6) External Factors Flashcards
1
Q
Describe political factors
A
The government can introduce laws which could affect every business in the UK
2
Q
Describe economic factors
A
If there is a recession and unemployment is high, consumers will have less income meaning less sales.
3
Q
Describe social factors
A
Businesses must take note if changes in population structure and produce goods and services relevant to the needs of the population
4
Q
Describe technological factors
A
Businesses must keep up with changes in technology for example e-commerce
5
Q
Describe environmental factors
A
There is an increasing pressure for firms to be environmentally friendly
6
Q
Name the 6 external factors
A
Political Economic Social Technological Environmental Competitive
