305 Social Factors Flashcards
what are demographic changes?
changes in the population such as an ageing population or a decrease in the birth rate.
what are lifestyle changes?
changes in people’s behaviour, habits and living conditions and attitudes resulting in new products/marketing eg becoming more health conscious or clubbing less.
what is cultural change?
culturally diverse populations with differing lifetsyles, attitudes and tastes.
what are ethical perspectives?
increase of social enterprises where businesses focus on social objective>profit.
driven in reaction to businesses often being unethical.
what is a social audit?
voluntary inspection of environmental/ethical data setting out strategies for improvement.
what type of business could ageing population be good for? (demographic change)
holiday companies
what type of business could increased demand for flexible working benefit? (lifestyle change)
technology businesses
what type of business could an ageing population threaten? (demographic change)
social media platforms - may have to adapt
what type of business could the want for increased ethicality benefit? (ethical perspective)
socially aware brands like lush
how can customer benefit from businesses keeping up with social change such as ethics?
more likely to get better quality products.
how can businesses focusing on ethical changes threaten a business?
if they don’t have strong brand loyalty and costs (prices) increase, customers will go elsewhere
how can population changes such as migration benefit a business?
higher demand so higher revenues.
how can population changes such as migration threaten a business?
they may not be able to afford expansion and deal with capacity.
what does the importance of social factors depend on?
how business responds to change
size of change
pace of change
whether change leads to increase/decrease of demand.