7.6.2

Lifestyle & Technological Environment

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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.
Jump to other topics
1

What is Business?

1.1

Nature & Purpose of Business

1.1.1Why Businesses Exist1.1.2Business Aims & Objectives1.1.3End of Topic Test - The Nature of Business
1.2

Different Business Forms

1.2.1Key Business Terms1.2.2Sole Traders1.2.3Limited Liability1.2.4Non-Profit Organisations & Social Enterprises1.2.5Social Enterprises1.2.6Franchising1.2.7Shareholders1.2.8End of Topic Test - Different Businesses1.2.9A-A* (AO3/4) - Franchising at Blockbuster
1.3

Businesses Operate Within an External Environment

1.3.1External Environments1.3.2A-A* (AO3/4) - Interest Rates in the UK
2

Managers, Leadership & Decision Making

2.1

Management, Leadership & Decision Making

2.1.1Managers2.1.2Management Theories2.1.3Management vs Leadership2.1.4Leadership Styles2.1.5End of Topic Test - Management
2.2

Management Decision Making

2.2.1Scientific Decision Making2.2.2Influences on Decision Making2.2.3Intuition Decision Making2.2.4A-A* (AO3/4) - Cost Leadership2.2.5End of Topic Test - Management Decisions
2.3

Role & Importance of Stakeholders

2.3.1Stakeholders
3

Marketing Management

3.1

Setting Marketing Objectives

3.1.1Setting Marketing Objectives3.1.2Market Calculations
3.2

Understanding Markets & Customers

3.2.1Market Research3.2.2Methods of Market Research3.2.3Interpreting PED & YED
3.3

Segmentation, Targeting, Positioning

3.3.1Segmentation3.3.2Niche & Mass Markets3.3.3Market Mapping
3.4

Using the Marketing Mix

3.4.1Marketing Mix3.4.2Pricing Decisions & Price Skimming3.4.3Pricing Decisions & Price Penetration3.4.4Promotional Decisions3.4.5Promotional Decisions 23.4.6Promotional Decisions 33.4.7Distribution Decisions3.4.8Distribution Decisions 23.4.9Social Media & Influencers3.4.10Digital Marketing3.4.11Evaluating Digital Marketing3.4.12A-A* (AO3/4) - The Marketing Mix & Promotion3.4.13A-A* (AO3/4) - Pricing & Competition
4

Operational Management

4.1

Setting Operational Objectives

4.1.1Setting Operational Objectives
4.2

Analysing Operational Performance

4.2.1Operations Data4.2.2Capacity4.2.3A-A* (AO3/4) - The Problem with Operations Data
4.3

Increasing Efficiency & Productivity

4.3.1Productivity & Efficiency4.3.2Lean Production4.3.3Technology & Efficiency4.3.4A-A* (AO3/4) - Toyota Production System
4.4

Improving Quality

4.4.1Measuring & Identifying Quality4.4.2Total Quality Management4.4.3Evaluating Total Quality Management4.4.4Quality Assurance & Quality Control
4.5

Managing Inventory & Supply Chains

4.5.1Inventory4.5.2Improving the Supply Chain4.5.3Outsourcing
4.6

Business & The External Environment

4.6.1Business Considerations from Globalisation
5

Financial Management

5.1

Setting Financial Objectives

5.1.1Setting Financial Objectives5.1.2Influences on Financial Objectives5.1.3Profit5.1.4Revenue & Costs5.1.5Cash-Flow & Budgets
5.2

Analysing Financial Performance

5.2.1Break-Even & Profitability Analysis5.2.2A-A* (AO3/4) - Assessing Financial Performance
5.3

Sources of Finance

5.3.1Internal Sources of Finance5.3.2External Sources of Finance5.3.3Crowdfunding5.3.4Factors for Financing5.3.5A/A* (AO3/4) - Debt
5.4

