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Business Influences
Descrição
Bus Man Mapa Mental sobre Business Influences, criado por Callum McCadden em 08-04-2014.
Sem etiquetas
bus man
bus man
Mapa Mental por
Callum McCadden
, atualizado more than 1 year ago
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Criado por
Callum McCadden
mais de 10 anos atrás
37
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Resumo de Recurso
Business Influences
External Factors: PESTEC
Politcal
Influenced by the government
VAT
Minimum Wage
Health and Safety regulations
Economic
Influenced by how well the economy is doing
Levels of employment
If many are unemployed they will have less expendable income meaning they will buy cheap commodities instead of luxury ones
Recession
When a country has a low amount of money being spent on goods and services. People spend less meaning less business.
Interest Rates
Set by Bank of England on how much it costs to borrow money.
Low encourages borrowing, spending and improves the economy
High puts people off spending and encourages saving.
Socio-cultural
People's opinions, beliefs and values influencing their purchasing habits and power.
Fashion can change very quickly affected related business.
Business want to be seen to offer flexible working practices.
Envrionmental
Weather affects business: Hot is good for ice cream parlours, Cold is good for warm clothing suppliers
Business need to be environmentally friendly to have a good repututation
Increase recycling of waste products
Reducing their carbon footprint
Increase use of environmentally-friendly products
Decreasing pollution
Competetive
Businesses need to consider competitors
Competitors may be cheaper
May offer a better quality product
May be located better
May offer more promotions
Technological
Business must stick with the times
Must purchase new technology or face being outdated: bad for reputation and business
Internal Factors
Financial
Businesses need money to grow
A wanted machine may not be affordable
Staff can not be paid or more staff employed
Advertising campaign can't be carried out
Loans needed from a bank
Raw materials can not be afforded
Human resources
Poorly trained staff will not will not perform well
Underpaid workers may take industrial action
Motivated workers will work harder for longer
Current technology
Investing money into current technology can give business the edge over competitors
Stakeholders
Internal
Owners
Shareholders
Employees
External
Suppliers
Local Community
Local Government
National Government
Customers
Banks
Pressure Groups
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