Source: https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/3-2-3-interpreting-ped-and-yed

[Revision notes](https://senecalearning.com/en-gb/revision-notes.md) › [A Level](https://senecalearning.com/en-gb/revision-notes/a-level.md) › [Business](https://senecalearning.com/en-gb/revision-notes/a-level/business.md) › [AQA](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa.md) › Interpreting PED & YED

# Interpreting PED & YED

Business: AQA A Level (2023 Specification), topic 3.2.3

## Interpreting Price Elasticity of Demand Data

Understanding the price elasticity of demand is helpful for businesses. This is because they can understand how a price change will impact their sales.

### Price elasticity of demand

![Price elasticity of demand](https://image-v2.cdn.app.senecalearning.com/2019-01/5ecd9481-6abe-4e1f-b96c-1bc1c796a4f5/3.2.4.1%20PED-3.jpg)

- Price elasticity of demand (PED) measures the responsiveness of quantity demanded to a change in price.
- Businesses can use price elasticity of demand to understand how the quantity demanded by customers will change in response to price.

### Formula for PED

![Formula for PED](https://image-v2.cdn.app.senecalearning.com/2018-08/2b8496c0-5772-48c5-8229-599f7eb6abdd/bills-energy-paper-work-calculator-.jpg)

- PED = (% change in quantity demanded)÷ (% change in price)

### PED coefficients

![PED coefficients](https://image-v2.cdn.app.senecalearning.com/2018-10/b17d07b6-2c6f-4323-a5d2-f7878e5eda94/pi-numbers-board-math-.jpg)

- The price elasticity of demand coefficient (number) is usually negative as an increase in price will result in a decrease in quantity demanded and a decrease in price will result in an increase in quantity demanded.
- The larger the price elasticity of demand coefficient (number) the greater the responsiveness of quantity demanded to a change in price.

### Interpreting PED

![Interpreting PED](https://image-v2.cdn.app.senecalearning.com/courseImages/biology/6.3.1%20The%20theory%20of%20evolution/question-mark-2123967_640%20-%20Edited-min%20(1).jpg)

- If the price elasticity of demand is less than 1 (whether positive or negative) then this is described as price inelastic. This means that a change in price will lead to a change in quantity demanded which is less than the change in price. 
- If the price elasticity of demand is greater than 1 (whether positive or negative) then this is described as price elastic. This means that a change in price will lead to a change in quantity demanded which is greater than the change in price.

### Changing PED

![Changing PED](https://image-v2.cdn.app.senecalearning.com/courseImages/chemistry/petrol%20pump.jpg)

- For example, the price elasticity demand for petrol is relatively inelastic as a change in price may not affect the quantity demanded of fuel as customers still need to purchase this product as it may be a necessity.

### Using elasticity of demand as data

![Using elasticity of demand as data](https://image-v2.cdn.app.senecalearning.com/2018-08/cc5026a2-e2c2-4932-be2d-99d949eed386/advertising-billboard-.jpg)

- Marketing managers can use price elasticity of demand and income elasticity of demand to forecast and predict the impact of changes in price and income on the quantity of the business’ goods demanded by consumers. 
 - Using elasticity of demand allows marketing managers to act, such as advertising, to target customers if they think quantity demanded is likely to decrease.

## Interpreting Income Elasticity of Demand Data

Understanding the income elasticity of demand is helpful for businesses. This is because they can understand how an income change will impact their sales.

### Income elasticity of demand

![Income elasticity of demand](https://image-v2.cdn.app.senecalearning.com/2018-08/d80c66a6-679c-4b72-a7aa-6ff77a47504f/wage-increase-.jpg.jpg)

- Income elasticity of demand (YED) measures the responsiveness of quantity demanded to a change in consumer income.
- Businesses can use income elasticity of demand to understand how the quantity demanded by customers will change in response to income.

### Formula for YED

![Formula for YED](https://image-v2.cdn.app.senecalearning.com/2019-03/7238ecf8-d9e5-4458-ba3e-7e5579d2e35d/download.jpeg)

- YED = (% change in quantity demanded) ÷ (% change in income)

### YED coefficients

![YED coefficients](https://image-v2.cdn.app.senecalearning.com/2018-09/20334b5d-1b76-4e02-ba69-a21455d2e814/trigonometry-calculator-maths-.jpg)

- The larger the income elasticity of demand coefficient (number) the greater the responsiveness of quantity demanded to a change in income.
- If the coefficient is positive, an increase in income will increase demand and a fall in income will decrease demand.
- If the coefficient is negative, an increase in income will decrease demand and a fall in income will increase demand.

