The external environment – Page 2

BMIS – Nov 2019 – L1 – Q4b – Economic Factors in the Macro-Environment

State and explain five economic factors that influence opportunities or threats for organizations in the macro-environment.

Question

4. (b) The macro-environment contains several conditions and factors that systematically present opportunities or pose threats to organizations in their effort to gain competitive advantage. The factors in the macro-environment for the purpose of effective analysis are grouped using the PEST model, which represents political, economic, socio-cultural, and technological factors. Understanding these factors will influence the kind of strategies business organizations would formulate.

Required:
State and explain FIVE (5) economic factors which determine the nature of opportunities or threats that organizations may face.

Answer

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Tags: Business Strategy, Competitive Advantage, Economic Factors, Macro-Environment, PEST Analysis
Level: Level 1

Topic: Competitive forces and markets, Introduction to Business Strategy, The external environment
Series: NOV 2019

BMIS – Nov 2021 – L1 – Q3a – The external environment

Explain the elements of the external environment that impact business organizations.

Question

An organisation is described as an open system because it impacts and is also impacted by two sets of environments. It imports raw materials from the environment, transforms them into goods and services and then exports them back into the environment for the satisfaction of customers’ needs.

Required:
Explain FIVE (5) elements of the external environment of a business organisation. (15 marks)

Answer

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Tags: Business Strategy, External Environment, PEST Analysis
Level: Level 1

Topic: The external environment
Series: NOV 2021

BMIS – Nov 2016 – L1 – Q5a – The external environment

Outline factors in an organization's external environment that are beyond its control.

Question

An organization’s external environment is made up of those factors over which the organization has no degree of control.

Outline SIX of these factors. (6 marks)

Answer

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Tags: Business Environment, Ecological, Economic, External Environment, Legal, Political, Socio-Cultural, Technological
Level: Level 1

Topic: The external environment
Series: NOV 2016

BMIS – Nov 2023 – L1 – Q5b – The external environment

Describe how each element of the PEST Analysis (Political, Economic, Socio-cultural, Technological) influences an organization's operations.

Question

The PEST Analysis is a strategic tool used for generating information about how the business environment operates and influences the operations of an organisation.

Required:

Describe how each element in the analysis influences an organisation’s operations.

Answer

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Tags: Business Environment, External factors, Organizational operations, PEST Analysis, Strategic Management
Level: Level 1

Topic: The external environment
Series: NOV 2023

BMIS – Nov 2023 – L1 – Q2b – The external environment

Describe two of the three approaches (expenditure, income, value-added) used by economists to measure a country's Gross Domestic Product (GDP).

Question

In measuring a country’s Gross Domestic Product (GDP), economists use the expenditure approach, income approach and the value-added approach.

Required: Describe TWO (2) of these approaches. (5 marks)

Answer

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Tags: Economic measurement, Expenditure approach, GDP, Income approach, Value-added approach
Level: Level 1

Topic: The external environment
Series: NOV 2023

BMIS – Nov 2023 – L1 – Q2a – The external environment

Explain five ways the Government of Ghana can improve the business environment to help private enterprises thrive.

Question

It can be argued that the public sector must not directly engage in business but rather direct efforts and resources at securing an enabling environment in which the private sector which has been described as the engine of growth of the economy can flourish.

Required: Explain FIVE (5) ways by which the Government of Ghana can improve the business environment in order that private enterprises can thrive. (10 marks)

Answer

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Tags: Business Environment, Economic growth, Government Policy, Private Sector
Level: Level 1

Topic: The external environment
Series: NOV 2023

BMIS – Jul 2023 – L1 – Q2a & Q2b – The external environment, Finance | R&D and marketing strategies

Elaborates on demand-side and supply-side market failures and outlines the benefits of positioning in an organization.

Question

a) During the period between September and December 2022, there was a situation of constant price level changes in Ghana. Observers and experts of Economics attributed the situation to market failures which can be demand-side market failure or supply-side market failure.

Required:
Elaborate on the two types of failures stated above.
(5 marks)

b) Positioning is an activity business organisations use to create a mental image of their products in the minds of their target markets.

