Page 15 - eBook: EXIM for Beginner

c) Sociocultural factors

Social factors refer to the demographic

characteristics as well as cultural beliefs and practices
of the population. For instance, demographics include

age distribution, income distribution, health profile, and
population growth rate. Meanwhile, cultural beliefs and

practices include values, norms, customs,
religion, cultural identity, and even lifestyle trends.

People's buying habits, the prices they're willing

to pay, the success of certain promotions, and how,
where, and when they buy things are all influenced by

social factors. Societies, on the other hand, are rarely
stagnant. They change gradually, and some alterations

will go unnoticed if not closely observed. The most
difficult variable for marketing managers to predict,

influence, and integrate into marketing plans is social
change.

Businesses can be significantly influenced by

social factors. A young, college-educated, and skilled
population, for example, can be advantageous for a

company seeking a dynamic and talented workforce. In
the meantime, a country with a high proportion of

wealthy citizens can be an excellent market for luxury
goods.