external influences

• • business responses to changes in technology-
  • new processes - to improve efficiency, reduce costs, etc
  • innovation in products - tech can help make products that meet customer needs
  • digital marketing and e-commerce - business start selling online and using social media
• • business response to changes in LEGISLATION-
  • compliance adjustments - comply to laws
  • cost management - businesses need to budged for equipment upgrades and training
  • strategic shifts - sustainability practice
• • business response to changes in ECONOMIC CLIMATES-
  • cost-cutting measures - reduce expenses
  • pricing adjustments - alter prices to remain competitive
  • make new products or diversify them so they remain popular when times are tough