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External causes of change (Legal (employees need ethical changes the same…
External causes of change
Political
regulations
how the business is run and if its changed business has to be able to adapt and change with it to stay successful
tax
higher priced taxes means more cash flow
high political events affecting the country will take a toll on the business
Economic
inflation
pay more for products
low inflation means easier to payback loansn so customers will take them more
interest
low interest easier to get loans
low interest rates encourage customers to use credit cards more
more flexibility as it spreads costs over time so customers can spend money and pay it back later.
customer
Social
trends
more trends appearing meaning higher customer demands on certain products
rise in expectations of quality of products as its a popular season
need to meet new trends and keep up to date with social expectations and changes
Ethical/Environmental
packaging of products needs to be more environmentally friendly
means demand of higher priced materials will rise
products that meet both will
need to get the more popular materials in store
Legal
employees need ethical changes the same such as wages, working hours and parts of the business that they work
all employees should be offered a pension which means its going to cost the business more as they need to pay into a pension for each employee every month
all should be treated fairly in the workplace with equal opportunities
laws and regulations need to be met otherwise risk the business losing out
need to follow the laws of trade and production
Technological
higher demand of different payment methods need to keep up with the technology that comes along with it
online demands will rise
keep updated with all their technological assets
card payments include transaction fees