Lesson: Socio Economic Impact Study Flashcards
Effects of Business on Consumers:
Influence Consumers Emotionally
Encourage Customers to Look for Value
Offer Social Responsibility
Change Behavior with Excellent Service
Factors that Impact Business and Consumer
Confidence:
Business:
Changes in interest rates and /or
exchange rates, particularly if they are rapid, large and unexpected.
Swings in the business cycle and
associated movements in employment levels and business investment
intentions
Factors that Impact Business and Consumer
Confidence:
Consumer Confidence:
Unusually high household and business savings rates, including the hoarding of
capital by financial and non-financial firms.
Subdued nominal income growth and
tepid private sector credit growth
widespread household deleveraging
Selecting a Right Suppliers:
Supplier History and Reputation
Quality of the Product/ Services provided by the Supplier
Price Charged by the Supplier and how does this impact on the quality of the product/ service provided by the supplier
Financial Strength
Size of Supplier and its other Customers
Capacity of the Supplier
Reliability of Service
Flexibility of Service
Turnaround Times
Payment Terms
Problem Resolution Process
This is to monitor the Suppliers performance to ensure that they are
providing the service that was agreed with them.
Supplier Management - KPIs ( Key Performance Indicators)
the most important part of aggregate demand. It can be broken down into a number of categories, covering major spending
items such as transport, food, fuel, holidays, and clothing.
Household Spending
The pattern of spending changes over time as a result of changes in:
Household Income
Tastes and Fashion
Taxes and Subsidies
Relative Prices
Determinants of Spending:
The Current Level of National Income
The Level of Savings
Expectations
Unemployment
Rates of Income Tax
Interest Rates
are characteristics that define the quality of life in a society.
Socioeconomic Factors
This is the main parameters of socioeconomic status:
Income
Education
Occupation
Other factors affecting Business and Industry:
Economic Conditions
Social Environment
Government
Economic Changes
Political Changes
Changes in Technology
Environmental Factors
is defined as the ability to survive. A viable business has great effects to
the community.
Viability
Maximizing Positive Impact to Community
Establishment of scholarship grants
to poor but deserving students in the
community.
Help build customer attraction,
satisfaction and loyalty, at the time
when customers are increasingly
exercising their right to choose.
Reduce risk of negative publicity,
boycotts and tarnished public image.
Improve product image, brand name
and reputation.
Minimizing Negative Impact on Business
First things First: Get Your Act Together
Follow up, Speak Up and Engage
Let Time Run Its Course