How to respond into this in 100 words? Social trends can significantly impact business in high-tech industries, presenting both opportunities and threats for organizations and their strategic management. Social and technological forces are two of the four categories that comprise the microenvironment, or external environment. Social forces are related to values, beliefs, and culture while technological forces are related to advancements such as automation, artificial intelligence, or digitalization. An example of how social trends present both opportunities and threats to organizations operating in high-tech industries is the rise of electric vehicles (EVs). The growing interest and demand for electronic vehicles present great opportunities in the automotive industry. As more consumers prioritize sustainability and seek to reduce carbon emissions, EVs are becoming a more viable and popular choice. This interest based on the values of sustainability and green transportation has created an opportunity for organizations to invest in the development and manufacturing of EVs and other technologies and capitalize on social value-based consumerism. There are still some very real and concerning threats to the automotive industry concerning the production of EVs, however. Many people are resistant or hesitant to change and are very skeptical of the new technology and its lasting effects on energy consumption and availability, perceived charging inconvenience, the reliability of the battery technology, and the costs associated with EVs up front and in the case of a bad battery. The fear or resistance to change and the results of the change can be natural for some individuals, and there are social factors that assist in the exhibition of this resistance and skepticism regarding change. While EVs are being promoted in hopes of sustainable transportation, skeptics have a lot of concerns that can cause real threats to organizations operating in the EV automotive industry. Over time, if the EVs prove reliable, convenient, cost-effective, and safe, many people who value traditional internal combustion engine (ICE) vehicles may become less resistant to the changes being made and the social threats will lessen.
How to respond into this in 100 words?
Social trends can significantly impact business in high-tech industries, presenting both opportunities and threats for organizations and their strategic management. Social and technological forces are two of the four categories that comprise the microenvironment, or external environment. Social forces are related to values, beliefs, and culture while technological forces are related to advancements such as automation, artificial intelligence, or digitalization. An example of how social trends present both opportunities and threats to organizations operating in high-tech industries is the rise of electric vehicles (EVs). The growing interest and demand for electronic vehicles present great opportunities in the automotive industry. As more consumers prioritize sustainability and seek to reduce carbon emissions, EVs are becoming a more viable and popular choice. This interest based on the values of sustainability and green transportation has created an opportunity for organizations to invest in the development and manufacturing of EVs and other technologies and capitalize on social value-based consumerism. There are still some very real and concerning threats to the automotive industry concerning the production of EVs, however. Many people are resistant or hesitant to change and are very skeptical of the new technology and its lasting effects on energy consumption and availability, perceived charging inconvenience, the reliability of the battery technology, and the costs associated with EVs up front and in the case of a bad battery. The fear or resistance to change and the results of the change can be natural for some individuals, and there are social factors that assist in the exhibition of this resistance and skepticism regarding change. While EVs are being promoted in hopes of sustainable transportation, skeptics have a lot of concerns that can cause real threats to organizations operating in the EV automotive industry. Over time, if the EVs prove reliable, convenient, cost-effective, and safe, many people who value traditional internal combustion engine (ICE) vehicles may become less resistant to the changes being made and the social threats will lessen.
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