1.5 External Influences Flashcards
What is a stakeholder?
Stakeholders are a person, group or organisation that have an interest in, or concern about a business.
Provide examples of internal stakeholders.
Internal stakeholders (inside the organisation) include owners, shareholders, managers and employees.
Provide examples of external stakeholders.
External stakeholders (outside of the organisation) include customers, suppliers, local community, government, media, pressure groups etc.
What is e-commerce?
E-commerce is the buying and selling of goods and services online.
What is m-commerce?
M-commerce is the buying and selling of goods and services using mobile technology.
What is digital communication?
Digital communication is the process by which a message or information is exchanged digitally.
What is legislation?
Legislation is the laws set by the government that the business must follow.
What is consumer law?
Consumer law protects the customers, e.g. Trade Descriptions Act.
What is employment law?
Employment law protects the employees, e.g. Disability Discrimination Act.
What is ‘gross domestic product’?
The monetary value of the products and services made in the country over a period of time.
What is ‘inflation’?
Inflation is when there is a general increase in prices.
What is ‘exchange rates’?
The value of one currency against the other, e.g. £ to $.
What is meant by ‘external influences’?
The external influences are things that a business cannot control but they can have a direct impact on the business.
What is the ‘economic climate’?
The economy is linked to the financial state of the country and what is happening in the country, e.g. interest rates, exchange rates etc can have a direct impact on the business.
How important is technology to a business?
Technology is central to the working world today, enabling both communication and transactions to take place online.