Required:
Outline FIVE (5) benefits associated with positioning in an organisation.
(5 marks)

Answer

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Tags: Demand-Side Failure, Market Failure, Marketing Strategy, Positioning, Supply-Side Failure
Level: Level 1

Topic: Finance, R&D and marketing strategies, The external environment
Series: JULY 2023

BMIS – Nov 2017 – L1 – Q1b – The external environment

Distinguish between the internal and external environment of a business organization.

Question

b) In an organization, every action of management body is influenced by the environment. In this context, “environment” means understanding the surroundings or conditions in which a particular activity is carried out.

Required:
Distinguish between internal and external environment of a business organization.
(5 marks)

Answer

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Tags: Business Environment, External Environment, Internal Environment, Organizational Environment, Strategic Management
Level: Level 1

Topic: The external environment
Series: NOV 2017

BMIS – Mar 2023 – L1 – Q5b – The external environment

Conducts a PEST analysis for Prekoka Beverages Ltd based on provided business challenges and opportunities.

Question

Prekoka Beverages Ltd (PBL) was established in 2022. The company manufactures alcoholic and non-alcoholic beverages. The company uses a modern automation system and a lean manufacturing system to ensure operational efficiency. The company is very optimistic about the future due to the increase in disposable income of the people in the country.

The management of the company is, however, concerned about the government’s proposal to increase regulations in the manufacturing of alcoholic beverages because of a research publication that alcoholic beverage consumption is causing health problems for consumers in the country.

The company also faces a challenge predicting its future revenue because the section of the population with purchasing power is conscious of their consumption patterns and, as a result, are reluctant to purchase sugar-based beverages. Additionally, the recent population census in Ghana indicated that the female population (which normally doesn’t consume alcoholic beverages) surpasses the male population.

Even though the management of PBL is confronted with the above challenges, they are optimistic about the future because there is strong economic and political stability that facilitates business growth in the country. PBL also has an efficient research and development team that can develop new products to meet the changing needs and tastes of consumers.

Required:
Prepare a PEST framework for PBL based on the above information.

Answer

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Tags: Business Environment, PEST Analysis, Strategic Planning
Level: Level 1

Topic: The external environment
Series: MAR 2023

BMIS – May 2017 – L1 – Q7a – The external environment

Explain the concept of globalization, its key features, and the factors encouraging its spread in world trade.

Question

The concept of globalization has become a major discussion theme in both professional and business environments. A number of factors have been identified as encouraging globalization of world trade.

Required:

i) Explain globalization. (2 marks)

ii) Identify any FOUR features of globalization. (4 marks)

iii) Explain any FOUR factors encouraging the globalization of world trade. (6 marks)

(Total: 12 marks)

Answer

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Tags: Capacity Management, Factors Encouraging Globalization, Features of Globalization, Globalization, Service vs. Manufacturing
Level: Level 1

Topic: The external environment
Series: MAY 2017

BMIS – Dec 2023 – L1 – Q2b – The external environment

Outlines five effects that inflation can have on an economy.

Question

The global economic challenges have largely been fueled by demand-pull inflation or cost-push inflation. Many governments have initiated measures to mitigate the associated effects.

Required:

Outline FIVE (5) effects inflation have on an economy.

Answer

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Tags: Economic Impact, Inflation, Macroeconomics
Level: Level 1

Topic: The external environment
Series: DEC 2023

BMIS – Dec 2023 – L1 – Q2a – The external environment

Differentiates between cyclical and structural unemployment and explains the economic and non-economic costs associated with them.

Question

The economic uncertainties associated with declining Gross Domestic Product may result in a country experiencing either cyclical or structural types of unemployment.

Required:

i) Differentiate between these two types of unemployment.

ii) Explain FIVE (5) economic and non-economic costs associated with these two types of unemployment in a country.

Answer

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Tags: Cyclical Unemployment, Economic Impact, Structural Unemployment, Unemployment
Level: Level 1

Topic: The external environment
Series: DEC 2023

BMIS – Aug 2022 – L1 – Q2b – The external environment

Explains demand-pull and cost-push inflation and outlines strategies the government can implement to address negative macroeconomic conditions.

