Section 2 - Business

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What are the components of the external environment?
competition, incomes, interest rates, demographic factors, environmental concerns
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PESTLE factors
Political, Economic, Social, Technological, Legal, Environmental
2 of 6
How does the external environment impact a business?
Affects business costs and the demand for the products and services
3 of 6
What are some factors that affect the demand for a product?
increase in price, change in taste and fashions, change in the price of a substitute (Aldi products), marketing and advertising
4 of 6
Affect of rise and demand on growth
businesses will need to grow quicker if there is more demand
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Affect on rise and demand on survival
business has more chance of survival if there is more demand
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Other cards in this set

Card 2

Front

PESTLE factors

Back

Political, Economic, Social, Technological, Legal, Environmental

Card 3

Front

How does the external environment impact a business?

Back

Preview of the front of card 3

Card 4

Front

What are some factors that affect the demand for a product?

Back

Preview of the front of card 4

Card 5

Front

Affect of rise and demand on growth

Back

Preview of the front of card 5
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