Social factors affecting business come in a broad range of categories. The most important categories pertain custom, beliefs, values, traditions ethics and religion.
Financial factors: these are not part of social factors directly. Someone’s financial status is a crucial measure to relate him with a specific social class. It, therefore, reflects one’s social status, and whether one has capital to start a business.
Religious factors: This entails a system of beliefs. The ideology concerning superhuman is a religious factor. (Official p104). The styles of spending life and means of communication are social components that would affect business.
Family factors: Families can affect the progress of the business since they consider themselves a family thus exploiting available resources meant to boost the existence of the business.
Relationship factors: involves liking and disliking, attitude, temperament, and mindset. People with a negative attitude towards the clients and who relates badly with them affects the existence and prosperity of the business.
Generation difference
Broader social change impacts apple business. (Rosendo, p23) For instance, an economic recession causes shift in consumer spending across all categories. Demand for extravagance things might tumble whereas a discount retail store undergoes a critical course in demand. Such shifts might permanently change ways in which generations think even without considerable economic expansion, the varying sections of population’s age groups can alter on the whole spending rates and behavior, (D'Atri, p120) forcing vendors to regulate their business models to reimburse.
Work cited
D'Atri, Alessandro. Management of the Interconnected World: Itais: the Italian Association for Information Systems. Berlin: Physica-Verlag, 2010. Internet resource.
Official Guide to Mastering Dsst Exams. Lawrenceville, NJ: Petersons, 2010. Print.
Rosendo, Ríos V, and del C. E. Pérez. Business Research Methods: Theory and Practice. Pozuelo de Alarcón (Madrid: ESIC, 2013. Print.
