EXTERNAL ENVIRONMENT
What does ‘External environment’ cover?
Case studies in this area look at the external influences that businesses must respond to in order to maintain competitive edge.
Topics covered include:
· Explaining the different phases of the business cycle (downturn, bust, recovery, boom) and how a company needs to respond to each in order to remain viable
· Showing how a business needs to anticipate external factors - Political, Economic, Social, Technological, Environmental, Legal (PEST/SLEPT/PESTEL analysis) and the manage the effects on the business
· Considering the factors regarding competition (consumer knowledge, control of prices, number of rival products, ease of access to the market
· Looking at how a business demonstrates its business ethics, Corporate Responsibility and values regarding the wider community and society
· Exploring the factors affecting globalisation, e.g. technological change, deregulation of business, changing consumer demand, emerging markets, and the effects these have on a business
EXTERNAL ENVIRONMENT – CASE STUDIES:
- · Business and the environment
- · Business cycle
- · Consumer protection
- · Corporate responsibility
- · Economy
- · Ethics
- · External influences
- · Globalisation
- · Government influence
- · International business
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