Question

The outbreak of the COVID-19 pandemic resulted in most countries experiencing negative macroeconomic conditions such as demand-pull inflation or cost-push inflation. These conditions have caused governments in both developed and developing countries to implement actions to mitigate the associated effects.

Required:

i) Explain these TWO (2) types of inflation.
(4 marks)

ii) Explain THREE (3) strategies the government of Ghana can implement to address these negative macroeconomic conditions.
(6 marks)

Answer

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Level: Level 1

Topic: The external environment
Series: AUG 2022

BMIS – Nov 2015 – L1 – Q1 – The external environment, Introduction to business strategy

Discuss environmental scanning and strategic planning, and outline the strategic planning process.

Question

Before an organisation can begin strategy formulation, there is the need to scan the external environment to identify possible opportunities and threats and its internal environment for strengths and weaknesses.

Explain the following:
a) Environmental scanning. (3 marks)
b) Strategic planning. (3 marks)
c) Outline the strategic planning process. (14 marks)

Answer

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Tags: Business Strategy, Environmental Scanning, Strategic Planning, Strategic Process
Level: Level 1

Topic: Introduction to Business Strategy, The external environment
Series: NOV 2015

BMIS – April 2022 – L1 – Q2 – Finance, R&D and marketing strategies | The external environment

Discuss the benefits of penetration pricing, the difference between mission and vision statements, and economic factors influencing facility location in Ghana.

Question

Vagen Ltd, a German automobile manufacturer, has completed building an assembly facility in Ghana to manufacture and sell vehicles in Ghana and in other African countries. For the company to gain a foothold in the African market, it carefully applied the penetration pricing strategy and developed clear mission and vision statements to facilitate successful operations in this new market.

Required:
a) Identify FIVE (5) benefits the company would derive from the penetration pricing strategy. (5 marks)
b) Explain the difference between the company’s mission and vision statements. (5 marks)
c) Explain FIVE (5) economic factors that might have influenced the management of the company to locate the assembly facility in Ghana. (10 marks)

Answer

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Tags: Economic Factors, Facility Location, Mission Statement, Penetration Pricing, Vision Statement
Level: Level 1

Topic: Finance, R&D and marketing strategies, The external environment
Series: APR 2022

Topic: The external environment

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BMIS – Nov 2019 – L1 – Q4b – Economic Factors in the Macro-Environment

State and explain five economic factors that influence opportunities or threats for organizations in the macro-environment.

BMIS – Nov 2021 – L1 – Q3a – The external environment

Explain the elements of the external environment that impact business organizations.

BMIS – Nov 2016 – L1 – Q5a – The external environment

Outline factors in an organization's external environment that are beyond its control.

BMIS – Nov 2023 – L1 – Q5b – The external environment

Describe how each element of the PEST Analysis (Political, Economic, Socio-cultural, Technological) influences an organization's operations.

BMIS – Nov 2023 – L1 – Q2b – The external environment

Describe two of the three approaches (expenditure, income, value-added) used by economists to measure a country's Gross Domestic Product (GDP).

BMIS – Nov 2023 – L1 – Q2a – The external environment

Explain five ways the Government of Ghana can improve the business environment to help private enterprises thrive.

BMIS – Jul 2023 – L1 – Q2a & Q2b – The external environment, Finance | R&D and marketing strategies

Elaborates on demand-side and supply-side market failures and outlines the benefits of positioning in an organization.

BMIS – Nov 2017 – L1 – Q1b – The external environment

Distinguish between the internal and external environment of a business organization.

BMIS – Mar 2023 – L1 – Q5b – The external environment

Conducts a PEST analysis for Prekoka Beverages Ltd based on provided business challenges and opportunities.

BMIS – May 2017 – L1 – Q7a – The external environment

Explain the concept of globalization, its key features, and the factors encouraging its spread in world trade.

BMIS – Dec 2023 – L1 – Q2b – The external environment

Outlines five effects that inflation can have on an economy.

