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Reading 19: The external business environment, STEEPLE - Coggle Diagram
Reading 19: The external business environment
POLITICAL FACTORS
major events affecting the whole of the business community
actions affecting just one part of the economy
THE MICROECONOMIC ENVIRONMENT
includes all economic factors that are specific to a particular firm operating in its own particular market
THE MACROECONOMIC ENVIRONMENT
national and international economic situation in which a business as a whole operates
SOCIAL/CULTURAL FACTORS
working conditions
length of working day
equal opportunities for different groups of people
use and abuse of animals
TECHNOLOGIAL FACTORS
impacts how firms produce and sell products
impacts how the businesses are organised
brings a range of new opportunities for businesses
information technology revolution
ENVIRONMENT (ECOLOGICAL) FACTORS
firms are taking a greener approach
cleaner technologies
better waste management and recycling
extra cost for firms but it will help drive sales to consumers that are more environmentally aware
LEGAL FACTORS
businesses are affected by the legal framework in which they operate
ETHICAL FACTORS
firms are under pressure to be more socially responsible
STEEPLE
SOCIAL/CULTURAL
TECHNOLOGICAL
ECONOMIC
ETHICAL
POLITICAL
LEGAL
ENVIRONMENTAL