External Influences
What external influence begins with the letter I?
Institutional
Name ONE external influence
economic, financial, geographic, social, legal, political, institutional, technological, competitive situation, markets
Name ONE internal influence
products, location, management, resources, business culture.
What external influence relies on trends, fashion and culture of consumers?
Social
What are External Influences?
Factors that affect a business that are out of the businesses control.
Name TWO elements of social influence
trends in society, changes in Taste
Internal influences are looked at in which aspects of SWOT
Strengths & Weaknesses
How do stakeholders influence a business?
Their needs/expectations and concerns influence a business
What does the ACCC stand for?
Australian Competition and Consumer Commission
How does technology impact a business
by aiding business activities or potentially creating technological difficulties
What is one negative of having a good location?
Expensive
What are stakeholders?
Persons in the business environment with an interest in the activities of the business
How does the economy affect a business?
Affects their ability to compete and produce products AND/OR customers willingness and ability to spend.
Name TWO characteristics of a geographical influence
Increased competition, Expanded markets, customer expectation, economies of sales, cheaper materials.
What are human resources in a business?
Employees
A part of the economic cycle where the rate of growth in GDP is slowing, is known as?
Contraction or Downswing
A business located in North Queensland, (a hot, dry and muggy place), has decided to sell ski products made for the cold environment. What external influence has not been taken into consideration when starting this business.
Geographical
An influence on business as a result of the actions of law making institutions (government), institutions which administer those laws (regulators), and non-government organisations (unions).
Institutional influences
What are the 4 main resources available to businesses?
Human resources, Information resources, Physical resources, Financial resources
What is one of the key factors that will allow a manger to be able to create a positive business culture?
Communication