Back to revision notes Open full-size SVG Print mind map BUS5 Understanding external influences on business mind map Use your browser’s Print command for A4 landscape, or choose A3 in its paper settings. The SVG remains sharp when enlarged. A text version follows the map.
Read the mind map as text Stakeholders Interests: Owners: profit; staff: fair pay; customers: value; managers: targetsOther groups: Suppliers: payment; community: impacts; government: rules; groups: causesInfluence: Purchases, work, supply, investment, campaigns and regulationConflict: Longer café hours: convenience/sales versus staff and neighboursTechnology Channels: E-commerce and social media extend reach; delivery/reputation costsSystems: Digital communication and payments: convenience versus fees/failureMix / costs: Sales and efficiency may rise; equipment and training cost moneyFit: Skills, reliable systems and capacity must support customer needsLegislation Consumers: Quality, suitability, accurate descriptions and legitimate remediesEmployees: Fair recruitment/pay; discrimination and health/safety protectionCompliance: Pay, training, equipment and records cost money; can build trustBreach: Enforcement, compensation or penalties; reputation and disruptionEconomy Jobs / income: Unemployment and lower income can cut demand; skills may be scarceInflation: General prices rise; input-cost increases can squeeze marginsInterest / tax: Borrowing costs and disposable income affect firms differentlyContext: Trading down may help a budget seller and hurt a luxury sellerExchange rates Stronger pound: Foreign-currency imports cheaper; UK exports can become dearerWeaker pound: Imports dearer; exports cheaper overseas; demand/contracts matterConversion: €1,200 ÷ 1.20 = £1,000; ÷ 1.50 = £800, ignoring feesResponses Outside control: External technology, law and economy change costs and demandAdapt: New systems need skills/cash; law requires changed working practicesCost / demand: Budget ranges, suppliers and efficiency; protect quality and cashJudge: Use market, capacity and finance evidence; waste savings may helpConnections Stakeholders → Responses: Decisions must weigh conflicting interests Economy → Exchange rates: Currency changes affect import costs and demand 