Thursday, 7 March 2013

Group 4 Business Influential Factors

Product: People might not find the product interesting or suitable, therefore sales may decrease.
Location: There might be strong competitors around the area, thus decreasing sales. Also, if we are creating a technology company, we do not want to build in a cosmetics district.
Business Management: If we are always fighting, there will not be cooperation between co-workers, and things may go wrong.

Economic: The market and economy may be low, as people want to save money, and sales will drop.
Technology: Our technology may not be up to date, or not cutting-edge, and more people will be attracted to the other better technology.
Social: People might not be interested in a specific type of game, therefore sales will decrease partially.
Internal Factors 
- Location : If we set up our shop at a place with lots of ice cream shop, we may lose our business.
- Resources : The attitude of the work staff must be good or else the customers may not come back.
- Management : If we have not enough finances for us to get a good location, we may not get a good place that has many customers.

External Factors
- Economy : If the economy is bad, not many people may patronise us
- Legal : The law may banned us from selling this kind of ice cream
- Social market : If there is many ice cream shops, we may lose our business

3 internal factors & 3 external factors affection business

Geographical- Earthquakes can destroy buildings.
Economic Changes- If economy is bad, business will be bad :(
Higher Standard of Living- Will Affect Company Business if people become richer.

Product- Food Quality must be good and healthy to have a good reputation
Location- Set Up in a Populated Area with minimal competition
Management-Bad management will result in conflict within the company and destroy the internal trust.


3 internal factors-1. products (what they sell) The designs, price, variety and quality of the product.
 , management( how they manage the company and the decision they make.
) and resources(where they get their supplies from and how expensive they charge.

3 external factors- social needs (trends among society), competition (how similar/different they are from similar businesses), market (world economy, inflation, etc)

Done by: Brandon, Jordan, Evangeline, Zhong Han and Cassandra

I&E internal and External factors

~Internal communication problem (Workers might miscommunicate within each other )
~Cost of food ( Food might be too expensive )
~Quality of food( Lousy food quality )

~External economic conditions ( There might be an economic downfall )
~Change of trend ( People might not like that food anymore )
~Competition ( other companies set up beside the shop )