External Factors Flashcards
1
Q
What are external factors?
A
External factors are things outside a business that will have an impact on its success. This impact can be positive or negative.
2
Q
What are the external factors represented by the acronym PESTEC
A
Political ( e.g.new legislation)
Economic (Inflation/unemployment)
Social (Change in taste/fashion or increase in spending power of one group)
Technological ( Selling online, automation)
Environmental ( Weather conditions, recycling)
Competitive (other brands may be able to sell cheaper)
