Business Environment

Business Environment

refers to all the internal and external factors that affect how a business operates and makes decisions.

Internal Factors

Factors within the business like employees, management, finances, and resources

External factors

PESTEL

political

P in PESTEL

Economic

E in PESTEL

Social

S in PESTEL

Technology

T in PESTEL

Environment

2nd E in PESTEL

Legal

L in PESTEL

Value

is what a customer gets in exchange for the price they pay

Innovation

Introducing new products or services to the market

Unique selling proposition

a special feature that makes products standout from competitors and highlights the unique benefits important to the consumers.

Customers

Most important component in a business cycle

Loyal Customer

keeps coming back for more

Impulsive customer

Makes decisions in an instant, provided the right conditions

Discount customer

Looks for markdowns even if they see value in your product

Need based customer

Purchases based on a need and is hard to upsell

Wandering consumer

Draws the most traffic but a small amount of sales

Potential customer

Beginning of your sales funnel

New customer

recently bought something new from you

Analytical customer

Carefully analyzes before buying and compares pries, ingredients, and quality

Talkative customer

Enjoys conversation before buying

Complaining customer

expresses dissatisfaction and expects problems to be solved quickly

Loyal customer

1st type of customer

Impulsive customer

2nd type of customer

Discount customer

3rd type of customer

Need based customer

4th type of customer

Wandering customer

5th type of customer

Potential customer

6th type of customer

New customer

7th type of customer

Analytical customer

8th type of customer

Talkative customer

9th type of customer

Complaining customer

10th type of customer