Unit 1.1 Fundamentals of Business Queensland Exam Prep

Reorder the following stages of the Business life cycle:

• Seed Stage

• Start- Up Stage

• Post Maturity Stage

• Maturity Stage

• Growth Stage

This stage is the first stage of the business life cycle where the business is a thought or idea.

• Post Maturity

• Maturity

• Growth

• Seed Stage

• Start up stage

Match the following

• Competitors start to slow down growth.

• Maturity

• steady state, renewal, decline.

• Growth

• beginning stage business not open.

• Start Up

• where the business opens at first.

• Post Maturity

• Sales take off and business rapid growth

• Seed Stage

A major challenge for this stage is the time energy and money to develop the idea and no money coming in for the business.

• Start Up Stage

• Seed Stage

• Growth Stage

• Maturity Stage

A challenge of this stage is that the business should be at the top of its industry. Sales slow down and new competitors emerge. The business needs to focus on strategic planning.

• Seed Stage

• Start Up Stage

• Growth Stage

• Maturity Stage

In this stage the business needs to focus on hiring staff to expand and the business may struggle with finance as it is trying to pay for new supplies and may still be paying off debts from the start up stage.

• Seed Stage

• Start Up Stage

• Growth Stage

• Post Maturity Stage

Match the following

• Growth, Sales, Market Share, competitors

• Stakeholder Satisfaction

• Achieving goals of the business

• Competitiveness

• Interest groups, individuals

• Efficiency

• How good with limited resources

• Effectiveness

Organise these options into the right categories:

Groups:

(a) Operating

,

(b) Internal

,

(c) Macro

• Organisation culture

• interest groups

• Owners

• customers

• Organisational structure

• suppliers

• environmental

• employees

• Economic

• Technological

• sociocultural

• ethical

• competitors

• political

A business environment that focuses on the trends that are changing in society including ageing population, diversity in the workforce is called:

• technological

• Ethical

• Sociocultural

• Political

A type of business environment that focuses on the level of inflation, interest rates and levels of consumer confidence:

• Customers

• Competitors

• Economic

• Sociocultural