External Environmental Forces of Business

Flashcards covering the external environmental forces of business based on the lecture notes.

External Environmental Forces of Business

Factors outside an organization that influence its operations, categorized as Political and Legal, Economic, Technological, Societal, Environmental, and Global (PETS+G).

Political and Legal Forces

External factors including trade, taxes, government regulations, various laws (health, safety, environmental, antitrust, consumer protection), and crown corporations.

Antitrust Law

A political and legal force designed to promote or maintain market competition.

Crown Corporations

State-owned companies in Canada, considered a political and legal external factor.

Economic Forces

External factors such as interest rates, unemployment, inflation, GDP, supply and demand dynamics, and the overall state of the economy (recession, growth, boom).

Technological Forces

External factors like AI, robotics, computers and information systems (inventory, payment, accounting), and manufacturing/assembly lines, impacting efficiency, productivity, and labor costs.

Societal Forces

External factors driven by social attitudes, values, trends, customer needs, preferences, buying trends, demographics, and diverse individual tastes.

Environmental Forces

External factors primarily concerned with pollution and other ecological issues affecting businesses.

Global Forces

All other external factors that have an international or worldwide scope, influencing business operations.

CASE ANALYSIS

A process mentioned in the notes where lines are annotated and connected to the six external factors of business.