### Interpreting YED

![Interpreting YED](https://image-v2.cdn.app.senecalearning.com/2018-04/1a69a445-895c-4ce7-948c-5e692cef0db1/shutterstock_222872245.jpg)

- If the income elasticity of demand is less than 1 then this is described as inelastic. This means that a change in income will lead to a change in quantity demanded which is less than the change in income. 
- If the income elasticity of demand is greater than 1 then this is described as elastic. This means that a change in income will lead to a change in quantity demanded which is greater than the change in income.

### Change in YED

![Change in YED](https://image-v2.cdn.app.senecalearning.com/2018-03/b5136868-842a-4ade-a187-c73cc34add56/shutterstock_538622761.jpg)

- For example, the income elasticity demand for premium cars is relatively elastic as consumers may decide they cannot purchase a new vehicle if their income reduced, so quantity demanded is likely to change by more than the change in income.

## Test yourself on Interpreting PED & YED

- A local café has increased the price of its cups of coffee by 20% and this has reduced in quantity demanded falling by 10%.  What is the PED?
- A rolex watch is a luxury item, will the YED be elastic or inelastic?

[Practise this topic for free](https://app.senecalearning.com/classroom/course/609d2093-4bcc-4d5d-a0d3-3b20148430cd/section/61fe8f1a-7b6c-4860-8884-71f257e06ee6/session)

- Previous topic: [3.2.2 Methods of Market Research](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/3-2-2-methods-of-market-research.md)
- Next topic: [3.3.1 Segmentation](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/3-3-1-segmentation.md)

## Business: AQA A Level (2023 Specification) contents

### 1 What is Business?
- 1.1 Nature & Purpose of Business
  - [1.1.1 Why Businesses Exist](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/1-1-1-why-businesses-exist.md)
  - [1.1.2 Business Aims & Objectives](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/1-1-2-business-aims-and-objectives.md)
  - [1.1.3 End of Topic Test - The Nature of Business](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/1-1-3-end-of-topic-test-the-nature-of-business.md)
- 1.2 Different Business Forms
  - [1.2.1 Key Business Terms](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/1-2-1-key-business-terms.md)
  - [1.2.2 Sole Traders](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/1-2-2-sole-traders.md)
  - [1.2.3 Limited Liability](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/1-2-3-limited-liability.md)
  - [1.2.4 Non-Profit Organisations & Social Enterprises](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/1-2-4-non-profit-organisations-and-social-enterprises.md)
  - [1.2.5 Social Enterprises](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/1-2-5-social-enterprises.md)
  - [1.2.6 Franchising](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/1-2-6-franchising.md)
  - [1.2.7 Shareholders](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/1-2-7-shareholders.md)
  - [1.2.8 End of Topic Test - Different Businesses](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/1-2-8-end-of-topic-test-different-businesses.md)
  - [1.2.9 A-A* (AO3/4) - Franchising at Blockbuster](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/1-2-9-a-a-ao34-franchising-at-blockbuster.md)
- 1.3 Businesses Operate Within an External Environment
  - [1.3.1 External Environments](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/1-3-1-external-environments.md)
  - [1.3.2 A-A* (AO3/4) - Interest Rates in the UK](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/1-3-2-a-a-ao34-interest-rates-in-the-uk.md)

### 2 Managers, Leadership & Decision Making
- 2.1 Management, Leadership & Decision Making
  - [2.1.1 Managers](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/2-1-1-managers.md)
  - [2.1.2 Management Theories](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/2-1-2-management-theories.md)
  - [2.1.3 Management vs Leadership](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/2-1-3-management-vs-leadership.md)
  - [2.1.4 Leadership Styles](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/2-1-4-leadership-styles.md)
  - [2.1.5 End of Topic Test - Management](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/2-1-5-end-of-topic-test-management.md)
- 2.2 Management Decision Making
  - [2.2.1 Scientific Decision Making](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/2-2-1-scientific-decision-making.md)
  - [2.2.2 Influences on Decision Making](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/2-2-2-influences-on-decision-making.md)
  - [2.2.3 Intuition Decision Making](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/2-2-3-intuition-decision-making.md)
  - [2.2.4 A-A* (AO3/4) - Cost Leadership](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/2-2-4-a-a-ao34-cost-leadership.md)
  - [2.2.5 End of Topic Test - Management Decisions](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/2-2-5-end-of-topic-test-management-decisions.md)
- 2.3 Role & Importance of Stakeholders
  - [2.3.1 Stakeholders](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/2-3-1-stakeholders.md)

