UB T5 External Factors Flashcards
1
Q
PESTEC
A
Political Economic Social and ethical Technological Environmental Competitive
2
Q
Political factors
A
Decisions made and actions taken by the government.
Laws & legislation
Tax rates
VAT rates
Competition policy
3
Q
Economic factors
A
The state of the economy.
Economic policy -Fiscal policy -Monetary policy Interest rates Exchange rates
4
Q
Social factors
A
The way in which society changes.
Ageing population Women in professional careers Work-life balance Fashion trends Flexible working arrangements Ethical considerations
5
Q
Technological factors
A
Concerns the quickly evolving technological advancements.
Old technology can put a business behind competitors
Social media
WiFi
4G
6
Q
Environmental factors
A
The ways in which the natural environment impacts a business or the ways in which a business is environmentally friendly.
Weather
Recycling
Carbon footprint
7
Q
Competitive factors
A
The ways a business stays above their competitors.
Location
