As society and culture change, a business needs to adapt and stay ahead of its competitors and remain relevant in the minds its stakeholders. Such changes include customer preferences change in response to shifting trends and generational differences, demographic changes, and innovations in goods, services, and social media. For this forum,
reflect on the various potential socio-cultural factors that can create barriers and how changes in these factors can affect business;
choose one specific factor and identify a company that illustrates positive adaptation to that factor to stay relevant and successful. Describe how the company has responded positively;
then identify another company (NOT your “worst” company in Assignments) that has failed to prosper due to a change in a socio-cultural factor and why;
discuss and compare the two company situations. What conclusions can you reach?
Sample Solution
