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.
SOCIAL AND CULTURAL QUESTIONS:
Who is your target market?
How are consumer opinions changing regarding your product or service?
Is the population demographic growing or slowing down and if so, how is it affecting your business?
Have you documented changes in how and when your customers purchase your products?