Influences AQA Flashcards
What are the external influences on business?
Factors outside the business that can affect its operations and performance.
True or False: Economic factors are a type of external influence on businesses.
True
Fill in the blank: The _____ environment includes competitors, customers, and suppliers.
market
What is ‘PESTLE’ analysis?
A framework used to analyze the external environment affecting a business, including Political, Economic, Social, Technological, Legal, and Environmental factors.
Which of the following is NOT a part of PESTLE analysis? A) Social B) Technological C) Financial
C) Financial
What does the ‘economic environment’ refer to?
The overall economic conditions that can affect a business’s performance, such as inflation, unemployment, and economic growth.
True or False: Legal factors have no impact on business operations.
False
What is an example of a social factor that can influence a business?
Changing consumer preferences or demographics.
Fill in the blank: _____ factors include advancements in technology that can disrupt industries.
Technological
What is the impact of globalization on businesses?
It increases competition and opens new markets for businesses.
Which of the following is a political factor? A) Tax policies B) Consumer trends C) Technological advancements
A) Tax policies
True or False: Environmental factors only refer to climate change.
False
What does ‘market competition’ refer to?
The rivalry between businesses to attract customers and achieve greater market share.
Fill in the blank: The _____ environment affects how much a business can charge for its products.
economic
What is one way businesses can respond to changes in consumer behavior?
By adjusting their marketing strategies or product offerings.
True or False: Technological advancements can create new business opportunities.
True
What is a ‘stakeholder’?
Any individual or group that has an interest in the success of a business.
Which of the following is a key internal influence on a business? A) Employees B) Economic policies C) Competitors
A) Employees
Fill in the blank: The _____ environment encompasses laws and regulations that businesses must comply with.
legal
What is the role of government in influencing business?
To create regulations, provide support, and influence economic conditions.
True or False: Social factors do not include cultural trends.
False
What type of analysis helps businesses understand their competitive environment?
SWOT analysis (Strengths, Weaknesses, Opportunities, Threats).
Fill in the blank: A business’s _____ can be influenced by changes in the economic environment.
profitability
What is an example of a legal factor impacting businesses?
Employment laws or health and safety regulations.
