Attitude towards product innovations, lifestyles and consumer preferences are influenced by:
Answer & explanation
Correct answer: option 2
The correct answer is option 2- Social Environment.
Attitudes towards product innovations, lifestyles, occupational distribution and consumer preferences are an element of social 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. 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