external factors - social Flashcards
1
Q
what are four social factors?
A
- demographics
- lifestyles
- tastes and trends
- ethics
2
Q
how does the aging population impact businesses?
A
businesses will need to adjust their focus to ensure they are tailoring their products to the ‘grey pound’
3
Q
how will changing lifestyles impact businesses?
A
- society is becoming more health conscious
- businesses will need to adjust their product portfolios and marketing strategies to ensure they are taking into account the lifestyle trends or they will start to loose customers
4
Q
how does pressure to operate ethically impact businesses?
A
- pressure to operate ethically: reducing waste, paying fair wages, providing goods and services that are ethically produced and marketed
- it may cost businesses more to operate ethically but it will improve the image of the organisation which may result in greater sales
