Business Studies Essay

What does the nature of product line mean ? Usually, when filling out some kind of form, nature of disdain refers to the type or customary category of business or commerce you are describing. For example, if you worked at McDonalds, the nature of your business is food serve. temperament of Business means what type of business your are doing? like Wholesale, Retail or Service, Manufacturing, Marketing, etc. If you require more specific, then HBA wholesale, Car Service, Furniture manufacturing, health Drinks Marketing, etc. The nature of business, means what exactly your business is doing and what is the service/product you are offering.For example the nature of Walmart as a business is Retail and the nature of Microsoft is Software. Internal and External Influences on businesses The external environment includes those factors over which the business has little control, much(prenominal) as government policy, technology, economic conditions and social attitudes. The internal en vironment includes these factors over which the business has some degree of control, such as products, place, resources, management and business culture. External Influences on business Economic Financial Markets Competitive siuation proficient Institutional Political Legal Social Geographic If you had a shop and everyone decided to go to other shop that would be an econmic disaster If this continues for a month then the business would close, employees would be laid off, and landlords and suppliers pass on non be paid. Charasteristics of boom perios Higer lever of employment - rising prices may increase The level of spending by consumers increases as they have more confidence in the economy Characteristics of recessi on period Unemployment levels onward motion Inflation may remain stable or fall Wages are less likely to rise as employers The level of spending usually decreases Internal influences on Business Product The types of frank and services will affect the inter nal operations of a business, The product influence and the size of the business -Location -A good location is an asset and will lead to high levels of sales and profits and a bad location is a liability that adversely affects sales and products Location Factors Visibility, promixity to customers, promixity to suppliers and promiximity to support devices -Management- Resource management -Business culture affliction to SME failure Failure to plan lack of information leaderhsip skills inaccurate record keeping new taxes not enough sales economic turndown staff difficulties Success to SMEs Entrepemtual abilities