When developing your products or services, it is crucial to identify the external factors or forces that are either opportunities or threats. As a reminder, the macro factors discussed in this module are political-legal, economic, social, and technological. For instance, when considering political factors, be sure to think about policies, environmental issues, and laws or regulations. For economic factors, consider the impact of globalization, taxes, and the current state of the economically. Social factors are determined by the people. You’ll be considering how your customers, target market, and buying habits affect profits and purchases. Lastly, technological questions focus on technology related to your business, such as the tech you use daily, and how advancements provide a competitive edge.
What technology is critical for your day-to-day operations?
What new technology is available that could streamline decision-making and product development?
Do you depend on 3rd parties for any tech support or solutions?
Are you using technology to stay ahead of the competition and if so, how?