COURSE - xPGPM
SUBJECT PRINCIPLES OF MANAGEMENT
CASE STUDY HIGHWAYS function - PEST ANALYSIS
1. A barter does not function in a vacuum. It has to act and react to what happens orthogonal the business. These factors that happen outside the business atomic number 18 known as external factors or influences. There are a number of external and knowledgeable factors coining an organization. The external factors are Macro environmental factors which are beyond the control of the organization. Whereas the Internal factors are micro environmental factors that coffin nail be controlled to an extent.
Main external factors that a business organization needs to be aware of:
Competition- Businesses face competition. The main factor that affects most business is the degree of competition how fiercely other businesses compete with the products that another business makes.
The other factors that can affect the business are:
Social changes to the structure of lodge e.g. working women, single parent families. How consumers, households and communities behave and their beliefs. For instance, changes in military strength towards health, or a greater number of pensioners in a population.
Legal the way in which legislation in fellowship affects the business. e.g.
changes in employment laws on working hours.
Economic how the frugality affects a business in terms of taxation, government spending, prevalent demand, interest rates, exchange rates and European and global sparing factors.
Political how changes in government policy might affect the business e.g. a decision to subsidise building juvenile houses in an area could be good for a local anaesthetic brick works.
Technological how the rapid pace of change in payoff processes and product innovation affect a business.
Changing extraneous Environment - Markets are changing all the time wherefore organisations need to react or lose customers.
Changes happen quick due to - Customers developing new needs and wants, new...If you want to grasp a full essay, order it on our website: Orderessay
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