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BTEC Business - Unit 1 - The Business Environment - P6 - Describe how political, legal and social factors are impacting upon the business activities of the selected organisations and their stakeholders$3.87
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BTEC Business - Unit 1 - The Business Environment - P6 - Describe how political, legal and social factors are impacting upon the business activities of the selected organisations and their stakeholders
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Unit 1 - The Business Environment
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PEARSON (PEARSON)
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BTEC Level 3 National Business Student Book 2
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Unit 1 - The Business Environment
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P6 Report
Subject: Describe how political, legal and social factors are impacting upon the
business activities of the selected organisations and their stakeholders
Date: 10.05.2016
There are a number of external and internal factors which can impact a business. I
am going to be talking about the many external factors which affect my two chosen
businesses, which are NatWest and Oxfam; I will split these into 3 categories which
will be political, legal and social factors. These are the main factors which impact a
business. All businesses must do their utmost to comply with the laws otherwise, this
could lead to consequences for the directors or owners of the business. Some of
these decisions affect a large amount of individuals/businesses; this could also
include a new law.
Social
The social environment of a business can be integral to its success or failure. One
way in which the social environment affects NatWest is in the way that it either
inspires or discourages employee cooperation. In businesses with a positive social
environment where employees get along and are generally positive in their
relationship to one another, co-operation and teamwork are more likely to exist than
in a negative social environment. Negative social environments will generally foster
dissent and strife among workers and destroy the ability or willingness of employees
to work together. Another social factor which can impact NatWest is on the type and
number of customers it attracts. In a business environment where employees are
generally positive, upbeat and cooperative, customers are more likely to appreciate
the atmosphere they experience when interacting with employees. Customers who
experience a negative social environment may be more likely to avoid a business
altogether, especially if the business has a competitor that is conveniently located
near the customer. NatWest is what we call a retail banking business.
Technological changes have an enormous impact on how NatWest operate, in good
ways and in bad. Take the advent of smartphones, for example. NatWest can use
location-based advertising to reach nearby consumers with targeted sales
messages, but they also must deal with shoppers comparing prices across the world
to find the best deal. The effect technology has on a society can boost NatWest’s
performance while also undermining traditional ways of doing business, forcing
NatWest to adapt or give way to more progressive competitors.
The number of older people in the UK is rising. There are more people with bus
passes in this country than ever before. The passes mean that users travel free, as
the local authority pays first for providing the service. Many elderly people prefer to
travel by bus because it is convenient and safe. This is beneficial for NatWest so the
elderly has a simple form of transport to NatWest’s local branches. The age range of
buyers helps NatWest as a retail bank to determine what kinds of products or
services they should offer. Based on the age of buyers, NatWest can decide and
control what kind and how much inventory they order for their outlets. This will also
help them determine how to market, promote and display their products in ways that
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