Understanding external influences on business Flashcards
what is a stakeholder?
someone that has an interest in the business
examples of stake holders
- owners
- suppliers
- customers
- local community
- employees
what is e-commerce?
businesses selling their products and services to customers over the internet
how technology ]effects a business?
- bigger market so more opportunities to sell products
- more competition
ways of digital communication
- social media
- websites
- mobile apps
- video conference calls
how can technology change business sales?
- firm sells products directly to customers online
- easily sell them across world
created new payment systems
how can technology effect costs of a business?
- help keep costs low
- cheaper to set up business
how does technology effect the marketing mix?
- technological advances can lower average costs and prices for consumers
- products more innovative
what is the National Minimum wage law?
- the minimum amount that a business can pay their staff. The amount depends on age and type of work
What is the Equality Act (2010)?
Protects all people from discrimination in workplace
What is the health and safety law?
Places a duty on business to make sure health and safety are managed
What do businesses do to make sure they are up to health and safety standards?
- risk assessments to make sure the potential for risk is minimized
- make conditions as safe as possible to reduce injury
what is consumer law?
protect customers against unfair treatment by a business
how does consumer law protect consumers?
- makes sure products must be able to do what told to do
- make businesses tell truth about products/services
- products of satisfactory quality
What is a ‘boom’?
when economy is growing significantly and businesses do well
