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Business As > 3.1.3 External Environment > Flashcards

3.1.3 External Environment Flashcards

1
Q

What is the p in PESTLE

A

Political

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2
Q

What is the first E in PESTLE

A

Economic

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3
Q

What is the s in PESTLE

A

Social

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4
Q

What is the T in PESTLE

A

Technological

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5
Q

What is the L in PESTLE

A

Legal

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6
Q

What is the second E in PESTLE

A

Ethical/ Environmental

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7
Q

What are the 4 factors in political

A

Competition policy
Industry regulation
Govt. spending and tax policies
Business policy and incentives

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8
Q

What are the 4 economic factors

A

Interest rates
Consumer spending and income
Exchange rates
Economic growth (GDP)

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9
Q

What are the 4 factors of social

A

Demographic change
Impact of pressure groups
Consumer tastes and fashions
Changing lifestyles

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10
Q

What are the 4 factors of Technological

A

Disruptive technologies
Adoption of mobile tech
New production processes
Big data and dynamic pricing

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11
Q

What are the 4 legal factors

A

Employment law
Minimum/ living wage
Health and safety laws
Environmental legislation

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12
Q

What are the 4 Ethical/environmental factors

A

Sustainable
Tax practices
Ethical sourcing (supply chain)
Pollution and carbon emissions

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13
Q

What are the factors in the external environment

A

Fair trade
Environment issues
Market conditions
Competition
Interest rates
Household income
Competition
Demographic factors

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14
Q

What is GDP

A

Measure of the value of output (activity) in the economy

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15
Q

What is the definition of demand

A

How much of a good or service a consumer wants and is able to pay for

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16
Q

What happens when interest rates fall

A

Cost of servicing loans and debts is reduced- boosting spending power

Consumer confidence should increase leading to more spending

Business investment boosted

17
Q

What are the key environmental issues for business

A

Sustainably
Minimising packaging
Promoting
Environmental policies
Carbon emissions
Waste disposal

18
Q

What are some business benefits of environmental friendly actions

A

Lower raw material costs and waste disposal charges

Longer life of assets that are recycled or repaired

Trading opportunities with env friendly suppliers

19
Q

What do businesses need to look at in regards to the external environment

A

use of raw materials
fair trade
waste and pollution
the impact on employees and the local, wider and international community

Business As (25 decks)

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