### 3 Marketing Management
- 3.1 Setting Marketing Objectives
  - [3.1.1 Setting Marketing Objectives](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/3-1-1-setting-marketing-objectives.md)
  - [3.1.2 Market Calculations](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/3-1-2-market-calculations.md)
- 3.2 Understanding Markets & Customers
  - [3.2.1 Market Research](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/3-2-1-market-research.md)
  - [3.2.2 Methods of Market Research](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/3-2-2-methods-of-market-research.md)
  - [3.2.3 Interpreting PED & YED](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/3-2-3-interpreting-ped-and-yed.md)
- 3.3 Segmentation, Targeting, Positioning
  - [3.3.1 Segmentation](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/3-3-1-segmentation.md)
  - [3.3.2 Niche & Mass Markets](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/3-3-2-niche-and-mass-markets.md)
  - [3.3.3 Market Mapping](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/3-3-3-market-mapping.md)
- 3.4 Using the Marketing Mix
  - [3.4.1 Marketing Mix](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/3-4-1-marketing-mix.md)
  - [3.4.2 Pricing Decisions & Price Skimming](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/3-4-2-pricing-decisions-and-price-skimming.md)
  - [3.4.3 Pricing Decisions & Price Penetration](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/3-4-3-pricing-decisions-and-price-penetration.md)
  - [3.4.4 Promotional Decisions](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/3-4-4-promotional-decisions.md)
  - [3.4.5 Promotional Decisions 2](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/3-4-5-promotional-decisions-2.md)
  - [3.4.6 Promotional Decisions 3](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/3-4-6-promotional-decisions-3.md)
  - [3.4.7 Distribution Decisions](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/3-4-7-distribution-decisions.md)
  - [3.4.8 Distribution Decisions 2](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/3-4-8-distribution-decisions-2.md)
  - [3.4.9 Social Media & Influencers](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/3-4-9-social-media-and-influencers.md)
  - [3.4.10 Digital Marketing](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/3-4-10-digital-marketing.md)
  - [3.4.11 Evaluating Digital Marketing](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/3-4-11-evaluating-digital-marketing.md)
  - [3.4.12 A-A* (AO3/4) - The Marketing Mix & Promotion](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/3-4-12-a-a-ao34-the-marketing-mix-and-promotion.md)
  - [3.4.13 A-A* (AO3/4) - Pricing & Competition](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/3-4-13-a-a-ao34-pricing-and-competition.md)

### 4 Operational Management
- 4.1 Setting Operational Objectives
  - [4.1.1 Setting Operational Objectives](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/4-1-1-setting-operational-objectives.md)
- 4.2 Analysing Operational Performance
  - [4.2.1 Operations Data](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/4-2-1-operations-data.md)
  - [4.2.2 Capacity](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/4-2-2-capacity.md)
  - [4.2.3 A-A* (AO3/4) - The Problem with Operations Data](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/4-2-3-a-a-ao34-the-problem-with-operations-data.md)
- 4.3 Increasing Efficiency & Productivity
  - [4.3.1 Productivity & Efficiency](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/4-3-1-productivity-and-efficiency.md)
  - [4.3.2 Lean Production](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/4-3-2-lean-production.md)
  - [4.3.3 Technology & Efficiency](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/4-3-3-technology-and-efficiency.md)
  - [4.3.4 A-A* (AO3/4) - Toyota Production System](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/4-3-4-a-a-ao34-toyota-production-system.md)
- 4.4 Improving Quality
  - [4.4.1 Measuring & Identifying Quality](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/4-4-1-measuring-and-identifying-quality.md)
  - [4.4.2 Total Quality Management](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/4-4-2-total-quality-management.md)
  - [4.4.3 Evaluating Total Quality Management](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/4-4-3-evaluating-total-quality-management.md)
  - [4.4.4 Quality Assurance & Quality Control](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/4-4-4-quality-assurance-and-quality-control.md)
- 4.5 Managing Inventory & Supply Chains
  - [4.5.1 Inventory](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/4-5-1-inventory.md)
  - [4.5.2 Improving the Supply Chain](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/4-5-2-improving-the-supply-chain.md)
  - [4.5.3 Outsourcing](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/4-5-3-outsourcing.md)
- 4.6 Business & The External Environment
  - [4.6.1 Business Considerations from Globalisation](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/4-6-1-business-considerations-from-globalisation.md)

