Consumption habits and composition of family are the elements of which dimension of business environment?

Social

The correct answer is option 2- Social.

Consumption habits and composition of family are the elements of social dimension of business environment.

The social environment of business include the social forces like customs and traditions, values, social trends, society’s expectations from business, etc. Traditions define social practices that have lasted for decades or even centuries. For example, the celebration of Diwali, Eid, Christmas, and Guru Parv in India provides significant financial opportunities for greetings card companies, sweets or confectionery manufacturers, tailoring outlets and many other related business. Values refer to concepts that a society holds in high esteem. In India, individual freedom, social justice, equality of opportunity and national integration are examples of major values cherished by all of us.

Major Elements of Social Environment

• Attitudes towards product innovations, lifestyles, occupational distribution and consumer preferences
• Concern with quality of life
• Life expectancy
• Expectations from the workforce
• Shifts in the presence of women in the workforce
• Birth and death rates
• Population shifts
• Educational system and literacy rates
• Consumption habits
• Composition of family