Summary

Summary - 3.1 What is Business and External Factors

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Course
3.1 What is Business

Institution
AQA

The document outlines the external factors affecting a business, categorized under the PESTLE+C framework: Political, Economic, Social, Technological, Legal, Ethical/Environmental, and Competition. These factors influence business costs and demand, with examples provided for each category. Addition...

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Uploaded on July 5, 2024
Number of pages 3
Written in 2023/2024
Type Summary

political factors
economic factors
social factors
technological factors
legal factors
ethical factors
environmental factors
competition
examples

Study Level
A/AS Level
Examinator
AQA
Subject
Business Subjects
Unit
3.1 What is Business

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3.1 External Factors
The external environment covers a range of factors which may affect a business but are outside the
control of the buisness. External factors can affect a business’ costs and demands. Use PESTLE+C to
remember the:

Political
Economic
Social
Technological
Legal
Ethical/Environmental
+
Compition

Examples of PESTLE+C factors:

Political

- Competition policy
- Industry regulation
- Government spending and tax policies
- Business policies and incentives

Economic

- Interest rates
- Consumer spending and income
- Exchange rates
- Economic growth (GDP)
- Inflation

Social

- Demographic change
- Impact of pressure groups
- Consumer tastes and fashions
- Changing lifestyles
- Fuel Contracts – Fuel Hedging

Technological

- Disruptive technologies
- Adoption of mobile tach
- New production processes
- Big data and dynamic pricing

Legal

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