BMIS – Dec 2023 – L1 – Q2a – The external environment

Differentiates between cyclical and structural unemployment and explains the economic and non-economic costs associated with them.

BMIS – Aug 2022 – L1 – Q2b – The external environment

Explains demand-pull and cost-push inflation and outlines strategies the government can implement to address negative macroeconomic conditions.

BMIS – Nov 2015 – L1 – Q1 – The external environment, Introduction to business strategy

Discuss environmental scanning and strategic planning, and outline the strategic planning process.

BMIS – April 2022 – L1 – Q2 – Finance, R&D and marketing strategies | The external environment

Discuss the benefits of penetration pricing, the difference between mission and vision statements, and economic factors influencing facility location in Ghana.

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Topic: The external environment

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BMIS – Nov 2019 – L1 – Q4b – Economic Factors in the Macro-Environment

State and explain five economic factors that influence opportunities or threats for organizations in the macro-environment.

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BMIS – Nov 2021 – L1 – Q3a – The external environment

Explain the elements of the external environment that impact business organizations.

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BMIS – Nov 2016 – L1 – Q5a – The external environment

Outline factors in an organization's external environment that are beyond its control.

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BMIS – Nov 2023 – L1 – Q5b – The external environment

Describe how each element of the PEST Analysis (Political, Economic, Socio-cultural, Technological) influences an organization's operations.

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BMIS – Nov 2023 – L1 – Q2b – The external environment

Describe two of the three approaches (expenditure, income, value-added) used by economists to measure a country's Gross Domestic Product (GDP).

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BMIS – Nov 2023 – L1 – Q2a – The external environment

Explain five ways the Government of Ghana can improve the business environment to help private enterprises thrive.

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BMIS – Jul 2023 – L1 – Q2a & Q2b – The external environment, Finance | R&D and marketing strategies

Elaborates on demand-side and supply-side market failures and outlines the benefits of positioning in an organization.

You're reporting an error for "BMIS – Jul 2023 – L1 – Q2a & Q2b – The external environment, Finance | R&D and marketing strategies"

BMIS – Nov 2017 – L1 – Q1b – The external environment

Distinguish between the internal and external environment of a business organization.

You're reporting an error for "BMIS – Nov 2017 – L1 – Q1b – The external environment"

BMIS – Mar 2023 – L1 – Q5b – The external environment

Conducts a PEST analysis for Prekoka Beverages Ltd based on provided business challenges and opportunities.

You're reporting an error for "BMIS – Mar 2023 – L1 – Q5b – The external environment"

BMIS – May 2017 – L1 – Q7a – The external environment

Explain the concept of globalization, its key features, and the factors encouraging its spread in world trade.

You're reporting an error for "BMIS – May 2017 – L1 – Q7a – The external environment"

BMIS – Dec 2023 – L1 – Q2b – The external environment

Outlines five effects that inflation can have on an economy.

You're reporting an error for "BMIS – Dec 2023 – L1 – Q2b – The external environment"

BMIS – Dec 2023 – L1 – Q2a – The external environment

Differentiates between cyclical and structural unemployment and explains the economic and non-economic costs associated with them.

You're reporting an error for "BMIS – Dec 2023 – L1 – Q2a – The external environment"

BMIS – Aug 2022 – L1 – Q2b – The external environment

Explains demand-pull and cost-push inflation and outlines strategies the government can implement to address negative macroeconomic conditions.

You're reporting an error for "BMIS – Aug 2022 – L1 – Q2b – The external environment"

BMIS – Nov 2015 – L1 – Q1 – The external environment, Introduction to business strategy

Discuss environmental scanning and strategic planning, and outline the strategic planning process.

You're reporting an error for "BMIS – Nov 2015 – L1 – Q1 – The external environment, Introduction to business strategy"

BMIS – April 2022 – L1 – Q2 – Finance, R&D and marketing strategies | The external environment

Discuss the benefits of penetration pricing, the difference between mission and vision statements, and economic factors influencing facility location in Ghana.

You're reporting an error for "BMIS – April 2022 – L1 – Q2 – Finance, R&D and marketing strategies | The external environment"

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