3.1.4 impact of external influences Flashcards
1
Q
what does pestle stand for?
A
Political economical social technological legal environmental
2
Q
what are the three market structures
A
competitive market, uncompetitive market and a oligoply.
3
Q
define a highly competitive market?
A
this is when a market exists with perfect competition where firms can compete on several levels.
4
Q
what is a oligobly market?
A
this is where several big businesses dominate the markets.
5
Q
what are porters 5 forces?
A
- competitive pricing
- bargaining power of suppliers
- bargaining power of buyers
- threat of substitutes
- threat of new entrants.
