Economical, social, Technological, Environmental, legal factors of an industry. Political factor: Of the Japanese government, company has the support and assistance. Due to the government’s influence over a country’s infrastructure it maybe altered. From foreign competitors the governments try to protect Toyota firm in their countries through import restriction and other tariffs.
Economical factor: Elements included in the economical factors are gross domestic product, employment rates, interest rates, general growth or declaim in the economy, inflation rates, and access of exchange rates. It includes the factors of local, national and worldwide impact on the economy. Social factor: In social factor it includes how the project will be affected with the change in society. It tells us about health & welfare, mental outlook to work, socio-culture responsibility, achieving sustainable development and to create a prosperous society. Other social factors are acculturates, population growth rate, and age distribution.
Technological factor: It includes on how the project is affected by the new and emerging technology. These technological factors give the reason for technological abilities for designing fuel efficient cars for Toyota, research findings, advanced creation, competing technological developments, changes in rate of new product developments. Legal factors: In the countries in which they are doing business, the companies have to adjust their products and with the different regulatory the company has to adjust the way to operate it and each of the product areas that govern by the legislative framework.
It includes on how the protest is affected by the local, national and global legislation. Environmental factors: The factors included in this are whether and climate change. As due to the global warming and pollution there is a major climate change and so this external factor has become the important issue to consider by the firms. So the Toyota research team looking forward to move Toyota into hybrid vehicle production. Pestle By Darkish-Marinara
