Socio-Cultural Factors & Its Impact on Business Commerce YouTube Lecture Handouts

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Socio-Cultural Factors & Its Impact on Business Commerce
  • The term ‘socio-culture’ is a combination of the word՚s ‘society’ and ‘culture.’ External elements (outside of anyone՚s control) that have a direct impact on business are society and culture.
  • Belief systems and practices, habits, traditions, and behaviours of all people in a specific country, fashion trends, and market activity are all social and cultural elements that influence actions and decisions. One of the most essential factors impacting marketing managers՚ decisions and strategic goals when entering new overseas markets is socio-cultural perspective.
  • It should be emphasized that one of the key socio-cultural elements that might influence organizations is legal factors impacting business. The proper identification of this component during strategic analysis (PEST analysis, STEEP analysis, SWOT analysis, TOWS analysis) could result in a better strategic alignment of the organization with society (during international development) .

Socio-Cultural Factors

  • Population Growth Rate
  • Age Distribution
  • Life Expectancy rate
  • Sex Distribution

Socio-Cultural Factors

  • Family Size & Structure
  • Relative influence of minorities in Society
  • Immigration Rate
  • Emigration Rate

Socio-Cultural Factors

  • Level of Income
  • Level Of Education
  • Consumer Preferences

MCQs

What isn՚t influenced by multiple layers of culture?

A. Society

B. Organisation

C. Business

D. Company

The factor in which the buyer performs as per his/her choice is________.

A. Income level

B. Consumer Preferences

C. Size of the family

D. Sex Ratio

The values beliefs and practices influence society determine how they interact with the world are known as________

A. Economic factors

B. Social propensity

C. Sociocultural factors

D. Individual interests

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