Consumer law — consumer law alternatively known as consumer protection is designed to protect consumers from fraudulent companies or practices, and preserve their rights in the marketplace. Legal factors are important as organisations have to work within legislative frameworks.
Legal Factors Affecting Tesco Laws have been introduced to prevent companies from Tesco from changing product prices without informing customers Recently, there has been a crackdown on misinformation in product discounting e.
Changes in the structure of a population will affect the supply and demand of goods and services within an economy. Political Tom explains to Julissa the two types of primary political systems: The climate of the economy dictates how consumers, suppliers and other organisational stakeholders such as suppliers and creditors behave within society.
An aging population may decrease economic activity and political activism. Countries with high political risk may have employment strikes, terrorism, and other violent conflicts. Businesses that seek to obtain financing through investors may be subject to securities law. Julissa is interested in expanding globally; however, she knows there are many factors to consider.
Technological Unsurprisingly the fourth element of PEST is technology, as you are probably aware technological advances have greatly changed the manner in which businesses operate.
Tom compares totalitarianism to a dictatorship, which poses significant amounts of political risk. Julissa is most familiar with democracy, which allows citizens to elect representatives to speak and act on their behalf.
Minimum wage laws can limit the various different employment possibilities a company can offer, child labour laws can affect the way tight-knit home businesses in third world countries operate, and dismissal laws can make firing employees for whatever reason, perhaps unproductivity that bit harder.
These forces shape who we are as people, the way we behave and ultimately what we purchase. Technology hardware such as mobile phones, computers, photocopiers and fax machines which transmit and record information. National and global interest rates and fiscal policy is set around economic conditions.
A faster exchange of information can benefit businesses as they are able to react quickly to changes within their operating environment. In this lesson, you will learn about some of these laws.
Commercial laws relate to the sales of goods. They play a big part in deciding how businesses operate and what profits they receive, as well as how customers behave.
In the current business world, organisations are affected by economies throughout the world and not just the countries in which they are based or operate from. Technology systems incorporating a multitude of software which help them manage their business.
Businesses also need to ensure that they comply with immigration laws, including confirming the right of employees to work in the United States. All businesses are affected by national and global economic factors.
Geopolitics Julissa asks Tom how geopolitics are different. While the opposite is true in economically instable countries. Falling birth rates will result in decreased demand and greater competition as the number of consumers fall.Environmental Factors Affecting The Mobile Phone Industry.
Mobile Phone Industry in India With a subscriber base of more than million, the Mobile telecommunications industry in India is the second largest in the world and it was thrown open to private players in the s. Competition has caused prices to drop and calls across India are one of the cheapest in the world.
Case study analysis of Virgin atlantic fluctuations in oil prices and an imminent global slowdown are factors that are affecting the growth.
Airlines have to cope with declining passengers, high fuel prices, competition from low-cost airliners, labor demands and soaring operating and maintenance costs Deregulation keeps airline fares so low.
A PEST analysis is used to identify the external forces affecting an organisation/making up its Macro Environment. This is a simple analysis of an organisation’s Political, Economical, Social and Technological environment. In this lesson, we'll discuss political and legal factors pertinent to global markets.
You'll also learn about two different types of political systems and three aspects of law that impact. After analysing all the above factors, it can be said that Virgin Mobile needs to work hard to overcome its weaknesses and device strategies to tackle risks so that they are mitigated effectively without affecting the company¿½s offerings.
Legal factors are external factors which refer to how the law affects the way businesses operate and customers behave. Product transportation, profit margins, and viability of certain markets are all examples of things which may be influenced by legal factors.Download