Question

Comment on which type of industries/businesses would be more focused on sociocultural trends and their impact on their competitive environment. Give some examples.

Answer 1

Definition of SocioCultural Trend-

Sociocultural trends are patterns that are found within human culture and human interaction. The sociocultural trends of a society change over time and are often influenced by environmental, technological and social means. In the past, different regions had their own sets of sociocultural trends.

Industries/businesses would be more focused on sociocultural trends are given below:-

• Textile Industry- since fashion keeps on changing
• Education sector - online coaching is replacing live coaching
• Media Sector - social media influence (blogging, etc.) vs traditional media (press, TV, radio)

Sociocultural Trends impacts on their competitive environment

Social and cultural trends shape our society in ways that influence the future and younger generations. In a world where people are always tapped into social media, these trends get started and spread much faster. People increasingly have shorter attention spans, and that means a socio-cultural landscape that is constantly changing.

Social factors affecting business

• social classes and their influence on society,
• average disposable income level,
• the wealth of people,
• economic inequalities,
• level of education,
• access to education (free, paid),
• level and access to health-care.

Cultural factors affecting business

• fashion trends,
• lifestyle,
• social media influence (blogging, etc.) vs traditional media (press, TV, radio),
• dominant communication technology in social groups,
• participation in cultural events,
• willingness to pay for tickets.