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    raymart
    The document summarizes key factors in the industry environment that affect businesses: 1) Government regulations determine the guidelines businesses must follow, such as tax collection requirements. Customers drive demand and are the basis for profit generation. Suppliers provide necessary raw materials to run operations continuously. 2) Employees accomplish daily tasks and goals to achieve business objectives. Creditors provide start-up financing but charge interest that must be repaid. Competitors offer similar products and services, forcing businesses to innovate and improve quality and prices. 3) These industry factors were considered for a gas station business, such as ensuring adequate fuel supply from suppliers to meet customer demand, employing sufficient staff to operate pumps, and competing on

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    The document summarizes key factors in the industry environment that affect businesses: 1) Government regulations determine the guidelines businesses must follow, such as tax collection requirements. Customers drive demand and are the basis for profit generation. Suppliers provide necessary raw materials to run operations continuously. 2) Employees accomplish daily tasks and goals to achieve business objectives. Creditors provide start-up financing but charge interest that must be repaid. Competitors offer similar products and services, forcing businesses to innovate and improve quality and prices. 3) These industry factors were considered for a gas station business, such as ensuring adequate fuel supply from suppliers to meet customer demand, employing sufficient staff to operate pumps, and competing on

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    The document summarizes key factors in the industry environment that affect businesses: 1) Government regulations determine the guidelines businesses must follow, such as tax collection requirements. Customers drive demand and are the basis for profit generation. Suppliers provide necessary raw materials to run operations continuously. 2) Employees accomplish daily tasks and goals to achieve business objectives. Creditors provide start-up financing but charge interest that must be repaid. Competitors offer similar products and services, forcing businesses to innovate and improve quality and prices. 3) These industry factors were considered for a gas station business, such as ensuring adequate fuel supply from suppliers to meet customer demand, employing sufficient staff to operate pumps, and competing on

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    15 views2 pages

    Discussion, Choose One Topic

    Uploaded by

    raymart
    The document summarizes key factors in the industry environment that affect businesses: 1) Government regulations determine the guidelines businesses must follow, such as tax collection requirements. Customers drive demand and are the basis for profit generation. Suppliers provide necessary raw materials to run operations continuously. 2) Employees accomplish daily tasks and goals to achieve business objectives. Creditors provide start-up financing but charge interest that must be repaid. Competitors offer similar products and services, forcing businesses to innovate and improve quality and prices. 3) These industry factors were considered for a gas station business, such as ensuring adequate fuel supply from suppliers to meet customer demand, employing sufficient staff to operate pumps, and competing on

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    of 2

    Name : Raymart S.

    Iringan STEM 12-1

    The business environment has a wide array of influences that either directly or indirectly affect
    it’s performance and decision making as a whole. Therefore, these should be critically analyzed by
    keeping in mind the various factors through calculating the risks you will take as an entrepreneur.

    Consequently, the Industry environment are the forces that cannot definitely be controlled but
    may have a very significant impact. Moreover, by knowing these factors, it will allow the entrepreneur
    itself to adjust by acting or reacting in accordance to the situation he is in.

    The business where I applied these concepts is A Gas Station

    The Industry Environment


    Government- It handles the system and differs for every country you live in by providing
    proper information about the guidelines
    Application: The tax collection appropriate for the size of your business is provided by the
    Bureau of Internal Revenue or the Department of Trade and Industry if your business is
    producing goods.
    https://www.bir.gov.ph/index.php/registration-requirements/primary-registration/application-for-
    tin.html
    Customers – Are the consumers of not only the goods but also the services, customers make
    the possibility of running the economy to fulfill their adequate need or want. The customers are
    the basis of who will consume your product and how would you continue to improve your
    product for the customers to come back or even add. These is the primary subject for profit
    generation as demand increases .
    https://www.investopedia.com/terms/c/customer.asp
    Suppliers- They provide the raw or fundamental materials you need to continuously run your
    business by outsourcing other companies by getting what’s necessary to fulfill the demand.
    Application: A gas station would not continue to run if the supply of the gas itself is not
    sufficient , therefore without supply, it will critically impact and cause a chain reaction to your
    business.
    Employees- the essential work force that does daily tasks to achieve a certain goal in the future
    of your business. Comparing it to the human body, it’s the blood of your business especially if
    you are running a corporation.
    Application: All tasks necessary in my given business will not be accomplished in a short
    amount of time without adequate man power, There is a line of cars needing fuel, can you
    supply the demand needed? essentially No, since gas stations are not really automated and
    cannot plug the pumps by themselves.
    Creditors- In simple words, this is the Kickstarter on your business since you cannot continuously run
    your business without it. But in exchange, there is a specific interest in the financial aid when you repay
    it back at a certain amount of time. Failure to do so will lead you to loss of money.

    https://www.bdo.com.ph/personal/remittance-services/personal-loan/overview

    Application: This is specially found at situations where you are just starting your business, I
    would like to franchise a gas station to an area with rapidly growing number of vehicles but have
    insufficient funds, therefore I will consult a creditor.

    Competitors- One who offers similar products or services, this cannot be viewed negatively or as a
    hindrance because competition is always natural and cannot be prevented. Competition always brings
    the drive for innovation.

    Application: There are large variety of companies that also offer fuel. What do we do? We raise
    the competition by continuously improving the quality and price of fuel in that certain area by adjusting
    different factors in your business by showcasing uniqueness and advantage.

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