A successful business hinges on both an
effective marketing plan and product quality. However, there are many market
forces that play a part in how well the company's product is accepted by
consumers. A market's social forces are incredibly important in deciding what gets
purchased. Companies who completely disregard the social norms of a group of
people when marketing to them aren't successful in business. Understanding the
more important social factors in your market help inform your business
decisions on what to make and how to sell it.
Marketing and product development must
be in tune with the social standards that the different groups in your market
possess. A consumer won't normally buy a product with which he doesn't identify
or feel as though someone like him could use. Important ethnic and cultural
factors that define a company's market opportunities include religion, ethnic
background, and language and gender roles.
Ethiopia cultural values typically
include the ability to be self-sufficient, success for hard work and social
equality. In turn, this affects the products that are offered and the way those
products are packaged. Interest in popular diets that stressed lower
carbohydrate intake resulted in low-carb product packaging for snack food
products such as Doritos.
Another area of social interest is
environmental protection; this has led to any number of products marketed as
"environmentally friendly" or "green." Even where one
cultural group predominates, minority groups in the area might create a niche
market strong enough for a business to thrive. Another factor that can impact a
consumer's buying decisions is the amount of leisure time that person has or,
instead, how busy her work schedule is.
A person with more leisure time will
be able to focus more on personal interests and will purchase more items that
don't necessarily have great practical purpose, such as music recordings or
games. People with busier work schedules tend to favor products that help them
take care of their needs quicker, such as microwaves or cell phones.