25 mins, 2005        [password required] Key Topics Enterprise Economics Business Environment Retail Development Much of what businesses do is a result of forces outside their control - external factors. What are these external factors and how do they affect businesses? This film uses real business case studies to demonstrate the importance of P-E-S-T - political, economic, social and technological factors. POLITICAL & ECONOMIC: People often complain about the European Union but money from Europe has helped business boom at the Royal Albion Hotel. They've benefited from a political factor in the shape of a grant designed to help areas of high unemployment. Meanwhile, economic factors influenced famous model train maker Hornby Hobbies to close down its British factory and move its manufacturing to China. Hornby's done well - but what about the social costs of their move? SOCIAL & TECHNOLOGICAL: The Happy Elephant jewellery company is making sales from a social trend called the "New Age". More people are now buying their stones because they believe they have mystical powers. On the other hand, times have been hard for a traditional off-licence called the Bottleneck. But now a technological factor, in the shape of the internet, is helping them gain new customers. THE RETAIL PARK: But external factors are rarely clear-cut. How will a big new, out-of-town shopping centre affect the high street shops? The local MP argues it will create employment and prosperity. But existing retailers fear the new development will take away their business and create a ghost town.