← How a large business responds to external factors
Reading the notation
One grade ladder, three words — every part of the task, whichever external factor it covers, is graded on the same three-word progression.📖 Terms the schedule grades you on
5 termsCover the right column and check you can say what each one means.
- External factor
- Something outside the business's control that it must respond to — legal, economic, technological, social, or employment-related.
- Explain
- Achieved's word: give the "what", then the reason WHY it happens or how the ideas link together.
- Fully explain
- Merit's word: expand further into how the situation affects business or stakeholder goals — the effects, advantages, disadvantages, or consequences.
- Justify
- Excellence's word: use evidence to argue the significance or likelihood of success of a decision, referencing an alternative course of action or genuinely new information.
- Stakeholder group
- People or organisations affected by, or interested in, the business — employees, customers, suppliers, the community, government agencies.
Practice for this standard covers the whole topic — flashcards and quiz.