Question

Social Factors:
The social factors of a nation determine the social structure of the country, which successively affect the domestic as well as global business market.Social factors are culture, caste, customs, languages, life style, standard of living, climate and marketing infrastructure etc. The demand for goods and services is suffering from of these factors.

Cultural factors also influence every aspect of business. Marketing decisions are depends on recognition of needs and wants of the customer . The cultural factors help to know the behaviour patterns and life sort of the societies culture, during which individual has grown up. Thus an individual’s perception is groomed and influenced by cultural factors.

from the above factor analyse business situation and underlying marketing logic by applying the conceptual framework to develop marketing strategy.

Answer 1

Studying the above mentioned facts, it is true if we say that both social and cultural factors affect the business and the marketing in a direct way. These factors lie in the external analysis and environment aspect of the company where the social factors like the demography, people, their lifestyles and their buying decisions are constituted together about what is happening in the society and how the business is affected by the same.

On the other cultural factors are more or less the same but instead of individual buying behaviours, the cultural norms, values and behaviour pattern of the whole society and culture is studied and looked up affecting the operations of the business and marketing. Thus, an individual's perception is obviously groomed by the cultural factors.

The overall marketing strategy that is a long term technique and method that would be used by the company to achieve competitive advantage via segmenting, targeting and positing is solely dependent on these both factors. For example, Apple targets not all the market as we know. Apple only targets the richer and urban people who are having a technology based lifestyle and prefer to have a branded phone over others. The differential strategy is used which affects the social factor of buying behaviour of the consumer on the basis of lifestyle and the cultural factor of class. This is an example of how a company affects and develops a strategy onto the basis of these factors and implement to segment the right market, target the right consumers and then use the appropriate way of positioning and marketing your product to reach sustainability.