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What is social factors? |
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Answer» The social factor also affects the commercial environment. The literacy level in society, population, size, sex ratio etc. Are the factors responsible for the business climate? An entrepreneur cannot afford to ignore these factors, otherwise he has to encounter serious consequences. As such an entrepreneur must determine his business strongly in conformity with such factor. For example, the colour of the product is also selected to the consumers” faith, social value and cultural value etc. In the Muslim countries, green colour spells value but its sound is auspicious in Malaysia. Therefore an entrepreneur must follow the idea of adopting the things as applicable. |
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