The general environment is composed of factors that are both hard to predict and difficult to...
The general environment is composed of factors that are both hard to predict and difficult to control:
▪ Demographic
▪ Sociocultural
▪ Political/Legal
▪ Technological
▪ Economic
▪ Global
Provide 2 examples for each of the above 6 factors.
Homework Answers
- Demographic- Demographics are related to population structure. Examples- Number of people less than 60 years of age, Number of people with annual income more $ 100,000
- Sociocultural- It combines social and cultural factors. Examples- Population growth rate, shopping preferences of people in a country
- Political/legal- Political/ legal factors are related to the Government's involvement in a country's economy. Examples- Trade laws, Labor laws in a country.
- Technological- It is related to technological aspects. Examples- Internet penetration in the country, the number of smart cities in the country
- Economic- It determines the performance of a country's economy. Examples- Inflation rate, Interest rates.
- Global- It is related to the overall global impact. Examples- Global economy trends, Global oil prices.
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