Indirect competitors are those that sell unrelated goods and services, but to similar target markets. There are two great economic factors affecting business models work – demand and supply. Businesses also consider geographic and climactic factors. For example, in 2016, California citizens voted for a law to ban the use of single-use plastic bags, affecting the majority of retailers in that state. Find out more. Additionally, start-ups currently in Tel-Aviv have been successful in selling to U.S. markets. Geographic segmentation is when a business divides its market on the basis of geography. New Zealand is an island country located 1,000 miles (1,600 km) southeast of Australia in Oceania.It consists of several islands, the largest of which are the North, the South, Stewart, and Chatham Islands. With technology creating a knowledge base accessible to anyone in the world, programmers have started to multiply in Tel Aviv. Current undergraduate students. Remote external environment B. Economic and geographic environmental factors impact businesses that are beginning, expanding or currently competing. The term "competitive environment" refers to the number and types of companies against which a given business competes in its industry. 4. (p. 3) The _____ comprises economic and social conditions, political priorities and technological developments, all of which must be anticipated, monitored, assessed and incorporated into the executive's decision making. Economic Factors Affecting Business Environment Demand and Supply. Clusters are geographic concentrations of interconnected companies and institutions in a particular field. Read National Geographic's latest stories about the environment. Geographic literacy will also be necessary for reasons of enhancing economic competitiveness, preserving quality of life, sustaining the environment, and ensuring national security. Useful links. The industry environment directly influences a firm and its competitive actions and responses. Demand is how willing and able a consumer is to purchasing what a business offers and supply is how able the business is to make available what the consumer needs. Department of Geography and Environment, St Clement's, London School of Economics and Political Science, Houghton Street, London, WC2A 2AE Follow us LinkedIn FaceBook Twiiter Instagram YouTube. There are several ways that a market can be geographically segmented. Indirect environmental factors can affect any business by creating changes in societal expectations and government laws and regulations in efforts to protect the environment. Clusters encompass an array of linked … LSE Careers. ... geographic distribution, income distribution, interest rates, and process innovations are all elements of concern when studying the demographic segment of the general environment. 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