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Other than competition, explain the impact of external factors on an organisation

Other than competition, explain the impact of external factors on an organisation

Answers

Lydia
Political
? Legislation and regulations will affect an organisation in that they need to comply with the laws
Economic
? Factors such as inflation, recession/boom periods, interest rates will affect organisations in a number of ways; consumers not spending as much on luxury items/more expensive to borrow money
Social
? Changes in trends and fashions mean that organisations must continually carry out market research
Technological
? As technology changes organisations must keep up-to-date and this will involve a large financial cost
Environmental
? Organisations now attempt to be socially responsible and environmentally friendlyto possibly comply with legislation/satisfy consumer groups
? Weather/flooding can mean a loss in sales if organisation cannot open due to flooding
lydiajane74 answered the question on May 31, 2018 at 17:45

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