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Question
What is the social environment? Enumerate any three components of the social environment.
Solution
Social Environment consists of the customs and traditions of the society in which business is existing. It includes the standard of living, taste, preferences and education level of the people living in the society where the business exists.
The businessman cannot overlook the components of the social environment as these components may not have an immediate impact on the business but in the long run, the social environment has a great impact on the business.
For example, when the Pepsi Cola Company used the slogan of "Come Alive" in their advertisement then the people of a particular region misinterpreted the word "Come Alive" as they assumed it means Coming out of Graves. So, they condemned the use of the product and there was no demand for Pepsi Cola in that region. So, the company had to change its advertisement slogan as it cannot survive in the market by ignoring the sentiments of the people.
Some Aspects of Social Environment :
1. Quality of life
2. Importance or place of women in the workforce
3. Birth and Death rates
4. Attitude of customers towards innovation, lifestyle, etc.
5. Education and literacy rates
6. Consumption habits
7. Population
8. Tradition, customs, and habits of people
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