Chapter Name: Factors that Affect the Business
Description:Examines internal and external factors such as market trends, economic conditions, and competition that impact business performance.
Purpuse:To help learners identify and analyze factors that could influence their business, enabling proactive decision-making.
Rational:Understanding these factors allows businesses to adapt and remain competitive in a dynamic market.
Chapters Topics
Examples of records to be kept
Includes attendance registers, overtime logs, pay slips, leave records (holiday, sick, family responsibility), and more.
Understanding factors that influence economic activities
Identifying how legislation, pandemics, geography, civil unrest, and market segmentation affect business operations.
Understanding the market mechanisms in the value chain
Recognizing how products move through the supply chain and the forces influencing value and pricing.
Concepts of supply and demand
Basic economic principles explaining how product availability and consumer desire influence price and quantity.
Target market and finding the market niche
Identifying the ideal customer group and carving out a specialized segment for your products or services.
Stakeholders and role-players in a business
Understanding internal and external individuals or groups that influence or are affected by the business (e.g., owners, employees, community, government).
Competitors, suppliers and customers
Analyzing relationships with market participants and how they impact pricing, supply chain, and customer satisfaction.
Marketing and advertising
Developing strategies to promote products, including tools like webpages, emails, social media, and cold calling.
Drawing up contracts and Service Level Agreements
Creating formal agreements that define the terms and expectations between parties in a business relationship.
Differences between a formal and informal contract
Comparing legally binding written contracts with verbal or casual agreements and understanding when each is appropriate.