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These are the factors that the business has little to no control over

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-	The Australian economy experiences economic cycles
-	The level of economic activity always fluctuates
-	The economy changes the way that businesses function as the economy goes through recessions and booms

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-       Deregulation of Australia’s financial systems has now meant that financial services are more flexible

-       There are a number of financial products available, not only in Australia, but also now accessible around the world

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Demography:
-	Change in sex, age and income also changes the way in which the business delivers the needs and wants of consumers
Globalisation:
-	Products are now available from around the world at increasingly competitive prices

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-       Two major social influences

o   Environmental awareness

o   Family-friendly programs to increase the work-life balance

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-       Businesses must comply with local, state and federal legislation

o   Taxation

o   Industrial relations

o   WH&S

-       The ACCC operates nationally for the enforcement of competition and consumer protection

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-       This relates to how much competition exists for a business in a particular industry:

o   Market concentration (how many businesses are currently in a certain industry.)

§  Monopoly – one firm that controls everything in an industry eg. Australia Post

§  Oligopoly – small number of large firms that control everything in the industry eg. Banks

§  Monopolistic competition – a large number of byers and seller using differentiation methods such as advertising to get customers eg. Clothing stores

§  Perfect competition – large number of small businesses selling the same products but at different prices eg. Fruit and vegetable stores

o   Ease of entry – closely linked to market concentration, easiest to open a business in perfect competition and hardest to start a business in a monopoly industry

o   Local and foreign competitors – use technology at their disposal to buy products at all times. Businesses need to be aware of the market across the nation and the globe

o   Marketing strategies – what are the competitors doing in order to market their business in comparison to you

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-       There are a vast range of institutional influences on businesses

o   Other (Trade unions, ASX)

o   Regulatory bodies (ACCC, ASIC)

o   Government

-       Has a direct impact on how businesses operates

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-       Businesses must stay aware of the changes to government policies:

o   GST

o   Carbon tax

o   Labour market reforms (eg. Changes to awards)

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-       Changes in technology means that businesses need to adapt new methods of meeting the needs and wants of consumers

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-       Financial markets

-       Labour markets

-       Consumer markets