Internal and External factors Flashcards

1
Q

Name the internal factors

A
Finance
Staff
Management
Information 
Technology
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2
Q

How can the internal factor FINANCE effect a business?

A

Finance is crucial

Lack of money means…

Cost cutting

Staff redundancies

Closing branches of the business

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3
Q

How can the external factor POLITICAL effect a business?

A

The government can effect the business by changing the corporation tax

Can introduce laws that can effect the business

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4
Q

How can the external factor ECONOMIC effect a business?

A

Unemployment is high consumers will have less income

Result in a loss of sales

Businesses might have to cut prices to attract customers

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5
Q

How can the external factor SOCIAL effect a business?

A

Population is getting larger

Business must produce goods and services relevant to the needs of a population

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6
Q

How can the external factor TECHNOLOGICAL effect a business?

A

Business must keep up with new and advancing technology

They must become involved with the e-commerce

Failure to keep up with technology will lead to a fall in sales and profits

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7
Q

What can the external factor ENVIRONMENTAL impact on the business?

A

Increasing pressure on firms to become environmentally friendly

Businesses can be seriously disrupted by storms and freak weather conditions

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8
Q

How can the internal factor STAFF impact a business?

A

Expert and capable staff will be more productive

Help the business to achieve more

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9
Q

How can the internal factor MANAGEMENT effect a business?

A

Strong and capable management team will make good decisions

Lead the business to success

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10
Q

How can the internal factor INFORMATION effect a business?

A

Businesses carry out market research to obtain accurate information about certain customers

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11
Q

How can the internal factor TECHNOLOGY effect a business?

A

Use if ICT and robots means that goods or services can be produced more efficiently

More cost effectively

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12
Q

Name the external factors

A
Political 
Economic 
Social 
Technological 
Environmental 
Competitive
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