By: The Bald and Beautiful Mr.Welcher. Proofread carefully to see if you any words out.

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Presentation transcript:

By: The Bald and Beautiful Mr.Welcher

Proofread carefully to see if you any words out.

An external factor is something outside the companies control. An internal factor is something within the companies control.

Businesses operate in an external environment in which as well as competition from rivals businesses have to take account of legal, political, social and economic influences. A SLEPT(Social, Legal, Economic, Political, Technological) analysis is often carried out by business planners which enables them to develop more informed strategies (i.e. long term plans).

Relate to change is society and social structures. Changes in the structure of the population, and in consumer lifestyles and behaviour affect buying patterns.

Relate to changes in laws and regulations. Businesses must be careful to keep within the law and to anticipate ways in which changes in laws will affect the way they must behave.

Relate to changes in the wider economy. A growing economy provides greater opportunities for businesses to make profits, so businesses welcome rising living standards.

Relate to ways in which changes in government and government policy can influence business.

Provide opportunities for businesses to adopt new breakthroughs, innovations, and inventions to cut costs and develop new products.

You have two stick note pages: On the first write down an external factor which could affect a business. On the second write down an internal factor. Now follow me…