topic 1.7:external factors
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8 Terms
What are the external factors affecting business decisions?
The four external factors (often called STEEP or PEST):
Social - demographic changes, cultural trends, lifestyle changes
Technological - new technology, automation, digitalization
Environmental - climate change, environmental regulations, sustainability
Political - government policy, legislation, taxation
What does the external factor "Technological" refer to?
C - Changes in technology that affect how businesses operate
What does the external factor "Environmental" refer to?
C - Changes in the natural environment and environmental regulations
What does the external factor "Political" refer to?
B - Changes in government policy, laws, and regulations
External factors affecting business decisions are often categorized as Social, Technological, Environmental, and ____________________ factors.
Political
What are the external factors affecting business decisions?
The four external factors often known as STEEP (or PEST) are:
Social - demographic changes, cultural trends, lifestyle changes
Technological - new technology, automation, digitalization
Environmental - climate change, environmental regulations, sustainability
Political - government policy, legislation, taxation