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Sociocultural forces are an important part of the external environment and include not only the cultural norms and values of our society, but also such demographic factors as age, marital status, income, lifestyle, etc. It is important to monitor these ever-changing forces and to adapt your strategy accordingly to maintain your competitive advantage.
Each student is asked to find a current news article from a reputable, business-focused source (e.g., Wall Street Journal, Fortune, Kiplinger’s or Forbes) that illustrates a force in the external environment that impacts your industry. In this blog, post the link to the article and your analysis of what impact the specific force will have on your industry in the next year.
Each week the blog will focus on one of the external forces in the PESTEL model (political, economic, sociocultural, technology, ecology, legal) that you will focus on next week.