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    Molina

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    Emilyn Mae Perez
    Socio-economic factors such as income, education, and occupation influence consumer behaviors and define quality of life. Income refers to money earned from employment, business, or investments. Education equips people with skills for different jobs. Occupation depends on skills, experience, and impacts income levels. Other socio-economic factors affecting business include economic conditions, social environment, government policies, technological changes, and environmental issues. A viable business that is profitable, environmentally sustainable, and socially responsible has positive impacts on a community by providing jobs, tax income, and improved infrastructure and services.

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    Molina

    Uploaded by

    Emilyn Mae Perez
    11 views11 pages
    Socio-economic factors such as income, education, and occupation influence consumer behaviors and define quality of life. Income refers to money earned from employment, business, or investments. Education equips people with skills for different jobs. Occupation depends on skills, experience, and impacts income levels. Other socio-economic factors affecting business include economic conditions, social environment, government policies, technological changes, and environmental issues. A viable business that is profitable, environmentally sustainable, and socially responsible has positive impacts on a community by providing jobs, tax income, and improved infrastructure and services.

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    Molina-

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    Socio-economic factors such as income, education, and occupation influence consumer behaviors and define quality of life. Income refers to money earned from employment, business, or investments. Education equips people with skills for different jobs. Occupation depends on skills, experience, and impacts income levels. Other socio-economic factors affecting business include economic conditions, social environment, government policies, technological changes, and environmental issues. A viable business that is profitable, environmentally sustainable, and socially responsible has positive impacts on a community by providing jobs, tax income, and improved infrastructure and services.

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    11 views11 pages

    Molina

    Uploaded by

    Emilyn Mae Perez
    Socio-economic factors such as income, education, and occupation influence consumer behaviors and define quality of life. Income refers to money earned from employment, business, or investments. Education equips people with skills for different jobs. Occupation depends on skills, experience, and impacts income levels. Other socio-economic factors affecting business include economic conditions, social environment, government policies, technological changes, and environmental issues. A viable business that is profitable, environmentally sustainable, and socially responsible has positive impacts on a community by providing jobs, tax income, and improved infrastructure and services.

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    Various socio-economic

    factors affecting business


    and industry
    Socio-economic Factors

    • Socioeconomic Factors are characteristics that define the


    quality of life in a society. They influence the behaviors,
    attitudes, trends, taste and lifestyles of individuals. In fact the
    different class segments of the society-that is, upper class,
    middle class and lower class-are attribute to the socio-economic
    factors.
    Income

    • is the amount ofmoney individuals earn fromtheir daily


    economicactivities, be it employment,business or investments.
    Education

    • equips members of thesociety with the skills andknowledge they


    require to beemployed in different jobs andprofessions. The
    standards ofeducation in your society dependon the availability
    andaccessibility of educationalamenities.
    Occupation
    • refers to the type of jobspeople perform by virtue of their
    skills,experiences or choice. You may beself-employed or work
    as an employeeof an individual or organizationalentity.

    • The different types of occupationdedicate the income earned


    bypeople in the society. And they are:High-salaried individuals,
    and Self-employed individuals
    OTHER FACTORS:

    • 1. ECONOMIC CONDITIONS
    • 2. SOCIAL ENVIRONMENT
    • 3. GOVERNMENT
    • 4. ECONOMIC CHANGES
    • 5. POLITICAL CHANGES
    • 6. CHANGES IN TECHNOLOGY
    • 7. ENVIRONMENTAL FACTORS
    Business Viability and Its Effect to the Community

    • “The goal of the community sustainability is to establish local


    economics that are economically viable, environmentally sound,
    and socially responsible”

    • Viability is defined as the ability to survive which in business


    sense is the financial performance and position.
    A viable business has great effect to the community.

    ts.
    Some of these are:

    • It provides a community jobs in the business sector.


    • It produces taxable income for the community.
    • Government continuously makes Improvement in community
    infrastructure.

    ss sevicestocommun
    • It contributes more opportunities for the people in terms of
    services.
    • It helps in the establishments.
    • It leads to improved business services to community.
    • It improves community life.
    Recommendations in Maximizing Positive Impact to
    Community
    • Divert a proportion of revenues to a good and worthy cause for community
    development and outreach programs.
    • Find creative ways to improve the life of firms‘ employees and community.
    • Establishments of linkage between business and community.
    • Establishment of scholarship grants.
    • Help build customer attraction, satisfaction and loyalty.
    • Reduce risks of negative publicity, boycotts, and a tarnished public image.
    • Improve product image, brand name and reputation.
    Minimizing the Negative Impact on Business

    • 1. First Things First: Get Your Act Together


    • -Identify the problem and correct it at an operational or product development
    level.

    • 2. Follow Up, Speak Up, Engage


    • -Engaging the aggrieved customer with a timely, relevant, and contextual
    response that seeks to provide the individual with both an explanation and a
    resolution.-Taking into account both spoken and unspoken concerns of the
    user who provided the feedback.
    • 3. Let Time Runs Its Course
    • -Relying on the rules of regency and encourage new customers who have
    experienced outstanding service or received superior products to provide their
    feedback.
    References:

    https://www.scribd.com/document/406185391/Lesson-14-
    Socioeconomic-Factors-Affecting-Business-and-Industry

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