How Social Factors Affect A Business

Question 1

What are the 4 social factors and their definitions?

Answer 1

Disposable income; the amount of income a household has after tax
Attitudes to work - having a healthy work-life balance
Social trends - trends on social media that business need to keep up with
Cultural beliefs; the beliefs of different cultures and how businesses can use them

Question 2

What business are you using for disposable income and their info

Answer 2

Company ; Tesco
-disposable income impacts tescos sales and profitability by having higher DI leads to increased spending on luxury brands.
-Increased demands for higher end products
-Impact on loyalty program ; tescos club card program can be more effective
-Competitive advantages; Tesco can capitalise on changed in disposable income by offering a variety of product lines

Question 3

What business are you using for attitudes to work and info

Answer 3

Company ; salesforce
Enforcing and promoting a culture where well - being , flexibility and purpose driven work are core attitudes.
They use the phrase success from anywhere to reflect their belief that employees don’t need to be in a traditional office to succeed or be productive
They use inititivates such as flexabile work schedules , mental health focus and manager training to support empathetic managememt.
Impact on business- employee retention and satisfaction , higher productivity , stronger employer brand , improved customer experience.
-salesforce shows that when a company embeds positive attitudes about work-life balance and empathetic leadership - it can lead to stronger business performance , higher employee retention and a competitive edge in recruitment

Question 4

What business are you using for social trends and info

Answer 4

Company; Nike
- over the past decade especially post 16 , there had been a major rise in social activism especially amount the younger consumers.
-people expect brands to take a stand on social issues like racial equality , diversity and inclusion
-Nike aligned with this trend by making bold marketing and business decisions.
Impact on business- brand loyalty and relevance , sales growth and global influence.
Nike capitulated on the social trend of activism and thenic consumerism by aligning its brand with social justice , which not only resonated with modern consumerism by aligning its brand with social justice , which not only resonated with modern consumers but also drove sales , loyalty and cultural relevance.

Question 5

What business have you used for cultural beliefs and info

Answer 5

Company; ben and Jerrys
- social justice advocacy - ben and Jerrys has consistently supported movements related to racial justice , lgbt rights and fair trade.
-sustainability commitment - the company pronto it’s environmentally sustainable practices in its production processes like using fair trade certified ingredients and implementing carbon offset programs
Impact on the business - brand loyalty and strong customer connection - ben and Jerrys has built a deeply loyal customer base , particularly among millennials and gen z who highly value corporate social responsibility. Increased sales - the company activist stance and clear values have helped ben and Jerrys grow into a 1 billion business while maintaining ethical principles