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Social & technological factors (Social change and factors (Changes in…
Social & technological factors
Social change and factors
Changes in beliefs- affects products, services, frequency, timing and consumer choices
Business ethics- morals and beliefs of the business
Fashion and trends- preference and style
Spending habits- who, how, why, what and where its spent
Can incorporate any one of many of factors that reflect changes in society
Population change
Patterns of employment
Education- staying until 18
Flexibility- industry type (24/7 and outsourcing)
Working hours- part time and zero hours (not guaranteed to work a number of hours
Communications- technology, work from home, global businesses and cuts down on travel
Women in the workforce- flexible, part time jobs
Effects of social issues on business areas
Financial- social changes such as eating out has an impact on business success
People- increase in part time work/ flexible working, changes in shopping habits (online shopping)
Marketing- type of marketing they use/ products they sell
Operations- expectations change like shorter hours and longer holidays
When evaluating consider
Other social/ business environment factors could change
Comparative effects
Duration
Which social factor has most importance on the business and stakeholders- RANK THEM
Size/ importance of change in social factor
Ethic and morals
Ethics is what right and wrong
Law is what is lawful and unlawful
Ethical behaviour is doing what is morally right
Technology and change
Artificial intelignace
Crypto currnecy
Internet of things (connect over internet) eg smart meters
Robotics in production
Disruptive technology- game changing tech (cars, phones, email etc.). Disrupts existing markets as new ones created
Communications and social media (marketing)
Retailing
Automated self checkout
Faster speeds, space and fewer employees to pay
EPOS- electronic point of sale- stock control and sales monitored online. Stock ordered automatically
Less technical issues, theft and lack of interaction
Impact of tech on business
Advantages- demand for new products, learn new skills may motivate and respond to change better = more survival products
Disadvantages- employees replaced, new skills to learn harder for older staff? and creates uncertainty
Effects of tech on business
Marketing- how to communicate with customers
Impact on costs, competitiveness and productivity
HR- redundancy, training, recruitment and motivate
Ability to achieve objectives
Disruption change and uncertainty
Impact on stakeholders