Social Factors
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Social factors that need to be considered are those that have an impact on your market. These include:
• Age distribution
• Population growth rate
• Employment levels
• Income statistics
• Education and career trends
• Religious beliefs
• Cultural and social conventions.
You should also consider attitudes towards things like health, career, and environmental issues. Social factors and cross-cultural communication play a critical role in international and global markets, and your success will depend on the depth of your research in this area. Getting this wrong is costly and may not come to light until considerable investment has been made by your organization. It can become an issue in managing the local labor force as well as promotional issues.
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You may also be interested in: Introduction to PESTLE Analysis, PESTLE Factors, Political Factors, Economic Factors, Social Factors, Technological Factors, Legal Factors, Environmental Factors and Advantages and Disadvantages.
