Next steps lesson

Something the business can control

Something outside the business window

Something the business cant control

Increase in the national minimum wage

Increased availability of wi-fi

Increase in interest rates

Increase in interest rates

Change in lifestyle

Increase in the national minimum wage

Recession

Changes in fashion trends

Bad weather

Competitors launch a new advertising campaign

Increased availability of mobile technology

Recession

Recession

Increased availability of mobile technology

A shop selling similar products reduces its prices

Economic

Competitive

Environmental

A general and sustained increase in prices

The cost of borrowing money

The price of one currency in terms of another currency

The pound has appreciated against the euro

The pound has weakened against the euro

The pound has depreciated against the euro

When a high number of people in the country do not have a job

When a high number of people in the country do have a job

the average amount a business makes per yr

The amount of money the average consumer spends

The amount someone gets paid for doing a job

Where someone gets sacked

people whose last job ended because there is no further need for their role

a decline in prices over time

a rise in prices over time

Prices stay the same

Prices fall temporarily

Purchasing power decreases

Increase in sales as consumers have more disposable income

Prices of raw material rise, so the cost of producing goods is more expensive

Customers buy more as consumer spending goes up