As society and culture change, a business must adapt to stay ahead of its competitors and remain relevant in the minds its stakeholders. Such changes include changes in customer preferences in response to shifting trends and generational differences, demographic changes, and innovations in goods, services, and social media. For this discussion:
- How do i reflect on the various potential changes of socio-cultural factors.
- I need help Identifying one specific socio-cultural factor and identify a company that illustrates positive adaptation to that factor to stay relevant and successful.
- i need help describing the ways in which the company has responded positively.
- Then identify another company that has failed to prosper due to a change in a socio-cultural factor; explain why the company has failed in this point.
- Discuss and compare these two companies, one succeeding – one failing, and provide insight for business response to overcome socio-cultural barriers.
- What conclusions can you help me reach?