Rio Tinto External Factors

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1.0 INTRODUCTION External factors are the outside factors that can impact a business, these external factors help a business achieve any goals and or objectives that business may have. The external factors would include are social/cultural, political, economic, financial and technology. 2.0 SOCIAL & CULTURE FACTORS Social factors are influences in regards to attitudes, values and beliefs of a society. Whether a business is local, regional or even international the business must consider other cultures. Some factors they would have to consider is religion, language and also level of education. 2.1 RELIGION In order for a business to become successful they must take into consideration of other religions. Religion has the power to influence a person’s behavior and is highly valued by most of the world’s population. Religion can impact a business because there may be a number of different beliefs and holidays for a certain religion which can cause hardship onto the business. An example of this could be a worker wanting to take off time for a religious holiday to spend it doing…show more content…
One of the biggest competitors for BHP Billiton is Rio Tinto who also is in the same industry along with BHP Billiton. Strategically, BHP Billiton has planned to own and operate, large, long-life, low-cost, expandable, upstream assets diversified by commodity, geography and market. Their Strategy has stayed the same for over a decade as it has been able to delivery superior margins through economic and commodity cycles throughout many years. The one asset base enhances the resilience of their cash flow by reducing exposure to any one commodity, currency and provides more predictable and strong financial performance which allows them to invest in and grow their business throughout economic cycles by delivering superior long-term value to all their
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