The important roles of the influencing factors on the nature of business

Economic Status and Occupations. Social Factors Every society has the majority of people who prefer to lead a harmonious life. They try to avoid unnecessary friction of conflicts with people. Naturally, they are inclined to develop positive attitudes towards most of the people and issues.

The important roles of the influencing factors on the nature of business

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Tweet Have you ever paused to consider why your customers choose your products over the closest competitor? If you really think about it, what sets your products apart? In an effort to organize these factors, it would be appropriate to create two distinct categories.

There are product factors and non-product factors. Then you have non-product factors. Specifically, there are five non-product factors that commonly come into play. From a business perspective, you need to consider these as much as you do the product factors.

The way the brand name sounds and the images it evokes both impact the purchase decision. Using the mop example, would you be more likely to purchase a mop sold by the brand name Pure and Clean Solutions or Products Ltd. The first evokes strong imagery, while the latter is boring and non-descriptive — most would choose the first.

Product Placement In physical retail environments, product placement is hugely important. This has nothing to do with the product itself, but is totally related to location.

For ecommerce businesses, product placement looks a little different. With that being said, you should spend a considerable amount of time and effort perfecting packaging if you want to grab attention and positively influence purchase decisions.

Response to External Factors

According to Yasushi Kusume, the innovation and creative manager for IKEA and other leading brands, product packaging must do three things. Second, it should encourage a purchase by conveying a unique and relevant value proposition. Reputation In an age where social media is king, word of mouth marketing is the key to promoting and maintaining a positive reputation.

What your current customers are saying about you will either help you sell more — or drive away business. People will look at your product, recall what others have said, and choose you over the competition.

In many cases, a positive reputation can even offset deficiencies in other areas.

The important roles of the influencing factors on the nature of business

Pricing The fifth non-product factor that buyers consider is pricing. The challenge here is determining just how price sensitive your target market is. In some industries, price is the number one non-product factor.Packaging technology must balance food protection with other issues, including energy and material costs, heightened social and environmental consciousness, and strict regulations on pollutants and disposal of municipal solid waste.

An amount that has to be paid or given up in order to get something.. In business, cost is usually a monetary valuation of (1) effort, (2) material, (3) resources, (4) time and utilities consumed, (5) risks incurred, and (6) opportunity forgone in production and delivery of a good or service.

All expenses are costs, but not all costs (such as those incurred in acquisition of an income. How People Avoid Making Serious Decisions In The Histories, written in B.C., Herodotus makes the following statement: "If an important decision is to be made [the Persians] discuss the question when they are drunk and the following day the master of the house submits their decision for reconsideration when they are sober.

The family life cycle is a useful rule-of-thumb generalisation, but given the high divorce rate and the somewhat uncertain nature of career paths, it is unlikely that many families would pass through all the stages quite as neatly as the model suggests.

Factors influencing Business Ethics. Business leaders today are well aware of the ethical issues and hence they want to improve the ethical standards of the is, of course, better and produce impressive results. 5 Factors that Influence Business Environment September 10, PayPerVids Business 3 It is important for every business organization to interact and transact with its environment because the business environment has direct relationship with the organization.

Factors Influencing the Retention of Academic Staff in a Ghanaian Technical University