Description
As society and culture change, a business must adapt to stay ahead of its competitors and remain relevant in the minds its stakeholders. Such changes include changes in customer preferences in response to shifting trends and generational differences, demographic changes, and innovations in goods, services, and social media. For this discussion:
- Reflect on the various potential changes of socio-cultural factors.
- Identify one specific socio-cultural factor and identify a company that illustrates positive adaptation to that factor to stay relevant and successful.
- Describe the ways in which the company has responded positively.
- Then identify another company (NOT your "worst" company you are studying in Assignments) that has failed to prosper due to a change in a socio-cultural factor; explain why the company has failed in this point.
- Discuss and compare these two companies, one succeeding - one failing, and provide insight for business response to overcome socio-cultural barriers.
- What conclusions can your reach?
Explanation & Answer
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Social-cultural Factors
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Social-cultural Factors
Change is inevitable, and businesses need to adapt to the changes or suffer being thrown
out of the market. Societies and cultures are changing due to changes such as changing
generation and technological changes which require businesses to adapt to these changes.
Potential social-cultural factors include technological changes and changing trends which shift
customer preference, for instance, in clothing and fashion. Technological factors include social
media where organizations have to embrace social media p...
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