UB T5 External Factors Flashcards Preview

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Flashcards in UB T5 External Factors Deck (7)
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1
Q

PESTEC

A
Political 
Economic
Social and ethical 
Technological
Environmental 
Competitive
2
Q

Political factors

A

Decisions made and actions taken by the government.

Laws & legislation
Tax rates
VAT rates
Competition policy

3
Q

Economic factors

A

The state of the economy.

Economic policy 
-Fiscal policy 
-Monetary policy 
Interest rates
Exchange rates
4
Q

Social factors

A

The way in which society changes.

Ageing population 
Women in professional careers
Work-life balance 
Fashion trends 
Flexible working arrangements 
Ethical considerations
5
Q

Technological factors

A

Concerns the quickly evolving technological advancements.

Old technology can put a business behind competitors
Social media
WiFi
4G

6
Q

Environmental factors

A

The ways in which the natural environment impacts a business or the ways in which a business is environmentally friendly.

Weather
Recycling
Carbon footprint

7
Q

Competitive factors

A

The ways a business stays above their competitors.

Location