Understanding external influences on business is the final topic for theme one of GCSE Business studies for which we have put together many resources to help you understand this topic. Watch the lessons and take the online tests below to help you get good marks.
1.5.1 Business stakeholders
Who business stakeholders are and their different objectives:
● shareholders (owners), employees, customers, managers, suppliers, local community, pressure groups, the government.
Stakeholders and businesses:
● how stakeholders are affected by business activity
● how stakeholders impact business activity
● possible conflicts between stakeholder groups.
1.5.2 Technology and business
Different types of technology used by business:
● e-commerce
● social media
● digital communication
● payment systems.
How technology influences business activity in terms of:
● sales
● costs
● marketing mix.
1.5.3 Legislation and business
The purpose of legislation:
● principles of consumer law: quality and consumer rights
● principles of employment law: recruitment, pay, discrimination and health and safety.
The impact of legislation on businesses:
● cost
● consequences of meeting and not meeting these obligations.
1.5.4 The economy and business
The impact of the economic climate on businesses:
● unemployment, changing levels of consumer income, inflation, changes in interest rates, government taxation, changes in exchange rates.
1.5.5 External influences
The importance of external influences on business:
● possible responses by the business to changes in: technology, legislation, the economic climate.
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