The Factors That Influence Change Within The Engineering Industry

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  • factors that influence change within the engineering industry
    • Market Forces
      • The Global Marketplace
        • All the customers or possible customers for a product or service in all areas of the world combined together.
      • Goverment
        • Governments are one of the most powerful movers of the market.
      • International Transactions
        • The strength of an economy and its currency is highly dependent on the flow of funds between countries
      • Supply and Demand
        • Prices rise and fall because of supply and demand. as people will not always want the same product
      • Speculations and Expectations
    • Advances in Technology
      • Technological advancements are the discovery of knowledge that advances the understanding of technology
    • Environmental
      • An environmental factor, ecological factor or eco factor is any factor that influences living organisms
        • things like recycling are a 'green' process which means they are helping the environment in some way
        • the most obvious environmental factor present today is the electric car which is faster, more efficient and isn't as damaging to the environment as it does not use petroleum which is a fossil fuel which create greenhouse gases that damage the atmosphere
    • Skill Requirements
      • Skills are the expertise or talent needed to perform a task or job
    • Reduced Product Demand
      • Is the term placed on products that have depleting sales or no longer the best thing you can get in that area
      • Products that have been discontinued will have a very low demand as they are not made anymore so no one can actually buy them


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