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Influences on business Flashcards | StudBud
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Influences on business
Influences on business
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StudBud Administration
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A revision quiz testing knowledge of internal and external (PESTEC) influences on business
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
Political factors relate to...
changing wants and needs of customers
levels of unemployment
actions taken by competition
actions taken by the government
2
Internal Factors are...
Human Resources, Finance, Management and Existing Technology
Human Resources, Management, Socio-Cultural and Technology
Human Resources, Management, Existing Technology
3
Existing technology may impact a business by...
the employees may not work hard reducing productivity
breaking down and halting production
they may not have enough available finance to fund projects
making bad decisions affecting the orgs success
4
Human Resources can impact business by...
managers making bad decisions affecting the orgs success
they may not have enough available finance to fund projects
machinery breaking down and halting production
the employees not working hard reducing productivity
5
Economic Influences refer to...
things that are within a business' control
things that persuade people to go on holiday
things that persuade people to spend money (or not)
things that persuade customers to go elsewhere
6
Management may impact a business by...
making bad decisions affecting the company reputation
employees not working hard reducing productivity
they may not have enough available finance to fund projects
machinery breaking down and halting production
7
Technological (external factors) mean a business will have to...
maintain existing technology
keep up with advances in technology
8
How might an Environmental factor impact a business?
It could make them increase the quality of customer service
It might cost the business money to pay for staff
It could force the business to let go of some staff
It may stop deliveries getting to customers on time
9
Financial influences may impact a business as...
the employees may not work hard reducing productivity
they may not have enough available finance to fund projects
managers making bad decisions affecting the orgs success
machinery breaking down and halting production
10
Competitive factors may influence a business by...
Allowing them to provide poorer service
Giving them more choice
Giving them more customers
Driving their prices down
11
How might an Economic factor impact a business?
It may increase the amount they are paying back to lenders
It may persuade competition to start a price war
It might increase staff training costs
It may impact the amount they are paying for electricity
12
Social factors refer to...
fashions, trends and peoples wants and needs
interest rates
changing weather
social media
13
Internal factors are things which...
are outwith the company's control
the company has some element of control over
14
Environmental factors may cover...
All of the above
Recycling
Using sustainable resources
The weather
15
How might Social factors influence a business' decisions?
It may force them to pay more back to the banks
It may force them to make adjustments to their products
It might allow them to increase their prices
It may allow them to stop using market research
