3.1.4 impact of external influences Flashcards

1
Q

what does pestle stand for?

A
Political 
economical 
social
technological
legal 
environmental
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2
Q

what are the three market structures

A

competitive market, uncompetitive market and a oligoply.

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3
Q

define a highly competitive market?

A

this is when a market exists with perfect competition where firms can compete on several levels.

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4
Q

what is a oligobly market?

A

this is where several big businesses dominate the markets.

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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.
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