BUSINESS ADMINISTRATION
BUSINESS ENVIRONMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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This factor influences how a business operates, what it provides, and the price the business charges
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Technological factors
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Socio-cultural factors
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Economic factors
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Political factors
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Explanation:
Detailed explanation-1: -Socio-cultural factors include consumers’ lifestyles, buying habits, education, religion, beliefs, values, demographics, social classes, sexuality and attitudes. These factors determine the suitability of an organisation’s products and services for its customers’ needs.
Detailed explanation-2: -Social factors include cultural norms and expectations, health consciousness, population growth rates, age distribution, career attitudes, health, and safety. These factors are helpful for companies to better plan their marketing analytics and strategy.
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