What is cultural conformity? And its factor that affect business?
Answers
Social and cultural factors affecting business include belief systems and practices, customs, traditions and behaviours of all people in given country, fashion trends and market activities influencing actions and decisions. Socio-cultural perspective is one of the most important factor influencing decision of marketing managers and strategic goals of companies entering new foreign markets. It should be noted that legal factors affecting business is also considered as one of the major socio-cultural factors that can influence companies. Proper identification of this factor during strategic analysis (PEST analysis, STEEP analysis, SWOT analysis, TOWS analysis) could lead to better strategic alignment of company to society (during international development).