The most complex environmental factor for the managers and the owners to influence, forecast, and incorporate into the business plan is the aspect of social change. Lifestyles, attitudes, and values are among social factors. These factors have an influence on the products which individuals buy, the price paid for the product, and the effectiveness of a particular promotion. Social factors influence the products people buy, the prices paid for the products, the effectiveness of specific promotions, and how, where, and when people expect to purchase products (Althouse et al. 089).A component lifestyle is a method of lifestyle that is made up of complex collections of instructions and choices (Althouse et al. 089). This means that the individuals are choosing services and products that meet their various interests and needs rather than following the traditional stereotypes (Hair, Lamb, and McDaniel 90).In the contemporary world, lifestyle has changed and an individual can be so many things at once such as a banker and at the same time a fitness enthusiast, gourmet, conservationist, and dedicated single parent. Each of the lifestyles is linked to different types of goods and services and they are representative of a unique market (Althouse et al. 090).The component lifestyle has evolved because the customer is capable of choosing a number of services and goods and the majority of these consumers have the money to perform these options. Two-income families have also grown and they have resulted in the increase of the purchasing power (Althouse et al. 090).This factor is very important to the managers and it is one of the uncontrollable aspects of the business surroundings. Demography is the study of people’s vital statistics, such as their age, race and ethnicity, and location (Althouse et al. 091). In the article, location-based marketing is one of the trends projected in 2011. Applications such as Facebook Places, Gowalla, and Foursquare will be used to target prospective consumers according to their interests and likes.
Social Trends Social Responsibility and Making Ethical Decisions in Business