The Business Environment (1 Viewer)

[Goddess]

Howdee,
I was wondering if anyone knew where I could find some good definitions for key influences (if that makes any sence.)

Pretty much, I've got this table to fill out and its got an "Event" (or scenario) and I have to put what the key influence is (I have a list to choose from) and I have to say if its opportunity or threat and then explain why. Problem is my book and notes don't cover it much and I have only had a month so far to start (and a month left to finish) this course and I'm not very educated on it so far, its a different aspect of business I've studied so Im having a bitch of a time.

Understanding these influences would help me greatly, so any sites anyone knows of would be appreciated!
Thanks

 

[ezzy85]

What are the influences or scenarios it lists for you?

 

[Goddess]

The influences listed are -

Economic
Legal
Technical
Competitive
Social
Geographic
International
Education and Training
Political
Institutional

There are 7 events/scenarios that are all close to a paragraph long..so i dont know if you want me to list them, lol, i hate the thought of dumping my work on you.

 

[ezzy85]

Technical:

This can be an opportunity in that the business can start using computers and better machines. This increases efficiency, leading to greater productivity thus greater profits. It influences the environment in that the staff may be replaced by technology.

Political:
The current political state can influence a business. eg. The impact of the GST when it was first introduced.

Legal:

This can influence how you conduct business. Is what youre doing legal?

Economic:
Are interest rates affecting your business? Are people spending more and thus is demand higher? If interest rates are low the business may be encouraged to borrow funds and expand.

CompetitivE:
Compare the business to the competitors. Are they making something similar? How can you gain an edge over them?

etc....