### 5 Financial Management
- 5.1 Setting Financial Objectives
  - [5.1.1 Setting Financial Objectives](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/5-1-1-setting-financial-objectives.md)
  - [5.1.2 Influences on Financial Objectives](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/5-1-2-influences-on-financial-objectives.md)
  - [5.1.3 Profit](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/5-1-3-profit.md)
  - [5.1.4 Revenue & Costs](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/5-1-4-revenue-and-costs.md)
  - [5.1.5 Cash-Flow & Budgets](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/5-1-5-cash-flow-and-budgets.md)
- 5.2 Analysing Financial Performance
  - [5.2.1 Break-Even & Profitability Analysis](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/5-2-1-break-even-and-profitability-analysis.md)
  - [5.2.2 A-A* (AO3/4) - Assessing Financial Performance](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/5-2-2-a-a-ao34-assessing-financial-performance.md)
- 5.3 Sources of Finance
  - [5.3.1 Internal Sources of Finance](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/5-3-1-internal-sources-of-finance.md)
  - [5.3.2 External Sources of Finance](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/5-3-2-external-sources-of-finance.md)
  - [5.3.3 Crowdfunding](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/5-3-3-crowdfunding.md)
  - [5.3.4 Factors for Financing](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/5-3-4-factors-for-financing.md)
  - [5.3.5 A/A* (AO3/4) - Debt](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/5-3-5-aa-ao34-debt.md)
- 5.4 Improving Cash Flow & Profits
  - [5.4.1 Improving Cash Flow & Profits](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/5-4-1-improving-cash-flow-and-profits.md)

### 6 Human Resource Management
- 6.1 Setting Human Resource Objectives
  - [6.1.1 Setting Human Resource Objectives](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/6-1-1-setting-human-resource-objectives.md)
  - [6.1.2 Human Resource Management](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/6-1-2-human-resource-management.md)
- 6.2 Analysing Human Resource Performance
  - [6.2.1 Analysing Human Resource Performance](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/6-2-1-analysing-human-resource-performance.md)
  - [6.2.2 Analysing Human Resource Performance 2](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/6-2-2-analysing-human-resource-performance-2.md)
- 6.3 Improving Org Design & Human Resource Flow
  - [6.3.1 Organisational Design](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/6-3-1-organisational-design.md)
  - [6.3.2 Human Resource Flow](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/6-3-2-human-resource-flow.md)
- 6.4 Improving Motivation & Engagement
  - [6.4.1 Motivating & Engaging Employees](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/6-4-1-motivating-and-engaging-employees.md)
  - [6.4.2 Different Incentives](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/6-4-2-different-incentives.md)
  - [6.4.3 Evaluating Incentives](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/6-4-3-evaluating-incentives.md)
  - [6.4.4 Taylor's Theory](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/6-4-4-taylors-theory.md)
  - [6.4.5 Maslow's Theory](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/6-4-5-maslows-theory.md)
  - [6.4.6 Herzberg's Theory](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/6-4-6-herzbergs-theory.md)
  - [6.4.7 A-A* (AO3/4) - Amazon & Netflix Org Design](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/6-4-7-a-a-ao34-amazon-and-netflix-org-design.md)
  - [6.4.8 A-A* (AO3/4) - Taylorism & Jack Welch](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/6-4-8-a-a-ao34-taylorism-and-jack-welch.md)
- 6.5 Improving Employer-Employee Relations
  - [6.5.1 Improving Employer-Employee Relations](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/6-5-1-improving-employer-employee-relations.md)

