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Political Factors
Political decisions by governments or new laws that are introduced that affect the performance of the business.
External Factors:
Economic Factors
- Tax
- Government legislation
- Environmental regulations
- Trade restrictions
- Political stability
Factors from within the economy that are going to affect business performance
- Economic growth
- Interest rates
- Exchange rates
- Inflation
- Unemployment
PESTEC
Competitive Factors
Factors that influence the competitive position of a business in an industry or market
Social Factors
- Product differentiation
- Price wars
- Profit margins
- Imitators
Factors from within our society that will affect how a business performs
- Demographics
- Lifestyles
- Structure of the labour market
- Trends and fashions
- Attitudes
- Education levels
- Ethnic markets
Environmental Factors
LEARNING INTENTIONS
I can identify external factors that affect a business and can assess how
these decisions contribute to the success or failure of a business.
I can, using a PESTEC analysis examine how some factors can influence individuals, businesses or communities.
I can use ICT effectively in different learning contexts to access, select and present relevant information.
Technological Factors
Success Criteria
I can identify external factors that affect a business and can
use a PESTEC analysis to examine a business.
I can use ICT such as online newspapers, video clips, news-websites, business blogs and select relevant information and present appropriately.
Factors from the natural world that affect a business
The dynamic technology environment can mean a business must adapt to perform successfully
- Global warming
- Recycling
- Pollution and industrial waste
- Organic foods
- ICT
- Research and development (R&D) activity
- Automation
- E-commerce
EXAMPLE:
External Factors are factors that affect the perormance of a business and how it operates. However, unlike internal factors, external factors are outwith a business's control.