3.7.6 Social and Technological change

• What influences consumer behavior, workforce dynamics, and business operations?

  Social trends
• Why must companies adapt to social changes?

  To stay competitive
• What are the key changing demographics affecting businesses?

  • Aging Population: Increased demand for healthcare and retirement services
  • Urbanization: Higher demand for housing and digital services
  • Declining Birth Rates: Reduced demand for baby products, increased spending elsewhere
• How does an aging population affect demand?

  Increases demand for healthcare and retirement services
• What is the impact of urbanization on demand?

  Increases demand for housing and transport
• What effect do declining birth rates have on consumer products?

  Reduces demand for baby-related products
• What is a consequence of declining birth rates on spending?

  Increases spending in other areas
• What are the changing consumer behaviors affecting businesses?

  • Ethical & Sustainable Consumption: Preference for eco-friendly products
  • Health & Well-being Trends: Demand for organic food and mental health services
  • Convenience Culture: Rise of fast delivery services
• What is the trend in ethical and sustainable consumption?

  Growing preference for eco-friendly products
• What health trends are influencing consumer behavior?

  Higher demand for organic food and gym memberships
• How has convenience culture changed business operations?

  Increased demand for fast delivery services
• What role does social media play in brand image?

  • Influencer Marketing: Influencers shape brand perceptions
  • Consumer Reviews: Platforms impact customer decisions
  • Viral Marketing: Businesses leverage trends for exposure
• How do social media influencers affect brands?

  They shape brand perceptions
• What is the impact of consumer reviews on businesses?

  They influence customer decisions
• How do businesses use viral marketing?

  By leveraging trends for brand exposure
• What are the key technological factors affecting businesses?

  • Digital Transformation & Automation: AI, cloud computing, 3D printing
  • E-commerce & Online Business Models: Growth of online retail, subscription services
  • Cybersecurity & Data Privacy: Hacking threats, regulations
• What is the role of AI and machine learning in businesses?

  Improves efficiency through automation
• How does cloud computing benefit businesses?

  Reduces IT costs and enhances remote work
• What is the impact of 3D printing on manufacturing?

  Enables customized and on-demand production
• What is a significant trend in online business models?

  Growth of online retail
• What do subscription services like Netflix demonstrate?

  A shift towards recurring revenue streams
• What are the cybersecurity concerns for businesses?

  • Hacking & Data Breaches: Need for cybersecurity investment
  • Regulations & Compliance: Legal actions under GDPR for data protection
• Why must businesses invest in cybersecurity?

  To protect customer data from breaches
• What are the consequences of failing to comply with data protection regulations?

  Legal action under GDPR
• How does technology impact business strategy?

  • Innovation & Competitive Advantage: Embracing technology for an edge
  • Training & Skill Development: Need for employee training
  • Cost vs. Investment: Decisions on technology investment
• How does embracing technology benefit businesses?

  Gains an edge over competitors
• Why is training important for employees regarding new technologies?

  To use new technologies effectively
• What must businesses consider regarding technology investment?

  When to invest versus maintaining traditional methods