UB T5 External Factors Flashcards Preview

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Flashcards in UB T5 External Factors Deck (7)
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1

PESTEC

Political
Economic
Social and ethical
Technological
Environmental
Competitive

2

Political factors

Decisions made and actions taken by the government.

Laws & legislation
Tax rates
VAT rates
Competition policy

3

Economic factors

The state of the economy.

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

4

Social factors

The way in which society changes.

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

5

Technological factors

Concerns the quickly evolving technological advancements.

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

6

Environmental factors

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

Competitive factors

The ways a business stays above their competitors.

Location