Topic 2A: Analysing the Environment Flashcards
What is the business environment?
Everything that exists that is outside the business.
What are the different elements of the business environment?
Covers the political/legal, economic, social/cultural and technological influences
Why is it important to understand the business environment?
Managers cannot control the business environment, yet need to think about strategies abut this in relation to the business.
What is the environment immediately outside the organisation?
The competitive environment
What is the macro environment?
PESTLE: Politics, technology, economy, society and culutral. - outside the competitive environment
What is the general envrionment?
The physical environment that everyone lives in
What does PESTLE stand for?
Politcal
Economic
Social/Cultural
Technology
Environment
Legal
