The paper "External Factors That Have an Influence on Business Particularly Wal-Mart and Ford" is a perfect example of a business assignment. Wal-Mart and Ford companies do not operate within a vacuum hence are impacted by the external factor. Some of the external factors which affect these companies comprise the economy, consumer trends, legal and public (Baron 651). When the economy improves, consumers will have more income which they can use to purchase apparel wear sold by Wal-Mart of cars sold by Ford Motor Company. Consumer trends also impact what the consumer buys.
For instance, during the rainy season, consumers are likely to buy heavy apparel at Wal-Mart while the high price prices of fuel make consumers buy fuel-efficient cars from Ford. Baron also claims that Government regulation and standard of products to produce and sell also influence the products and services Wal-Mart and Ford offered in different markets (652). For instance, some countries like Australia have established laws that regulate the number of greenhouse gases vehicles should produce. Lastly, the public expects companies to be ethical, and conform to standards of corporate governance (Jeffs 42); hence, their association depends on such aspects.
In 2005, Barbaro asserted that Wal-Mart had been condemned by the public due to the low salaries it offers its workers in the US. 1.2.1 Surfboards’ factors of production A surfboard is described as a long platform that is relatively light, strong and utilized in surfing sports. In recent years, the surfboard has become a lucrative product due to the increase in surfing sports. Therefore, to venture into the surfboard business, some of the factors of production include labour, capital, land and raw materials (Stresing, Lindenberger & Kü mmel 279).
Labour entails the skills needed for the production of surfboards. The business owner can decide to acquire the skills or hire an employee who has the skills. Stressing, Lindenberger & Kü mmel added that capital is the money needed to start this business (282). Land involves the place one will set up its business. The raw material is the basic material utilized in the production of goods. In surfboard, they consist of balsa board, polyurethane foam, APS 3000.
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