### 7 Strategic Position of a Business (A Level Only)
- 7.1 Mission, Objectives, Strategy
  - [7.1.1 Business Mission & Corporate Objective](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/7-1-1-business-mission-and-corporate-objective.md)
  - [7.1.2 Mission, Corporate Objectives & Strategy](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/7-1-2-mission-corporate-objectives-and-strategy.md)
  - [7.1.3 SWOT Analysis](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/7-1-3-swot-analysis.md)
  - [7.1.4 A-A* (AO3/4) - SWOT Analysis](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/7-1-4-a-a-ao34-swot-analysis.md)
- 7.2 Financial Ratio Analysis
  - [7.2.1 Financial Ratios](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/7-2-1-financial-ratios.md)
- 7.3 Assessing Overall Performance
  - [7.3.1 Non-Financial Data](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/7-3-1-non-financial-data.md)
  - [7.3.2 Core Competences](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/7-3-2-core-competences.md)
  - [7.3.3 Assessing Business Performance](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/7-3-3-assessing-business-performance.md)
- 7.4 Assessing Political & Legal Change
  - [7.4.1 Political & Legal Change](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/7-4-1-political-and-legal-change.md)
- 7.5 Assessing Economic Change
  - [7.5.1 Economic Environment](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/7-5-1-economic-environment.md)
- 7.6 Assessing Social & Technological Change
  - [7.6.1 Social & Technological Environment](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/7-6-1-social-and-technological-environment.md)
  - [7.6.2 Lifestyle & Technological Environment](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/7-6-2-lifestyle-and-technological-environment.md)
  - [7.6.3 Corporate Social Responsibility](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/7-6-3-corporate-social-responsibility.md)
- 7.7 The Competitive Environment
  - [7.7.1 Choosing Areas of Competition](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/7-7-1-choosing-areas-of-competition.md)
  - [7.7.2 Choosing How to Compete](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/7-7-2-choosing-how-to-compete.md)
- 7.8 Investment Appraisal
  - [7.8.1 Investment Appraisal](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/7-8-1-investment-appraisal.md)

### 8 Choosing Strategic Direction (A Level Only)
- 8.1 Markets to Compete & Products to Offer
  - [8.1.1 Product Decisions](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/8-1-1-product-decisions.md)
- 8.2 How to Compete
  - [8.2.1 Porter's Five Forces](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/8-2-1-porters-five-forces.md)
  - [8.2.2 A-A* (AO3/4) - The 5 Forces](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/8-2-2-a-a-ao34-the-5-forces.md)

### 9 Pursuing Strategies (A Level Only)
- 9.1 Assessing a Change in Scale
  - [9.1.1 Growth & Retrenchment](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/9-1-1-growth-and-retrenchment.md)
  - [9.1.2 Challenges of Growth](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/9-1-2-challenges-of-growth.md)
  - [9.1.3 Sourcing Resources & Entering Markets](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/9-1-3-sourcing-resources-and-entering-markets.md)
  - [9.1.4 A-A* (AO3/4) - Diversification](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/9-1-4-a-a-ao34-diversification.md)
  - [9.1.5 A-A* (AO3/4) - Diseconomies of Scale](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/9-1-5-a-a-ao34-diseconomies-of-scale.md)
- 9.2 Assessing Innovation
  - [9.2.1 Assessing Innovation](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/9-2-1-assessing-innovation.md)
- 9.3 Globalisation & Internationalisation
  - [9.3.1 Internationalisation](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/9-3-1-internationalisation.md)
  - [9.3.2 Managing Internationalisation](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/9-3-2-managing-internationalisation.md)
  - [9.3.3 Impact of Internationalisation](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/9-3-3-impact-of-internationalisation.md)
  - [9.3.4 A-A* (AO3/4) - Internationalisation in Guatemala](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/9-3-4-a-a-ao34-internationalisation-in-guatemala.md)
- 9.4 Greater Use of Digital Technology
  - [9.4.1 Assessing Use of Digital Technology](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/9-4-1-assessing-use-of-digital-technology.md)
  - [9.4.2 Impact of Digital Technology](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/9-4-2-impact-of-digital-technology.md)

### 10 Managing Strategic Change
- 10.1 Managing Change
  - [10.1.1 Managing Change](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/10-1-1-managing-change.md)
- 10.2 Managing Organisational Culture
  - [10.2.1 Managing Organisational Culture](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/10-2-1-managing-organisational-culture.md)
  - [10.2.2 Organisational Structures](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/10-2-2-organisational-structures.md)
- 10.3 Managing Strategic Implementation
  - [10.3.1 Managing Strategic Implementation](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/10-3-1-managing-strategic-implementation.md)
- 10.4 Problems with Strategy & Why They Fail
  - [10.4.1 Problems with Strategy](https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/10-4-1-problems-with-strategy.md)