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LO6 - Coggle Diagram
LO6
Social Factors
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Attitudes to work
Managers and professionals say that it usual for people to work when they're unwell. It is also usual for people to say that they are in when there is nothing wrong with them.
Disposable Income
A person’s disposable income is the total income earned less all the taxes that person pays. It is the amount of money people have available to spend on goods and services.
Social Trends
Social trends relate to the value system, beliefs and practices of a population as a whole. They show what our society is like and how it is changing in the long term. Businesses should identify social trends for long-term survival.
Cultural beliefs
Business must know the cultural differences and language differences and how extensive research must be undertaken so that offense isn't caused to the customers
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Tech factors
Automation
Using machines in factories for repeated task, these machines are more accurate and produce less waste than humans which minimises cost. They can also work 24/7 so it can meet demands. running costs are also much lower allowing a businesses to compete on a globally. However, the main disadvantage besides the high initial costs is the human cost of fewer jobs and redundancies when a factory introduces automation.
Communication
Good communication is vital to the smooth running of a business, especially if it is a large business with a headquarters, which has branches and employees across the world. Businesses need to have good communication networks not just within and among employees – it is also important to have effective communication with suppliers, contractors and customers.
Purchasing / Sales
Business have an inventory control system that triggers a need to re-order stock. This allows orders to come out, which are sent to suppliers automatically. This system ensures a continual supply of stock to meet demand. Business also need change the way consumers purchase goods a no services.
Mobile
There has been a surge in mobile service providers. Banks now have mobile contactless payments systems, where consumers can just tap there phones and pay for goods. This could be the end of debit and credit cards and business must consider the growing popularity and how they accept payments.
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Ethical Factors
Fair Trade
A trade group that only allows selling of produce if there are decent working conditions and it makes fairer deal for farmers and workers in developing countries
Sustainability
Meeting the needs of the present without compromising the ability of future generation to meet their own needs.
Zero-Hours Contracts
Where the employer doesn’t need to provide any minimum number of working hours to the employee. It is on a call in basis.
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Waste
Materials that are discarded because they are no longer useful wanted or needed. Stuff like recycling.
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Legal
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Partnership Act
a business partnership can be formed through working together, oral agreement or a written contract
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Employees protection
that employees are treated equally, the working environment is safe, employees are not forced to work beyond 48 hours a week
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Copyright, Design and Patent Act
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