ENTREPRENEURSHIP

Detailed explanation-1: -These factors scrutinize the social environment of the market, and gauge determinants like cultural trends, demographics, population analytics, etc. An example of this can be buying trends for Western countries like the US where there is high demand during the Holiday season.

Detailed explanation-2: -Social factors include the demographic and cultural aspects of the external macroenvironment.

Detailed explanation-3: -Social Factors: These factors focus on the social environment and identify emerging trends. This helps a marketer to further understand their customers’ needs and wants. Factors include changing family demographics, education levels, cultural trends, attitude changes and changes in lifestyles.

Detailed explanation-4: -Social factors include demographics (age, gender, race, family size); consumer attitudes, opinions, and buying patterns; population growth rate and employment patterns; socio-cultural changes; ethnic and religious trends; living standards.

Detailed explanation-5: -PEST analysis stands for political, economic, social, and technological. This type of analysis is used to gauge external factors that could impact the profitability of a company.