Considering the forces in the global environment, what might some of the implications of demographic forces be for the industry you work in?
What are the advantages and disadvantages of technological change?
How can information technology lead to beneficial changes within the workplace?
Sample Solution
The global environment is constantly evolving and changing, making it important for any industry to keep up with the latest trends. Demographic forces can have a significant impact on any industry by influencing customer needs, preferences, and behaviors. In general, an aging population means fewer customers (as people tend to have less disposable income in retirement) while a growing young population could mean more potential customers. Additionally, as migration patterns shift towards certain areas this could also create opportunities or threats depending on whether these new populations are compatible with your product or service.
Sample Solution
The global environment is constantly evolving and changing, making it important for any industry to keep up with the latest trends. Demographic forces can have a significant impact on any industry by influencing customer needs, preferences, and behaviors. In general, an aging population means fewer customers (as people tend to have less disposable income in retirement) while a growing young population could mean more potential customers. Additionally, as migration patterns shift towards certain areas this could also create opportunities or threats depending on whether these new populations are compatible with your product or service.