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External Influences on Business (Economic (The economy of counties…
External Influences on Business
Economic
The economy of counties constantly change and effect a business ability to make profit and retain employees.
Financial
Free trade or deregulation of trade markets influences business ability to import and export goods.
Geographic
Australia's geographic location and changing demography impact on business.
Social
Legal
Many legal maters have a significant influences on business.
Key examples are:
WH&S
Consumer protection
Taxation
Anti-discrimination
EEO
Protection of the environment
Unfair dismissal
Political
Often changes in political parties have positive or negative affects on business as they have different policies and spending agendas.
Government Institutional
Government run organisations set rules/regulations for business to follow.
ACCC
ASIC
DFT
Trade Union
EPA
Technologies
Technology is moving so fast, This can have significant positive / negative on business e.g. - car industries
Competitive Situations
Maintaining a 'competitive edge' is difficult. business need to do this to stay viable and attract customers.
Changes to Markets
Changing Global prices and trade between nations can impact on supply and have consequences for business .