1.3.5

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.
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1

Exploring Business

1.1

Features of Business Organisations

1.1.1Sole Traders & Partnerships1.1.2Private & Public Limited Companies1.1.3Types of Liability & Not-For-Profits1.1.4Purposes of Businesses1.1.5Purposes of Businesses 21.1.6The Different Economic Sectors1.1.7Multinational Companies1.1.8Stakeholders1.1.9Influence of Stakeholders
1.2

Organisation of Businesses

1.2.1Organisational Structure1.2.2Types of Organisational Structures1.2.3Business Aims & Objectives1.2.4Business Aims1.2.5Business Objectives
1.3

Business Environment

1.3.1External Influences1.3.2Political & Legal Change1.3.3Economic Environment1.3.4Social & Technological Environment1.3.5Lifestyle & Technological Environment1.3.6Corporate Social Responsibility1.3.7The Competitive Environment1.3.8Innovation1.3.9Risk & Uncertainty1.3.10Porter's Five Forces1.3.11SWOT Analysis
2

Marketing Campaigns

2.1

Marketing

2.1.1Setting Marketing Objectives2.1.2Customer Needs2.1.3The Market2.1.4Competition & The Market2.1.5Consumer Behaviour2.1.6Market Research2.1.7Forms of Market Research2.1.8Market Segmentation2.1.9Cultural & Social Factors in Marketing2.1.10Promotional Decisions 32.1.11Pricing Strategies
2.2

Marketing Mix

2.2.1Marketing Mix2.2.2Product Life Cycle2.2.3Pricing Decisions & Price Skimming2.2.4Pricing Decisions & Price Penetration2.2.5Promotional Decisions2.2.6Promotional Decisions 22.2.7Promotional Decisions 32.2.8Market Mapping
3

Business Finance

3.1

Sources of Finance

3.1.1Internal Finance3.1.2External Finance3.1.3External Finance 23.1.4Sources of Business Finance
3.2

Financial Planning

3.2.1Revenue3.2.2Costs3.2.3Cash & Cash Flow3.2.4Cash & Cash Flow 23.2.5Break-Even Analysis3.2.6Profits
3.3

Financial Statements

3.3.1Balance Sheets3.3.2Income Statements3.3.3Liquidity
4

International Business

4.1

Globalisation

4.1.1Growing Economies4.1.2Specialisation & Trade
4.2

International Business

4.2.1Internationalisation4.2.2International Trade4.2.3MNCS4.2.4Conditions that Prompt Trade4.2.5Assessment of a Country
4.3

International Economic Environment

4.3.1Globalisation4.3.2Factors Contributing to Globalisation4.3.3Protectionism4.3.4The EU & the WTO4.3.5Trading Blocs
4.4

Factors Affecting International Business

4.4.1Global Competitiveness4.4.2Ethics of Global Business4.4.3Controlling MNCs4.4.4Cultural & Social Factors in Marketing
5

Principles of Management

5.1

Management & Leadership

5.1.1Managers5.1.2Management Theories5.1.3Managing Organisational Culture5.1.4Management Style
5.2

Theories of Motivation

5.2.1Motivating & Engaging Employees5.2.2Taylor's Theory5.2.3Mayo's Theory5.2.4Maslow's Theory5.2.5Herzberg's Theory
5.3

Managing Change

5.3.1Change5.3.2Key Factors in Change5.3.3Scenario Planning5.3.4Managing Change5.3.5Managing Strategic Implementation
6

Business Decision Making

6.1

Business Principles & Practices

6.1.1Influences in External Environments6.1.2Product Decisions6.1.3Competitive Environment6.1.4Corporate Strategy6.1.5Quantitative Sales Forecasting6.1.6Legislation
6.2

Quality Management

6.2.1Importance of Quality6.2.2Measuring Quality6.2.3Total Quality Management6.2.4Evaluating TQM
6.3

Human Resources

6.3.1Contracts6.3.2Recruitment6.3.3Training a Workforce
6.4

Documents & Business Decisions

6.4.1Sales Forecasts6.4.2Managing Strategic Implementation6.4.3Problems with Strategy

Practice questions on Lifestyle & Technological Environment

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  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