Social Factors â€“ Business Environment Essay
The main factor that affects most business is the degree of competition – how fiercely other businesses compete with the products that another business makes. The other factors that can affect the business are:
Social – how consumers, households and communities behave and their beliefs.
Legal – the way in which legislation in society affects the business.
Economic – how the economy affects a business in terms of taxation, government spending, general demand, interest rates, exchange rates and European and global economic factors.
Political – how changes in government policy might affect the business
Technological – how the rapid pace of change in production processes and …show more content…
Family members can strongly influence buyer behaviour. The family is the most important consumer buying organization society and it has been researched extensively. Marketers are interested in the roles, and influence of the husband, wife and children on the purchase of different products and services.
Roles and Status:-
A person belongs to many groups, family, clubs and organizations.
The person’s position in each group can be defined in terms of both role and status.
Apart from these the social factors such as
1. Social Values
Every person is the society has some family values which are hereditary and are running in the family for ages. Even if the person living improves he sticks to his values and follows them blindly. Business is also affected by these values and the person looks for products which meet his values.
The attitudes of a person also have an impact to the products which he purchases and the business he does in his earning life. The attitudes of the person can be a major decision taking factor in business.
The lifestyle of a person changes as he or she undergoes financial or economical change. As the person develops his standard of living changes and his demands change. Thus there is an impact on the business. This has impact on the business environment.
People are well educated and know what they want. They desire value for their money. Individuals do not mind spending