Week 6 discussion

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Feb 20, 2024

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Week 6 discussion Hi class and professor! Reflect on various potential changes of socio-cultural factors. Today’s world is growing and changing constantly, including social and cultural preferences. The up-and-coming generations have brought new ideas and preferences to the world that are different from the previous generations, and they will continue to grow and change. A huge factor of change and growth is technology, and in order for companies to keep up with the socio-cultural changes, they will need to adapt and keep up with the technology to stay in competition and to stay relevant. An example of changes from generations has been clothing. When you think of the 80’s you think of leather jackets, high-waisted leggings with scrunchies and big hair. The 90’s and 2000’s changed with their styles in clothing, and the trends in style will always change. Companies will need to keep up with what is in style and season and advertise them where their consumers will be able to see them; this includes using social media to reach consumers. Potential changes could be clothing, food, lifestyle habits, and even jobs. Understanding culture will affect the ability to develop and maintain business relationships, market and advertise to different cultures, and the ability to enter a local market (Saylor, 2012). Identify one specific socio-cultural factor and identify a company that illustrates positive adaptation to that factor to stay relevant and successful. Consumer preference is an important socio-cultural factor to consider. With technology in today’s society, people prefer to use things that are easy to understand and aren’t complicated. A company that has developed with consumer’s preferences is Amazon. People can buy many things online that they want, and they can find a broad variety of things on the app very quickly. It is also shipped to their door for convenience, there is usually photos taken of the delivery, returns are easy, and the items are usually good quality. Describe the ways in which the company has responded positively. Amazon is constantly updating and adapting to changes in consumer preferences. Amazon has made updates and changes to adapt to evolving technology and social media. They created the Prime service to allow for faster delivery and included photos for proof of delivery. To combat any fears for safety of packages, they now offer a service to drop packages off in your garage with proof of delivery, so your package won’t get stolen off of your porch. Compare this company to the "worst" company you are studying and write about in the course Assignments, in terms of socio-cultural barriers. My “Worst” company is Citigroup. As a large company, Citigroup is in 95 countries which all have different socio-cultural factors to consider. Today’s society highly values work-life balance, and Citigroup has had numerous complaints over the years of treatment and

pay of employees. Some have had pay and bonuses held from them for extended periods of time with little explanation, and employee morale has been weighed on. In order for Citgroup to be successful, they will need to uphold a good reputation in order to stay relevant. This along with numerous complaints against their practices has created a culture of dishonesty which will be detrimental to their company if not addressed. Citigroup has attempted to keep up with technology and changes to their systems, and the new CEO began attempting to increase morale and improve the culture of the company. What conclusions can you reach about business response to successfully overcome socio- cultural barriers? As previously stated, today’s world is constantly changing and growing. Consumers are gaining more understanding of companies and standing their ground on preferences they want to see from the companies they choose to buy from. In order for companies to be successful in overcoming socio-cultural barriers, they will need to be proactive in adapting and evolving to consumer preferences and understand culture in local markets. Staying relevant and competitive with other brands will provide the best chance of success in today’s consistently changing market. Have a great rest of your week! References Understanding how culture impacts local business practices (2012). International Business (v 1.0) . Saylor Academy. Retrieved August 8, 2023, from https://saylordotorg.github.io/text_international-business/s07-03-understanding-how-culture- impa.html

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