Help needed for business assignment (1 Viewer)

[eViLnUt]

I'm doing a business assignment on the nature of business...
I do not understand the following questions:

1) Describe the nature of the business surveyed and the goods/services they provide.

I've mentioned the industry sector its in, its size and the goods/services it provides, what else can i talk about?

2) Discuss the responsibilities of the business to its stakeholders. Give examples where appropriate.

3) Identify and describe the impact of the external environment on these businesses. Include economic and social factors.

For 3) I've mentioned the competitors, but what about the economic and social factors?

 

[sarevok]

2) Stakeholders are people who have an interest in the business. Think about the business' responsibilities to its employees (providing working conditions in accordance with awards/enterprise agreements, ...), its customers (meeting warranties, making sure goods are not faulty), its shareholders (creating profit and maximizing the financial return on their investment) etc.

3) Economic factors: economic cycle - relate this generally to fluctuations in interest rates which will affect the business' gearing ratio and solvency, business growth, supply and demand, the effect it will have on the business' employees (i.e. a recession will usually resolt in lower levels of industrial action, higher growth + increased in inflation will result in wage disputes and higher levels of IA), may affect the value of the $ which will effect the business if it is global and importing/exporting.
Social factors: Changing consumer tastes, products need to be diversified + marketed differently to appeal to growing multiculturalism and a greater variety of consumers, changing morals and values in society (e.g. more people care about the environment - business may have to incorporate this into its marketing).

 

[eViLnUt]

I'm suppose to do 5 businesses and the total word limit is around 2000...

My first business is Woolworths and I'm going to use what help i get on Woolworths and apply it to my other businesses...