Improving Cash Flow & Profits

5.4.1Improving Cash Flow & Profits
6

Human Resource Management

6.1

Setting Human Resource Objectives

6.1.1Setting Human Resource Objectives6.1.2Human Resource Management
6.2

Analysing Human Resource Performance

6.2.1Analysing Human Resource Performance6.2.2Analysing Human Resource Performance 2
6.3

Improving Org Design & Human Resource Flow

6.3.1Organisational Design6.3.2Human Resource Flow
6.4

Improving Motivation & Engagement

6.4.1Motivating & Engaging Employees6.4.2Different Incentives6.4.3Evaluating Incentives6.4.4Taylor's Theory6.4.5Maslow's Theory6.4.6Herzberg's Theory6.4.7A-A* (AO3/4) - Amazon & Netflix Org Design6.4.8A-A* (AO3/4) - Taylorism & Jack Welch
6.5

Improving Employer-Employee Relations

6.5.1Improving Employer-Employee Relations
7

Strategic Position of a Business (A Level Only)

7.1

Mission, Objectives, Strategy

7.1.1Business Mission & Corporate Objective7.1.2Mission, Corporate Objectives & Strategy7.1.3SWOT Analysis7.1.4A-A* (AO3/4) - SWOT Analysis
7.2

Financial Ratio Analysis

7.2.1Financial Ratios
7.3

Assessing Overall Performance

7.3.1Non-Financial Data7.3.2Core Competences7.3.3Assessing Business Performance
7.4

Assessing Political & Legal Change

7.4.1Political & Legal Change
7.5

Assessing Economic Change

7.5.1Economic Environment
7.6

Assessing Social & Technological Change

7.6.1Social & Technological Environment7.6.2Lifestyle & Technological Environment7.6.3Corporate Social Responsibility
7.7

The Competitive Environment

7.7.1Choosing Areas of Competition7.7.2Choosing How to Compete
7.8

Investment Appraisal

7.8.1Investment Appraisal
8

Choosing Strategic Direction (A Level Only)

8.1

Markets to Compete & Products to Offer

8.1.1Product Decisions
8.2

How to Compete

8.2.1Porter's Five Forces8.2.2A-A* (AO3/4) - The 5 Forces
9

Pursuing Strategies (A Level Only)

9.1

Assessing a Change in Scale

9.1.1Growth & Retrenchment9.1.2Challenges of Growth9.1.3Sourcing Resources & Entering Markets9.1.4A-A* (AO3/4) - Diversification9.1.5A-A* (AO3/4) - Diseconomies of Scale
9.2

Assessing Innovation

9.2.1Assessing Innovation
9.3

Globalisation & Internationalisation

9.3.1Internationalisation9.3.2Managing Internationalisation9.3.3Impact of Internationalisation9.3.4A-A* (AO3/4) - Internationalisation in Guatemala
9.4

Greater Use of Digital Technology

9.4.1Assessing Use of Digital Technology9.4.2Impact of Digital Technology
10

Managing Strategic Change

10.1

Managing Change

10.1.1Managing Change
10.2

Managing Organisational Culture

10.2.1Managing Organisational Culture10.2.2Organisational Structures
10.3

Managing Strategic Implementation

10.3.1Managing Strategic Implementation
10.4

Problems with Strategy & Why They Fail

10.4.1Problems with Strategy

Practice questions on Lifestyle & Technological Environment

Can you answer these? Test yourself with free interactive practice on Seneca — used by over 10 million students.

  1. 1
    Which of the following trends were growing in the UK in 2018?True / false
  2. 2
    In 2018, Tesco partnered with a company called Wicked. They provide completely vegan meals on the go. Which trend is this responding to?Multiple choice
  3. 3
    Hello Fresh is a company where you can order healthy meals online and get the ingredients delivered to your door. Which trend is this business responding to?Multiple choice
  4. 4
    Which of the following are examples of social media?True / false
  5. 5
    Fiit is a business which supplies online gym classes by personal trainers. Which two trends is this business directly responding to?Multiple choice
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Social & Technological Environment

Corporate Social Responsibility