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External Causes of Change (Technological (new technology, accept all types…
External Causes of Change
Political
regulation
change of rules effects how the business is run
taxes
higher taxes result in bigger cash outflow
political events such as elections will effect the business.
trade control can make it harder or easier to trade across international borders
Economic
inflation
pay more for raw materials
Low inflation makes it easier to pay back loans
interest
payback more on loans
if interest rates are low it is easy to get a loan
economy changes everyday so it is important to adapt to the changes
Social
trends
expectation may rise due to Christmas being more popular
able to follow trends and meet customer expectation
buying habits
as Christmas becomes bigger, more products will be getting bought with a higher demand
social media has a big effect especially when it comes to trends.
Ethical/Environmental
bio-degradable
recyclable
adapting to be ethical and more environmentally friendly will help the business stand out
Legal
pension schemes
equal opportunities act
all employees treated fairly
changes to legal issues can effect how the business is run
Technological
new technology
accept all types of payments
keep up with the latest trends and technology
adapting to the trends and the new technology keeps the business up to date and accessible to everyone
power of influences
Transaction fee