Discuss how political, economic, social, technological, legal and environmental factors would affect a financial advisor in their career? List examples of what would be considered political, economic, social, technological, legal and environmental factors.
Political Factors:
These factors are all about how and to what degree a government intervenes in the economy or a certain industry. Basically all the influences that a government has on your business could be classified here. This can include government policy, political stability or instability, corruption, foreign trade policy, tax policy, labor law, environmental law and trade restrictions. Furthermore, the government may have a profound impact on a nation’s education system, infrastructure and health regulations. These are all factors that need to be taken into account when assessing the attractiveness of a potential market.
Economic Factors:
Economic factors are determinants of a certain economy’s performance. Factors include economic growth, exchange rates, inflation rates, interest rates, disposable income of consumers and unemployment rates. These factors may have a direct or indirect long term impact on a company, since it affects the purchasing power of consumers and could possibly change demand/supply models in the economy. Consequently it also affects the way companies price their products and services.
Social Factors:
This dimension of the general environment represents the demographic characteristics, norms, customs and values of the population within which the organization operates. This includes population trends such as the population growth rate, age distribution, income distribution, career attitudes, safety emphasis, health consciousness, lifestyle attitudes and cultural barriers. These factors are especially important for marketers when targeting certain customers. In addition, it also says something about the local workforce and its willingness to work under certain conditions.
Technological Factors:
These factors pertain to innovations in technology that may affect the operations of the industry and the market favorably or unfavorably. This refers to technology incentives, the level of innovation, automation, research and development (R&D) activity, technological change and the amount of technological awareness that a market possesses. These factors may influence decisions to enter or not enter certain industries, to launch or not launch certain products or to outsource production activities abroad. By knowing what is going on technology-wise, you may be able to prevent your company from spending a lot of money on developing a technology that would become obsolete very soon due to disruptive technological changes elsewhere.
Environmental Factors:
Environmental factors have come to the forefront only relatively recently. They have become important due to the increasing scarcity of raw materials, pollution targets and carbon footprint targets set by governments. These factors include ecological and environmental aspects such as weather, climate, environmental offsets and climate change which may especially affect industries such as tourism, farming, agriculture and insurance. Furthermore, growing awareness of the potential impacts of climate change is affecting how companies operate and the products they offer. This has led to many companies getting more and more involved in practices such as corporate social responsibility (CSR) and sustainability.
Legal Factors:
Although these factors may have some overlap with the political factors, they include more specific laws such as discrimination laws, antitrust laws, employment laws, consumer protection laws, copyright and patent laws, and health and safety laws. It is clear that companies need to know what is and what is not legal in order to trade successfully and ethically. If an organisation trades globally this becomes especially tricky since each country has its own set of rules and regulations. In addition, you want to be aware of any potential changes in legislation and the impact it may have on your business in the future. Recommended is to have a legal adviser or attorney to help you with these kind of things.
Political factors
Economic factors
Social factors
Technological factors
Environmental factors
Legal factors
Discuss how political, economic, social, technological, legal and environmental factors would affect a financial advisor in...
What are some Political factors, Economic factors, Sociocultural factors, Technological factors, Legal factors, and Environmental factors that affect healthcare cost?
Based on the macro-environmental factors (demographic, economic, social-cultural, technological, political-legal, and ecological) which three factors are most relevant to the physical therapy business and why?
bus499 discussion question... Research Union Pacific Railroad. Perform an analysis of the social/demographic, technological, economic, environmental/geographic, and political/legal/governmental segments(as discussed in the textbook) to understand the general environment facing Union Pacific. Describe how Union Pacific will be affected by each of these external factors.Research Union Pacific Railroad Perform an analysis of the social/demographic, technological, economic, environmental/geographic, and political/legal/governmental segments to understand the general environment facing Union Pacific. Describe how Union Pacific will be affected by each of these external factors.
Please answer them as soon as you can QUESTION 1 Political/legal, economic, technological, social and environmental are: Factors to be considered in the internal environment Factors to be considered in the external environment Irrelevant in a stable environment Are only important in global strategy QUESTION 2 A value chain analysis is useful in helping companies understand the interrelatedness of the primary activities: That make them unique in their business model...
Discuss how technological, social, and economic factors created the need for health insurance.
The market entry proposal starts with a PESTLE (Political, Economic, Social, Technological, Legal and Environmental) analysis. Your team must identify the country, multinational company, and the product or service you want to bring to market. Please see the attached document for details. a minimum of 5 pages and a maximum of 8 pages. Use a minimum of 3 references to defend your proposal. References and credible sources cannot come from Wikipedia or any other open content websites. Please include Major...
consider the following factors: social,economic,technological,legal,and demographics. for amazon company
How do the political, economic, and legal environments of a country affect international trade? And what factors make a country favorable for doing business?
Determinants of health include? A. Nutritional, social, financial, and environmental factors B. Personal, social, economic, and environmental factors C. Genetic and lifestyle factors D. Physical, intellectual, spiritual, and cultural factors
Discuss the following trends, 3 paragraphs each Economic Trends Political legal/regulatory trends Technological trends Sociocultural trends