SEL4 - Product Service & Sector Knowledge Part 2 of 7 - The factors that drive change-SEL4---Product-Service--Sector-Knowledge-Part-2-of-7---The-factors-that-drive-change

SEL4---Product-Service--Sector-Knowledge-Part-2-of-7---The-factors-that-drive-change

Video Transcription

Video Summary

Business change is driven by external opportunities and threats in the PEST environment: Political, Economic, Social, and Technological factors. These cannot be controlled, only monitored and used in strategic planning. The transcript explains how each factor affects a food retailer: political issues like supply-chain fraud and planning law create threats; economic change can create pricing opportunities; social trends such as ageing consumers and special diets open new markets; and technology brings both efficiency opportunities and competitive threats. Overall, whether a PEST factor is an opportunity or threat depends on the business and its response.

Keywords

PEST analysis

external business environment

strategic planning

food retail

opportunities and threats