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Year 11 1.3.1 External Influences on Business

What influences a business?
by

matt bingham

on 10 February 2016

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Transcript of Year 11 1.3.1 External Influences on Business

External influences
* The business cycle
* Impact of a recession
* Impact of a recovery
* Monetary policy
* Businesses need loans/financing
* Effective management of finances
* Deregulation
* Greater choice for businesses
* Impact of technology
* Location of Australia in the world; greater access to China and India
* Cheaper transportation/freight
* Tourism/mining often based on geography
* Hard to find employees for remote mining towns - FIFO
Economic
Financial
Geographic
Social
* Changes in society and attitudes
* Aging population; healthier lifestyle; growth of two-income families
* Flexible work patterns
Legal
- Anti Discrimination Act
- Fair Work Act
- Workplace Health and Safety Act
- Consumer protection laws
- Taxation laws
- Corporations act
Political
- Political parties influence how to best regulate business, consumer protection and employee welfare
- 2010 election: mining 'super profits' tax
- Carbon tax/emissions trading scheme

- 2013 elections about repealing the carbon tax and 'fixing' the budget.
Institutional
- Trade unions/trade associations
- Regulatory bodies (ASIC, ACCC etc)
- Established practices/customs in a business that can be hard to change/influence
Technological
-Software/hardware/communications
- Automated industries in developed worlds competing against cheap labour in developing countries
- Woolworths using technology improvements to cut costs of labour in distributing its products and self checkouts
Competitors
- Monitoring the acts/actions of competitors
- How easy is it to enter the industry as a business?
- Monopoly/duopoly/oligopoly
- Food court example
Full transcript