Could readers have imagined America would soon witness the worst terrorist attack in its history, followed by wars in Iraq and Afghanistan? What about the economic exuberance that would succumb to financial despair as the country faced its worst recession since the Great Depression?
Your customers themselves define your enterprise, almost as much as your product line defines your enterprise. One-on-one, you may have thought about your ideal customer, what she's looking for and how she prefers to shop; and, although this knowledge gives you a way to focus your business identity and market niche, considering your client base on a broad scale creates a better opportunity for success.
Social factors consider your market as a group, how consumers are likely to behave en mass.
Even though the sales transaction may remain a direct interaction with a single customer, the sequence of events that leads to that person's buying decision starts from a much broader scope.
Particularly in a retail world that is changing rapidly and bounding with new technology, social factors continue to affect your current and future success. Defining Social Factors Social factors are influences that affect and define lifestyle, elements such as family, community, socio-economic status and religion.
For a retail business, it's a perspective that goes beyond demographics, because it helps identify not only the people who comprise your client base, but also how they live, and how these factors may influence your relationship with them.
Social factors may influence business decisions such as what stock to carry, where to locate brick and mortar shops and how aggressively you pursue online selling options.
Increasingly prominent in today's internet economy, the role of influencers continues to grow. An update to the concept of word-of-mouth, these are the people to whom your client turns for reference. Primary influencers may be friends, family and co-workers, while secondary influencers can include clubs, religious organizations or sports teams, people with whom your clients see less often.
An influencer may or may not be a client of your business, and every client is a potential influencer. Since influencers can be online anywhere in the world, your market may be subject to social factors that are international in scope. Examples of Social Factors There's no standard list of social factors in general, let alone a specific list toward which a retail business can turn.
Your discretion dictates which social factors may be that most influential for your sales success. Even within a single company, social factors may vary between locations, such as affluent customers who visit suburban malls versus those who walk by downtown storefronts.
Even your web design may be influenced by social factors, as you strive to attract and appeal to the market segment that represents your ideal client base. Some examples of social factors that affect retail businesses include: Acceptance of internet commerce.We understand it’s often overwhelming to keep track of the pace in which digital and social media trends are evolving.
Change is constant, but it’s the way brands are coping with that change that is . Even social workers who never practice abroad recognize how global trends affect the lives of their clients, and migration patterns mean social workers are increasingly encountering clients who are immigrants or refugees.
Jan 25, · 4 social trends affecting the dynamics of learning in the workplace.
Here are a few trends transforming learning in the workplace. 1. Silos broken by social media Mashable is the go-to. KEY SOCIAL TRENDS AND THEIR IMPACT ON SOCIAL TRENDS First of all, family structures have changed and augmented in the last decade, affecting the household structure and the work-life balance.
Davidsons targeted workforce is primarily women whereby a potential targeted group is mothers with children. The more your business knows about the social trends that affect your community and your industry, the better you'll be able to target your marketing efforts and tailor your products to fit a shifting landscape.
I have added some examples of how renowned companies use the analysis. Read below to see how social changes affect Pepsi Co and Nokia.
Social factors which impact Pepsi Co. Analysis shows that social factors impact the beverage company greatly. The key reason behind this is perhaps that Pepsi is a non-alcoholic beverage.
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