BUSINESS AND EXTERNAL FACTORS: Case Studies in PEST
Much of what businesses do is influenced by forces outside their control - external factors. What are these external factors and how do they affect businesses? This film uses real business case studies to demonstrate the importance of P-E-S-T - political, economic, social and technological factors.
POLITICAL & ECONOMIC: People often complain about the big government but money from government stimulus packages can keep businesses alive and even make them prosperous in the longer term. They benefit from a political factor in the shape of a grant designed to help areas of high unemployment. Meanwhile, economic factors cause other businesses to abandon their traditional workforce in order to lessen labour costs and move manufacturing to China. Many such companies thrive but what about the social costs of their move?
SOCIAL & TECHNOLOGICAL: Learn how businesses can (sometimes inadvertently) take advantage of and prosper from social trends such as NEW AGE thinking. On the other hand, times have been hard on many traditional businesses but technological factors like the internet and social media are helping them gain new customers.
THE RETAIL PARK: External factors are rarely clear-cut. How will a big new, out-of-town shopping centre affect the main street shops? A local politician argues it will create employment and prosperity. But existing retailers fear the new development will take away their business and create a ghost town.
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