PESTEC- Social Flashcards
What are the 6 social factors?
UK’s ageing population
More women with professional careers
Evolving work-life balance
Changing fashion trends
Flexible working arrangements
Ethical considerations
What’s a positive impact of the UK’s ageing population?
This is a vast, and growing, market segment. Businesses that can produce products tailored for this market should succeed. Many potential customers in this segment are retired and well off so there is a potential to offer quality products at high prices.
What’s a negative impact of the UK’s ageing population?
Extensive market research must be carried out which costs time and money.
What’s a positive impact of more women with professional careers?
As more women are taking up high-profile professions and managerial roles they are waiting longer to have a family. As a result, couples are generally better off when they have their first child so businesses can offer high-quality maternity and baby products that sell for a high price.
What’s a negative impact of more women with professional careers?
More women will be taking maternity leave once they are established in their careers which will mean organisations have to consider flexible working arrangements such as part time or job share. This will result in the organisation having to spend time recruiting and training replacement staff.
What’s a positive impact of evolving work-life balance?
Fewer employees are working the traditional 9-5 working week. As a result, businesses must cater for the needs of a society that works around the clock for 7 days a week. This has led to a trend of convenience in the UK e.g. meeting the convenience needs of customers businesses will ensure repeat custom.
What’s a negative impact of evolving work-life balance?
Organisations have to provide more staff to work 24 hours a day, 7 days a week to meet customer needs, which will increase wage costs.
What’s a positive impact of changing fashion trends?
Businesses can cater for the latest fashion trends and offer products that customers want, therefore increasing sales e.g. North Face or Supreme clothing trend.
What’s a negative impact of changing fashion trends?
Businesses have to spend time and money researching and developing new products. Some products also have a very short shelf-life.
What’s a positive impact of flexible working arrangements?
Flexible working arrangements mean stuff will be abele to work at a time when they are most productive, which will improve quality in the organisation as well as raising morale. Additionally businesses can save money on renting office space if more employees work from home.
What’s a negative impact of flexible working arrangements?
Flexible working arrangement can lead to a lack of supervision and direction of staff, which can reduce productivity. Organisations may also have to provide staff with equipment such as smartphones and laptops so they can work at home , which can be costly.
What’s a positive impact of ethical considerations?
Businesses that practice ethically (doing what is right) will be seen in a good light by customers, prospective employees, suppliers and the government. An example would be not exploiting child labour.
What’s a negative impact of ethical considerations?
Often unethical practice is carried out purely to keep costs low so operating ethically will increase costs and perhaps reduce overall profits. Of course, a bad image from operating unethically could affect sales anyway.
