As society and culture change, a business needs to adapt and stay ahead of its competitors and remain relevant in the minds its stakeholders. Such changes include customer preferences change in...

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As society and culture change, a business needs to adapt and stay ahead of its competitors and remain relevant in the minds its stakeholders. Such changes include customer preferences change in response to shifting trends and generational differences, demographic changes, and innovations in goods, services, and social media. For this forum, reflect on the various potential changes of socio-cultural factors. Choose one specific factor and identify a company that illustrates positive adaptation to the factor to stay relevant and successful. Describe how the company has responded positively. Then identify a company that has failed to prosper due to a change in a socio-cultural factor and why. Discuss and compare. What conclusions can your reach?

Answered Same DayFeb 12, 2021

Answer To: As society and culture change, a business needs to adapt and stay ahead of its competitors and...

Dilpreet answered on Feb 12 2021
148 Votes
Running Head: Impact of Socio-Cultural Factors on Businesses    1
Impact of Socio-Cultural Factors on
Businesses         
IMPACT OF SOCIO-CULTURAL FACTORS ON BUSINESSES
Potential Changes of Socio-Cultural Factors
    In this modern era of globalisation, business organisations tend to operate in different countries and have to deal with several factors such as economic, political, legal, technical and socio-cultural factors. These factors have a direct impact on the performance of the business and thus affecting the profits earned by the business. In recent times a huge change can be seen in the socio-cultural factors of business environment. With the increasing interaction of the companies with its...
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