External factors Flashcards
What are some social external factors
Increased consumer awareness
Changing demand patterns
Increased number of women at work
More part time workers
Urbanisation
What are some external factors pertaining to technology
New technology leads to new products which provide new market opportunities and costs are reduced
Social media improves communication between the firm and the consumer which allows the business to be more aware of changing consumer needs
Shorten the amount of time products are marketed for because new products are introduced
Capital can replace labour, and reduces unit costs
What are some external factors that have relevance to the environment
Global warming
Habitat destruction
Resource depletion
Sustainable development
External factors pertaining to politics
activities of pressure groups
Countries leaving trade blocs (disruption of financial markets, uncertainty, fall in the exchange rate)
National security
New governments
