Social factors

Cards (6)

  • What are social factors?
    Social factors are the external influences on an individual or group that shape their behavior, attitudes, and beliefs.
  • Demographic change
    • The size of the population
    • Age of the population
    • Migration
  • Age of the population
    Because many people are now retiring, they will be receiving their pension which means to businesses that they have lots to spend. This also goes to younger generation and having to adapt to their interests.
  • Migration
    As more people move to the UK, young immigrants have been added to the working population as they fill the skill gap which are jobs usually labor related that most people are reluctant to do.
  • Size of the population
    Since the size of the population is changing, businesses need to know the size of the market to determine if they are able to sell more goods.
  • Lifestyle changes
    • Number of women in the workforce
    • How young people consume media and purchase products (more online advertisement)
    • Cultural change
    • Change in consumer's attitudes (switching to energy efficient goods such as electric cars)
    • Health (fitness, organic foods, etc)