Many businesses are quite capable of organising themselves internally,
however this does not guarantee complete business success. Businesses
have many outside pressures to face, which can become quite
complicated to manage. These are called external influences.
There are many factors that can affect a business, of which the market
is just one. Businesses are tremendously influenced by the markets in
which they trade. The size of a business does this: whether it is
local, national or even international will affect the nature of the
product that they supply and also the quantity.
Competition is also a factor that can influence the rise or fall of a
Communications and methods of transportation such as the delivery of
products by air have made the competition in the market place more
intense. Many businesses in the United Kingdom now face competition
from other continents from around the world. A good example of this is
the UK grocery market where the competition had become fiercer
following the coming of foreign supermarket chains such as Aldi. Also
new products, price changes and take-overs of other businesses can be
a big influence.
Economical influences are a factor too. Interest rates are the priced
paid for borrowed money, this can affect businesses because every
month the Bank of England's Monetary Policy Committee (MPC) assembles
each month and decides on whether to alter the base rate of interest.
So if the MPC decide to alter the base rate of interest this could
have sufficient implications for businesses. A rise will result in
greater overheads for most businesses,...
... middle of paper ...
run as they buy the product.
In conclusion to the title of this essay, 'External Influences Affect
All Firms, To What Extent Do You Agree With This Statement?' I believe
that this statement is very honest. From the evidence I have given in
this essay it is clear that there are a lot of factors that influence
and affect businesses. Take the climate, may seem small compared to
the other factors, but it has a significant affect if it takes the
wrong path. Also the obvious factor - the market itself, its size can
cause many problems. Basically every business if it's a large company
set in the heart of London, or a small corner shop down the road has
to take each factor into consideration to maintain their business
stays afoot. Although its hard and definitely impossible to grasp to a
full one hundred percent.
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