3.1.4 Impact of external influences Flashcards
1
Q
What does PESTLE stand for?
6
A
- Political
- Economic
- Social
- Technological
- Legal
- Environmental
2
Q
What is the main political factor that affects UK businesses?
1
A
- Brexit (UK leaving EU)
3
Q
What impacts may the UK leaving the EU have?
5
A
- Harder access EU markets
- Harder to fill >paid jobs
- ^Expensive imported mats, due to >pound
- > FDI to UK from MN
- UK firm’s easier to compete on price
4
Q
Why may Brexit (political) result in it being harder to fill lower paid job vacancies?
1
A
- No free movement of labour
5
Q
Why may Brexit (political) make it easier for UK firms to compete on price?
1
A
- Imports = ^expensive (exchange rate shift), >comp
6
Q
What are examples of changes in social attitudes (social)?
3
A
- ^Awareness of need for healthy eating
- ^Desire for speed of service
- Ageing demographic
7
Q
What impacts can changes in technology have on businesses?
2
A
- > Costs, ^quality, reliability, durability, recyclability (robotics/machinery)
- Dev of brand new products
8
Q
What are the advantages of tightening environmental pressures on a business (environmental)?
2
A
- Force ^efficient methods that >costs
- Differentiate from rivals
9
Q
How are environmental pressures a threat to a firm?
1
A
- Change operations
