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HomeBusiness TheoryExternal environment

External environment

The Business Cycle

Economic growth is measured by changes in the size of a nation’s income. There are a variety of ways to calculate national income, the...

PEST analysis

Before creating business plans or making decisions, it is important to 'scan' the external environment. This can be achieved through a PEST analysis, i.e....

International issues

The international environment is very important today. Globalisation, the process whereby businesses develop worldwide brands and products which they supply across the world, and...

International trade

For centuries Britain has been a country that relies on international trade. We purchase goods and services from other countries and in return, we...

How businesses are affected by international competitors

In the modern world, businesses are increasingly affected by the actions of international competitors as a result of the globalisation process. Globalisation occurs because...

Multinational business

A multinational company is one that operates in more than one country and typically operates in a number of major global markets. The three...

Government and EU influences on business activity

Our national government as well as the European Union play a big part in influencing business activity today: through taxation and spendingthrough laws, directives and...

Legislation

Legislation is the process of making laws. This is done through Acts of Parliament, and 'rules', 'regulations' and 'bye laws' made by those who...

Globalisation

Globalisation is a result of the world becoming increasingly interconnected due to the hugely increased trade and cultural exchange. The biggest companies are no longer just...

Influences on businesses

Businesses operate in an external environment in which as well as competition from rivals businesses have to take account of legal, political, social and...

External influences

Businesses operate in an external environment in which as well as competition from rivals businesses have to take into account legal, political, social and...

Social and other opportunities and constraints

Opportunities in the business environment are those factors that provide possibilities for a business to expand so as to make more sales and profits....

Environmental constraints

Business activity is constrained (limited) by the environment in which the business operates. There are a number of important components of this environment including: The...

The external environment

A business converts inputs into outputs in order to make a profit. However, the business does not exist in a vacuum, it exists within...

SLEPT analysis

Before creating business plans or when evaluating existing ones it is important to 'scan' the external environment. This takes the form of a SLEPT analysis,...

Ethics

Big businesses command a lot of power and are able to choose between working in a way that benefits only the owners, and in...

Economic conditions

Before creating business plans or when evaluating existing ones it is important to 'scan' the external environment. This takes the form of a SLEPT...

Growth

Businesses grow for a number of reasons including to take advantage of a gap in the market, gain a competitive advantage over rivals, and...

Exchange rates

Money is demanded in order for it to be used to buy and sell goods and services. The same applies to international currency. Foreigners...

Planned market and mixed economies

Three main sets of decisions need to be made by the economic system - what to produce, how to produce, and how to share...

Responding to social responsibilities and ethics

Businesses work in a wider social environment in which they have a responsibility to a range of stakeholders including the wider community. The term Corporate...

Consumer protection

Consumer protection is the process of defending consumers against unscrupulous practices by producers and sellers. Over time, case law in this country has developed...

Legal protection for customers

Consumer protection is the process of defending consumers against unscrupulous practices by producers and sellers. Over time, case law in this country has developed...

Marketing and the law

Marketing is designed to achieve profitable sales. It involves the use of powerful tools to manipulate the decisions of individuals and of other firms...

Protecting the customer

There are a number of laws that protect the customer against the actions of unscrupulous manufacturers and sellers. Particularly important are the Sale of Goods...

Reasons for regulating business activity

Regulation means providing rules and frameworks for business and other activities. Some aspects of business activity are self-regulating - for example, the Advertising Standards...

Business in the community

The term business in the community relates to the relationships that a business develops with stakeholders in its external environment. In addition Business in...

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