Lesson: Socio Economic Impact Study

Question 1

Effects of Business on Consumers:

Answer 1

Influence Consumers Emotionally

Encourage Customers to Look for Value

Offer Social Responsibility

Change Behavior with Excellent Service

Question 2

Factors that Impact Business and Consumer
Confidence:

Business:

Answer 2

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

Question 3

Factors that Impact Business and Consumer
Confidence:

Consumer Confidence:

Answer 3

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

Question 4

Selecting a Right Suppliers:

Answer 4

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

Question 5

This is to monitor the Suppliers performance to ensure that they are
providing the service that was agreed with them.

Answer 5

Supplier Management - KPIs ( Key Performance Indicators)

Question 6

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.

Answer 6

Household Spending

Question 7

The pattern of spending changes over time as a result of changes in:

Answer 7

Household Income
Tastes and Fashion
Taxes and Subsidies
Relative Prices

Question 8

Determinants of Spending:

Answer 8

The Current Level of National Income
The Level of Savings
Expectations
Unemployment
Rates of Income Tax
Interest Rates

Question 9

are characteristics that define the quality of life in a society.

Answer 9

Socioeconomic Factors

Question 10

This is the main parameters of socioeconomic status:

Answer 10

Income
Education
Occupation

Question 11

Other factors affecting Business and Industry:

Answer 11

Economic Conditions
Social Environment
Government
Economic Changes
Political Changes
Changes in Technology
Environmental Factors

Question 12

is defined as the ability to survive. A viable business has great effects to
the community.

Answer 12

Viability

Question 13

Maximizing Positive Impact to Community

Answer 13

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.

Question 14

Minimizing Negative Impact on Business

Answer 14

First things First: Get Your Act Together
Follow up, Speak Up and Engage
Let Time Run Its Course