Think about the seven contextual factors in relation to your business and industry over the next three years. Of the seven contextual factors, which ones does your department, unit, or organization need to pay attention to? Which ones will be most impactful? Rank the seven contextual factors from high to low impact. Your responses will remain private. Selecting a ranking will move the item to the chosen spot in the ranked list. Contextual Factors Technology: The impact of new technological innovations in both the products and services that companies produce and provide in addition to the ways in which they conduct business. Consumerism: The impact that consumers have in shaping the ways in which companies produce, market, and sell products and services. Labor: The role that employees and the broader workforce play in shaping the conditions in which businesses operate. Demography: The age, race, gender, religion, ethnicity, family size, sexual orientation, income, and education of a population and how these factors influence both the customers you serve as well as the employees you hire and retain. Social Mores: The customs, norms, and behaviors of a society and how these shape both enduring consumer needs as well as short-term fads and economic bubbles. Global Events: The ways in which geopolitical forces such as pandemics, financial crises, climate change, global regulations, and natural disasters can influence the way businesses operate. Government Intervention: The role that local and national governments play in regulating business or business practices. Review the top two factors you identified as being the most impactful over the next three years and answer these questions. Your responses will remain private. What are the factors? How will these contextual factors impact your business in the next three years? Will the impact be positive or negative? What, if any, opportunities for business creation or expansion exist? What can you or leadership in your organization do to prepare for the impact of these factors?

Think about the seven contextual factors in relation to your business and industry over the next three years. Of the seven contextual factors, which ones does your department, unit, or organization need to pay attention to? Which ones will be most impactful? Rank the seven contextual factors from high to low impact. Your responses will remain private. Selecting a ranking will move the item to the chosen spot in the ranked list. Contextual Factors Technology: The impact of new technological innovations in both the products and services that companies produce and provide in addition to the ways in which they conduct business. Consumerism: The impact that consumers have in shaping the ways in which companies produce, market, and sell products and services. Labor: The role that employees and the broader workforce play in shaping the conditions in which businesses operate. Demography: The age, race, gender, religion, ethnicity, family size, sexual orientation, income, and education of a population and how these factors influence both the customers you serve as well as the employees you hire and retain. Social Mores: The customs, norms, and behaviors of a society and how these shape both enduring consumer needs as well as short-term fads and economic bubbles. Global Events: The ways in which geopolitical forces such as pandemics, financial crises, climate change, global regulations, and natural disasters can influence the way businesses operate. Government Intervention: The role that local and national governments play in regulating business or business practices. Review the top two factors you identified as being the most impactful over the next three years and answer these questions. Your responses will remain private. What are the factors? How will these contextual factors impact your business in the next three years? Will the impact be positive or negative? What, if any, opportunities for business creation or expansion exist? What can you or leadership in your organization do to prepare for the impact of these factors?

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Contextual Factors

Technology: The impact of new technological innovations in both the products and services that companies produce and provide in addition to the ways in which they conduct business.

Consumerism: The impact that consumers have in shaping the ways in which companies produce, market, and sell products and services.

Labor: The role that employees and the broader workforce play in shaping the conditions in which businesses operate.

Demography: The age, race, gender, religion, ethnicity, family size, sexual orientation, income, and education of a population and how these factors influence both the customers you serve as well as the employees you hire and retain.

Social Mores: The customs, norms, and behaviors of a society and how these shape both enduring consumer needs as well as short-term fads and economic bubbles.

Global Events: The ways in which geopolitical forces such as pandemics, financial crises, climate change, global regulations, and natural disasters can influence the way businesses operate.

Government Intervention: The role that local and national governments play in regulating business or business practices.

Review the top two factors you identified as being the most impactful over the next three years and answer these questions. Your responses will remain private.

What are the factors?
How will these contextual factors impact your business in the next three years?
- Will the impact be positive or negative?
- What, if any, opportunities for business creation or expansion exist?
What can you or leadership in your organization do to prepare for the impact of these factors?

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