Source: https://senecalearning.com/en-gb/revision-notes/a-level/business/aqa/7-5-1-economic-environment [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) › Economic Environment # Economic Environment Business: AQA A Level (2023 Specification), topic 7.5.1 ## Economic Environment Businesses must consider the impact of changes in the economic environment. There are many factors in the economic environment which can affect a business’ strategic and functional decision making: ### Gross Domestic Product ![Gross Domestic Product](https://image-v2.cdn.app.senecalearning.com/2018-09/a3db707f-3f62-4fbf-adcd-8c55fd796f69/economic-growth-improvement.jpg) - Gross Domestic Product (GDP) is the value of goods and services produced by a country during a certain period. - Changes in GDP can affect a business’ decision making as GDP growth is likely to coincide with an increase in demand which businesses must respond to. - For example, in a GDP boom, a business may make a strategic decision to diversify and enter a new market. ### Taxation ![Taxation](https://image-v2.cdn.app.senecalearning.com/2018-08/5a3f02bf-913f-4a44-8baf-c9e7e7101ea5/tax-money-.jpg) - Taxation refers to the tax paid by businesses on any profits made. - Changes in taxation can affect a business’ decision making. For example, increased taxation will reduce profit after tax which can affect strategic investment decisions. - If there is less money left over to invest, then the business is likely to have to prioritise better. ### Exchange rates ![Exchange rates](https://image-v2.cdn.app.senecalearning.com/2018-09/8513d525-9428-4604-82f8-934ae3727dec/exchange-rate-dollar-euro.png) - Exchange rates are the value of one currency expressed in terms of another currency. - Changes in the exchange rate can affect the decision-making process of a business which imports from or exports to a country with a different currency. - For example, if Lidl imports goods from Spain, and the Pound Sterling weakens against the Euro, the price of imports will increase in Pounds. This will affect the decisions made about order quantities and selling prices. ### Inflation ![Inflation](https://image-v2.cdn.app.senecalearning.com/2018-08/a5038717-5fdc-40fb-95d4-68685f8bbd81/inflation-.jpg) - Inflation refers to the general increase in price levels and the reduction in the real value of money. - Changes in inflation can affect the decision-making process of a business because rising costs may mean that a business has to increase its prices to maintain its profits at the same level. ### Government policies ![Government policies](https://image-v2.cdn.app.senecalearning.com/2018-09/6d560d2c-4463-40e2-bfae-91902138b34a/london-government-parliament-.jpg) - Fiscal policy refers to the use of government expenditure and taxation to influence demand. - Changes in government expenditure and taxation can increase or decrease demand which businesses may need to respond to. - Monetary policy refers to the controlling of money supply and interest rates to control economic activity. - Increasing interest rates may affect business decision making as consumers may increase their savings and therefore decrease spending which can affect demand for a business’ products. ### Trade ![Trade](https://image-v2.cdn.app.senecalearning.com/2018-09/60432ff1-00d8-4f87-a4d1-078e7c9ec74f/business-export-shipping-container-.jpg) - Open trade and protectionism refer to the ability of countries to trade either with or without barriers to trade. - Protectionist measures can reduce international trade which can affect a business importing and exporting goods and services. - For example, banana sellers are affected by protectionist measures governing the trade of bananas and this affects supply and cost. ## Globalisation Globalisation is the increasing trend for individual markets to become unified and worldwide. ### Advantages of globalisation ![Advantages of globalisation](https://image-v2.cdn.app.senecalearning.com/2018-08/9b6c7b46-abd2-49bd-b934-771800d899f4/globe-1340187_1920.jpg) - Globalisation offers businesses opportunities to expand and target international markets. ### Disadvantages of globalisation ![Disadvantages of globalisation](https://image-v2.cdn.app.senecalearning.com/2018-09/0a4bd9f0-c605-467f-9545-9f962c5e33ab/arrow-1435215_1920.png) - Globalisation increases competition for local businesses and this can reduce market share and sales revenue. ### Advantages of targeting emerging economies ![Advantages of targeting emerging economies](https://image-v2.cdn.app.senecalearning.com/2018-04/b6193537-7814-4210-9fa2-5293b23eae24/shutterstock_276868571.jpg) - Targeting emerging economies can help a business to extend the product life cycle for its goods and services. - Emerging economies offer business new markets to target which can increase sales volume. - Emerging economies offer businesses increased access to labour resources often at a reduced cost compared to the labour market in the business’ home country. - For example, a clothing manufacturer can benefit from offshoring production to an emerging economy as labour may be cheaper. ## Test yourself on Economic Environment - _The value of one currency expressed in terms of another currency_. Which of the following terms does this describe? - Which two factors are used in fiscal policy to influence demand? - What does monetary policy control to influence economic activity? - Which of the following statements is NOT true about the impact of globalisation. [Practise this topic for free](https://app.senecalearning.com/classroom/course/609d2093-4bcc-4d5d-a0d3-3b20148430cd/section/ae9ef437-2c78-498b-a1c0-768a2d5abbd1/session) - Previous topic: [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) - Next topic: [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) ## 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)