External Factors- Competitive Flashcards
1
Q
What are external factors?
A
Different situations that impact on the success of the business that arose from the outside
2
Q
What are competitive factors?
A
The rival organisations that provide the same or similar products and attempt to take customers, attract new customers or keep their own customers
3
Q
What are influences of competition for customers?
A
They will have more choices, lower prices but some businesses my not supply a desired product
4
Q
What are influences of competition for the business?
A
Dropping prices increase sales and more innovation is required but a lot may need to be spend on research and development
