Many companies have planned for significant investments in organized retailing in India. Several factors have prompted their decisions in this regard. Customer income is rising. People have developed a taste for better quality products even though they may have to pay more. The aspiration levels have increased. The government has also liberalized its economic policies in this regard and permitted even cent percent foreign direct investment in some sectors of retailing.

People have developed a taste for better quality products even though they may have to pay more.

Which of the following change highlighted in the above statement.

Technological Change

People have developed a taste for better quality products even though they may have to pay more is the technological change.

(i) Economic Change: 'Customer income is rising'
(ii) Social Change: 'The aspiration levels have increased
(iii) Technological Change: 'People have developed a taste for better quality products even though they may have to pay more
(iv) Political Change: 'The government has also liberalised its economic policies.
(v) Legal Change: 'Cent percent foreign direct investment in some sectors of retailing has been now permitted'.