External Influences

External influences Category: Business environment Businesses operate in an external environment in which as well as competition from rivals descentes have to take account of legal, political, social and stinting influences. A SLEPT( societal, 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). Social factors refer to change is society and social anatomical structures. Changes in the structure of the population, and in consumer lifestyles and behaviour affect buying patterns. Legal factors Relate to changes in laws and regulations. Businesses must be careful to keep inwardly the law and to anticipate slipway in which changes in laws go out affect the way they must behave. Economic factors Relate to changes in the wider economy. A growing economy provides greater opportunities for businesses to make profits, so businesses welcome rising living standards. Political factors Relate to ways in which changes in government and government policy backside influence business. Technological factors Provide opportunities for businesses to adopt new breakthroughs, innovations, and inventions to edit out costs and develop new products.

A business producing confectionery like Cadbury Schweppes examines SLEPT factors in designing new products. For example, social factors that it ask to be aware of include changing patterns of eating. Today umpteen consumers like to eat on the go so bite surface umber treats are in great demand to bloom up consumers energy supplies. Legal factors to be kept an inwardness on include European Union regulations about the sum of products that can be advertised as chocolate. Economic factors meet to changes in living standards and how these affect consumptions patters. Technological change is oddly important today, for example, the development of new technologies that have enabled variations on chocolate bars to be... If you want to get a full essay, pronounce it on our website: Orderessay

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