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2.1 List any FOUR forces of Porter's Five Forces model - NSC Business Studies - Question 2 - 2018 - Paper 1
Question 2
2.1 List any FOUR forces of Porter's Five Forces model. 2.2 Outline the role of SETAs in supporting the Skills Development Act, 1998 (Act 97 of 1998). 2.3 Identify... show full transcript
Worked Solution & Example Answer:2.1 List any FOUR forces of Porter's Five Forces model - NSC Business Studies - Question 2 - 2018 - Paper 1
Step 1
Step 2
Outline the role of SETAs in supporting the Skills Development Act, 1998 (Act 97 of 1998).
Answer
SETAs (Sector Education and Training Authorities) play a crucial role in promoting skills development within various sectors of the economy. They assist in the implementation of the Skills Development Act by identifying skills needs, developing training programs, and facilitating access to training for workers. They also provide funding for training initiatives and ensure that training is aligned with the needs of employers.
Step 3
Identify the pillar of the Broad-Based Black Economic Empowerment Act (BBBEE), 2003 (Act 53 of 2003) that Mpho Auditors has complied with in EACH statement below:
Answer
2.3.1 The pillar is Employment Equity, as the company utilizes transport services that may benefit its workforce.
2.3.2 The pillar is Socio-Economic Development, through the donation of laptops to improve education in rural areas.
2.3.3 This demonstrates Human Resource Development, as they provide a learnership program to enhance skills.
2.3.4 This reflects Employment Equity by promoting diversity in management by elevating black women to leadership roles.
2.3.5 This speaks to Stakeholder Participation, inviting community involvement through shareholding.
Step 4
Distinguish between product development and market development.
Answer
Product Development involves generating new ideas and developing new products or services, such as introducing a new product into existing markets. Market Development, on the other hand, focuses on exploring and finding new markets or customers for existing products.
Step 5
Step 6
Discuss the negative impact of the Act, identified in QUESTION 2.5.1, on MGM.
Answer
The negative impact of the Occupational Health and Safety Act on MGM may include potential legal liabilities due to failure to comply with safety regulations. This can result in fines, increased scrutiny from regulatory bodies, and a damaged reputation among customers. Additionally, a lack of safety measures can lead to increased worker absenteeism and lower employee morale.
Step 7
Step 8
Identify THREE challenges for SEE's business and classify EACH challenge according to the business environment.
Answer
(a) SEE employees are regularly absent from work - Micro Environment. (b) They buy their raw material from Early Bird Maize Farm, which is out of stock sometimes - Market Environment. (c) The local government has instructed the management of SEE to register their products - Macro Environment.
Step 9
Analyse the impact of the National Credit Act, 2005 (Act 34 of 2005) on businesses.
Answer
The National Credit Act imposes strict regulations on credit marketing and lending practices. Businesses can no longer freely extend credit without thorough assessments of consumers' ability to repay. This leads to a reduction in potential sales as consumers have limited access to credit, potentially affecting overall revenue for businesses. Moreover, businesses are required to implement sound credit practices and have the necessary measures in place to avoid non-compliance risks.