business 2.5 Flashcards
(4 cards)
1
Q
what are some economic influences
A
inflation
exchange rates
interest rates
economic cycle
2
Q
what is legislation?
A
laws and regulations that requires businesses to act in a particular manner
3
Q
what are the five areas of legislation that have significant impacts on businesses
A
consumer protection
employee protection
environmental protection
health and safety
competition policy (ensure no anti competitive behavour)
4
Q
how might a firm adapt to competition
A
focus on unique selling points
adjust pricing strategt
enhaance customer service
expand product range
collaberate with other businesses
