External environments Flashcards
How does politics affect a business
Competition policy
Industry regulation
Government spending and tax policies
Business policy and incentives
How does the economy affect business
Interest rates
Consumer spending and income
Exchange rates
Economic growth
How does social influence business
Demographic change
Impact of pressure groups
Consumer taste and fashion
Changing lifestyle
How does technology affect the business
Disruptive technologies
Adoption of mobile tech
New production processes
Big Data and dynamic pricing
How does legal affect a business
Employment law
Minimum/living wage
Health and safety laws
Environmental legislation
How does ethical/environment affect a business
Sustainability, tax practices, ethical sourcing (Supply chain), Pollution and carbon omissions
What are the factors in the external environment
Fair trade, market conditions, competition, household incomes, interest rates, demographic factors and environmental issues
What is economic growth
Measure of the value of output in the economy
Value used to assess changes in economic growth
