External factors

Question 1

Political

Answer 1

Any changes made by government
E.g. rise in taxes, new law, national minimum wage

Question 2

Economic

Answer 2

Factors that parish due to the nature of the economy
E.g. interest rates, recession, boom, inflation

Question 3

Recession

Answer 3

Customers cannot spend- less disposable income

Question 4

Boom

Answer 4

More disposable income

Question 5

Social

Answer 5

Any changes in society or attitudes
E.g. ageing population, trends and fashions, more women professionals, work-life balance

Question 6

Technological

Answer 6

Any new, changes or updates to ICT and technology
E.g. social media, cloud computing, cashless payment systems

Question 7

Environmental

Answer 7

Any changes that occur in the environment that affect the business
E.g. weather, carbon/footprint, pollution, recycling

Question 8

Competitive

Answer 8

Any changes made by organisations selling similar or the same product
E.g. lowering prices, new products launched, opening or closing