7.6.2
Lifestyle & Technological Environment
Impact of Lifestyle and Technological Changes
Impact of Lifestyle and Technological Changes
Lifestyle changes and technological advancements can affect a business in several ways.
Emphasis on healthy eating
Emphasis on healthy eating
- As consumer awareness of healthy eating continues to increase, consumers may demand healthier food options.
- For example, McDonalds must respond to these changes in demand and in June 2018 introduced a healthier children’s menu.
- Burger King introduced a new Whopper made with artificial meat from the company Impossible Foods.
Emphasis on wellness
Emphasis on wellness
- As consumer awareness of wellbeing and fitness continues to increase, consumer demand for fitness products is likely to increase.
- For example Fitbits, will increase, and this may affect businesses such as Vue as consumers change their hobbies and habits.
E-commerce
E-commerce
- As consumers take advantage of advancements in e-commerce, demand for online shopping will increase and businesses must be responsive to these changes.
- For example, Morrisons only introduced online shopping several years after their competitors did. They initially partnered with Ocado to do their online food retail business.
Social media
Social media
- As social media use continues to grow, businesses must adapt customer service procedures to reflect changes in consumer expectations.
- For example, consumers expect to be able to contact businesses through social media and businesses must respond by updating their processes to offer this contact method if they are to maintain competitiveness.
1What is Business?
1.1Understanding the Nature of Business
1.2Understanding Different Business Forms
1.3External Environments
2Managers, Leadership & Decision Making
2.1Understanding Management
2.2Understanding Management Decision Making
2.3Understanding Stakeholders
3Decision Making to Improve Marketing Performance
3.1Decision Making to Improve Marketing Performance
3.2Understanding Markets & Customers
3.3Market Segmentation, Targeting & Positioning
3.4Marketing Mix
3.4.1Marketing Mix
3.4.2Product Decisions
3.4.3Pricing Decisions & Price Skimming
3.4.4Pricing Decisions & Price Penetration
3.4.5A-A* (AO3/4) - Pricing & Competition
3.4.6Promotional Decisions
3.4.7Promotional Decisions 2
3.4.8Promotional Decisions 3
3.4.9Distribution Decisions
3.4.10Distribution Decisions 2
3.4.11Digital Marketing
3.4.12Evaluating Digital Marketing
3.4.13A-A* (AO3/4) - The Marketing Mix & Promotion
4Decision Making to Improve Operational Performance
4.1Setting Operational Objectives
4.2Analysing Operational Performance
4.3Increasing Efficiency & Productivity
4.4Improving Quality
4.5Managing Inventory & Supply Chains
5Decision Making to Improve Financial Performance
5.1Financial Objectives
5.2Analysing Financial Performance
5.3Sources of Finance
5.4Improving Cash Flow & Profit
6Improving Human Resource Performance
6.1Human Resource Objectives
6.2Analysing Human Resource Performance
6.3Improving Organisational Design
6.4Improving Motivation & Engagement
6.5Improving Employer-Employee Relations
7Analysing the Strategic Position of a Business
7.1Mission, Corporate Objectives, Strategy
7.2Financial Ratio Analysis
7.3Overall Performance
7.4Political & Legal Change
7.5Economic Change
7.6Social & Technological Environment
7.7Competitive Environment
7.8Investment Appraisal
8Choosing Strategic Direction
8.1Choosing Areas of Competition
8.2Choosing How to Compete
9How to Pursue Strategies
9.1Change in Scale
9.2Assessing Innovation
9.3Assessing Internationalisation
9.4Digital Technology
10Managing Strategic Change
10.1Managing Change
10.2Managing Organisational Culture
10.3Managing Strategic Implementation
10.4Problems with Strategy
Jump to other topics
1What is Business?
1.1Understanding the Nature of Business
1.2Understanding Different Business Forms
1.3External Environments
2Managers, Leadership & Decision Making
2.1Understanding Management
2.2Understanding Management Decision Making
2.3Understanding Stakeholders
3Decision Making to Improve Marketing Performance
3.1Decision Making to Improve Marketing Performance
3.2Understanding Markets & Customers
3.3Market Segmentation, Targeting & Positioning
3.4Marketing Mix
3.4.1Marketing Mix
3.4.2Product Decisions
3.4.3Pricing Decisions & Price Skimming
3.4.4Pricing Decisions & Price Penetration
3.4.5A-A* (AO3/4) - Pricing & Competition
3.4.6Promotional Decisions
3.4.7Promotional Decisions 2
3.4.8Promotional Decisions 3
3.4.9Distribution Decisions
3.4.10Distribution Decisions 2
3.4.11Digital Marketing
3.4.12Evaluating Digital Marketing
3.4.13A-A* (AO3/4) - The Marketing Mix & Promotion
4Decision Making to Improve Operational Performance
4.1Setting Operational Objectives
4.2Analysing Operational Performance
4.3Increasing Efficiency & Productivity
4.4Improving Quality
4.5Managing Inventory & Supply Chains
5Decision Making to Improve Financial Performance
5.1Financial Objectives
5.2Analysing Financial Performance
5.3Sources of Finance
5.4Improving Cash Flow & Profit
6Improving Human Resource Performance
6.1Human Resource Objectives
6.2Analysing Human Resource Performance
6.3Improving Organisational Design
6.4Improving Motivation & Engagement
6.5Improving Employer-Employee Relations
7Analysing the Strategic Position of a Business
7.1Mission, Corporate Objectives, Strategy
7.2Financial Ratio Analysis
7.3Overall Performance
7.4Political & Legal Change
7.5Economic Change
7.6Social & Technological Environment
7.7Competitive Environment
7.8Investment Appraisal
8Choosing Strategic Direction
8.1Choosing Areas of Competition
8.2Choosing How to Compete
9How to Pursue Strategies
9.1Change in Scale
9.2Assessing Innovation
9.3Assessing Internationalisation
9.4Digital Technology
10Managing Strategic Change
10.1Managing Change
10.2Managing Organisational Culture
10.3Managing Strategic Implementation
10.4Problems with Strategy
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