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BU111 > PEST > Flashcards

PEST Flashcards

1
Q

p stands for

A

political

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2
Q

political

A
  • Any decision that the government imposes on you
  • Protects consumers
  • Supports, protects and regulates businesses
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3
Q

elements of political

A 
laws
regulations 
taxes 
International trade laws
political stability
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4
Q

laws

A

gun laws, constraints on what businesses are allowed to do, to protect our money.
create barriers

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5
Q

regulations

A

rules not laws. Ex- environmental

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6
Q

taxes

A

o Higher business taxes= lower drive to do that business
o Environment tax breaks if effort is made to protect environment
o Tax breaks for those companies starting in developing communities

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7
Q

international trade laws and trade agreements

A

o laws in a foreign market
 Competition gets more competitive if other companies can sell without duty, but can be reversed where you don’t sell with duty but everyone else does (competition)

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8
Q

political factors impact on business

A

expansion
barriers
competition

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9
Q

expansion

A

lower duties means expansion opportunities

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10
Q

barriers

A

lower barriers for US to enter Canadian markets

laws and regulations

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11
Q

competition

A

when the US enters canadian market there is more competition domestically

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12
Q

element changes impact on business

A
  • Political favour/disfavour
  • Government influence
  • Government attitudes
  • New laws all affect businesses ability to operate
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13
Q

E stand for

A

Economic

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14
Q

factor of e

A

affects economic growth

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15
Q

elements of e

A 
GDP
inflation 
employment rates 
exchange rates 
interest
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16
Q

Inflation

A

high inflation = high costs- reduced demand

affects the luxury product industry since they are not necessities

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17
Q

employment rates

A

high unemployment= few consumers to buy your products

low unemployment =. less qualified workers available

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18
Q

exchange rates

A

how much the Canadian dollar is work against other dollars internationally
raw materials from different countries, shipping can increase or decrease

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19
Q

interest

A

increase = cost businesses more to borrow money

20
Q

factors impact on business

A

costs, demand, funding, competitive pricing

21
Q

cost

A

increased costs are do to an increase in inflation or interest rates

22
Q

demand

A

increased demand could be due to a weak Canadian dollar (for people in the us)

23
Q

funding

A

interest and access to funds

24
Q

competitive pricing

A

how much your competitors are selling their products for

25
Q

elements changes impact on business

A

change in interest rates- borrowing more expensive, harder to expand the business
currency changes- affect importing and exporting

26
Q

what does the s represent

A

social

27
Q

factor

A

affects customer preferences, worker attitude, csr

effects what they value, expect/demand from the company

28
Q

elements

A

values, attitudes, customs, habits, demographics

29
Q

values

A

what we believe and how we do things

30
Q

attitudes

A

o Towards smoking, drinking, etc  changes in attitudes mean that businesses need to react

31
Q

customs

A

o Affects products sold based on customs
o Canadian customs for Christmas
o This affects customers and what they buy
o This also affects employees- when they are off work

32
Q

habits

A

o Canada vs Europe when it comes to work habits

o They are more relaxed when it comes to time, meanwhile in Canada we are prompt

33
Q

demographics

A

gender, age groups, education levels

34
Q

factors impact on business

A

customers, employees, CSR

35
Q

customers

A

affects how they feel about the company (environment)

36
Q

CSR

A

corporate social responsibilities

o Affects the environment preferences, company reputation, consumption

37
Q

S relates to P

A

the S of PEST often reflects our laws because of who the people elect. The S influences the P.

38
Q

what does the T stand for

A

technology

39
Q

T elements

A

information technology, internet, materials and equipment

40
Q

information technology

A

o Affect information access

o Suppliers and companies can connect through tech

41
Q

internet

A

o quality of internet and access to internet

o Affects buying/selling and communication

42
Q

materials and equipment

A

advances in technology
o Constantly new products
 Changing the way tires are made
 Moving to materials that make planes lighter- less gas consumption

43
Q

factors impact on business

A
  • Technological changes and developments can pose as threats or opportunities
  • Streaming services were opportunities for production companies but threats for movie theaters
  • Affects what we produce and what it can do
  • Affects how we produce and sell
44
Q

element changes impact on business

A

barriers, innovation, strategy and r&d

45
Q

barriers

A

some companies are too big and you cannot compete with them

o trying to compete with amazon and their technology

46
Q

innovation

A

create new materials and equipment
o New product all the time  things are getting outdated quicker
o Ex- 3D printing

47
Q

R&D

A

research and development

BU111 (5 decks)

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