Social Factors In Business
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Social factors in business. Pestel or pestle analysis also known as pest analysis is a tool for business analysis of political economic social and technological factors. These categories are typically part of an economic survey of the area that a retailer is. The availability of physical facilities limits the scope and prospects of business. Most importantly there are key factors that retailers must make themselves aware of when trying to decide where to locate their businesses.
Physical and technological environment. The growing discussion around social political and environmental issues is forcing companies and business leaders to speak up and take a stand about the issues they re most passionate about. Social factors affecting business environment and strategy. Some big business houses run their own educational institutions.
Socio cultural perspective is one of the most important factor influencing decision of marketing managers and strategic goals of companies entering new foreign markets. These political economic social technological environmental and competitive factors are represented by the acronym pestec. Social and cultural factors affecting business include belief systems and practices customs traditions and behaviours of all people in given country fashion trends and market activities influencing actions and decisions. Business environment is therefore the total of all external forces which affect the organization and the business operations kotler armstrong 2004.
When you talk about the social aspects you focus on the societal forces. These include economic social legal technological and political factors. So these could be family friends neighbours colleagues and even the media. The marketing department of a business needs to take into account the various social factors characteristic.
Businesses can t control external factors but must respond to them. When looking at political factors you are looking at how government policy and actions may affect the economy as well as the specific industry the business operates in. Physical factors mean and include geographical factors like weather climatic conditions etc. Business is affected by different factors which collectively form the business environment.
Social factors that affect the retail business come in a broad range of categories. All of these factors are able to affect our attitudes.
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