external influences

Question 1

globalisation

Answer 1

when businesses operate on an international scale and gain international influence or power

Question 2

changes in technology (external influences)

Answer 2

if business doesn’t adapt, may lose its reputation
lower sales, continuing decline in rep.
also risk that competitors sulk adapt and either become more efficient or attract the businesses customers
if tech used in business becomes obsolete, failing completely maybe

Question 3

how to respond to changes in tech

Answer 3

invest in new tech
upskill employees
adapt business models

Question 4

responding to changes in legislation

Answer 4

if a business ignores changes in legislation, risk that it’ll be penalised through being fined, having its staff members or owners imprisoned or even being closed down
damage to rep, people, equipment, environment

Question 5

changes in economic climate

Answer 5

adapt to economic conditions
during a recession, cut costs, diversify product line, value base pricing
during periods of growth, businesses might invest more, expand their operations, or increase production capacity to take advantage of higher demand