply professionals and many others in business operate. This environment is essentially live and developing all the time and it includes many factors beyond the organisation’s day-to-day control. This ever-changing business environment puts all organisations under pressure to conform‚ adapt‚ innovate‚ or suffer the consequences of any inaction. Continuous appraisal of the
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Justification for an Internal Control System ACC 544 Justification for an Internal Control System Introduction According to A. A. Gramling in the Encyclopedia of Business and Finance‚ internal control can be described as “any action taken by an organization to help enhance the likelihood that the objectives of the organization will be achieved.” There are several approaches to risk management in an organization – the portfolio approach and the use of insurance are two. Both
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MICROENVIRONMENT Micro environment means the environment with in the organization/company which is totally under the control. a. The company itself (including departments). b. Suppliers. c. Marketing channel firms (intermediaries). d. Customer markets. e. Competitors. f. Publics. 1. The Company’s Microenvironment a. The Company The first factor is the company itself 1). Top management is responsible for setting the company’s mission‚ objectives‚ broad strategies‚ and policies
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Outsourcing and make-or-buy decisions. What cost factors should influence the decision on whether to outsource the payroll functions? Horngren‚ Sundem and Stratton (2004)‚ say that "When managers consider the make-or-buy decision for services‚ it is often called outsourcing" [1‚ p255]. Outsourcing "( ) is often defined as the delegation of non-core operations or jobs from internal production within a business to an external entity (such as a subcontractor) that specialises in that operation" [2]
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Internal Customers: This means if one department‚ individual or process within an organization supplies another such within the same organization with goods‚ information or services then the latter is described as the internal customer of the former. For example‚ a dispatch department may be the internal customer of a packing department‚ which in turn may be the internal customer of the manufacturing process. External Customers: External customers are those persons who come from the outside to
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Dikkeboom Core issue: Internal Analysis Problem statement: How can MTV optimise their value chain in order to stay competitive? Learning goals: 1.What is an internal analysis? 2.What internal analysis models are there? 3.Apply on MTV 4.What is a business model? 5.What is MTV’s current business model? 6.What is a value chain? 7.What is MTV’s value chain? 8.What is the target group of MTV? 1.What is an internal analysis? The goal of an internal analysis is to identify the
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Running Head: EVALUATING INTERNAL CONTROLS Evaluating Internal Controls Internal Control Systems – ACC/544 Stephanie Booth Robert Cornett University of Phoenix September 29‚ 2014 Evaluating Internal Controls An organization’s internal controls are comprised of five components‚ which include: the control environment‚ risk assessment‚ control activities‚ monitoring‚ and information and communication. The five
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Can money buy happiness? "Money cannot buy happiness" it is often claimed. But with money you can buy most of the things that are necessary for happiness: good food‚ accommodation‚ entertainment‚ travel‚ quality health care. No wonder most people want to make as much money as possible. Do you agree or disagree? The saying that money cannot buy happiness has many opponents. They claim that with the help of money it is possible to get the things that constitute happiness‚ such as delicious food‚
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