BU288 Lecture 5: Bu288 lesson 5
Document Summary
These attitudes have an impact on the businesses. The social factors might ultimately affect the sales of products and services. Some of the social factors you should study are: the cultural implications, the gender and connected demographics, the social lifestyles, the domestic structures, educational levels, distribution of wealth. Performing environmental analysis on these factors will help you stay up to date with the changes. This is why companies must stay connected all the time. Technological factors will help you know how the consumers react to various trends. Firms can use these factors for their benefit: new discoveries, rate of technological obsolescence, rate of technological advances, innovative technological platforms. Legislative changes take place from time to time. Many of these changes affect the business environment. If a regulatory body sets up a regulation for industries, for example, that law would impact industries and business in that economy. So, businesses should also analyze the legal developments in respective environments.
