Social factors include the cultural aspect and include health consciousness, population growth rate, age distribution, career attitudes and emphasis on safety. Trends on social factors affect the demand for a company’s product and how that company operates. Since the population of china is much higher than that of Thailand, the labor cost is much less cheaper than that of Thailand.
Social issues are those topics aligned with the human factor in terms of information systems planning, development and utilization of information systems and technologies. As n information system requirements assimilation of emerging technologies, developing trust, power asymmetry, policy implementation and social environment plays a major role.
Developing partnership, virtual teams, group cohesiveness , collaboration, networking and buyer-supplier linkages are some of the information system requirement. Legal factors include discrimination law, consumer law, antitrust law,employment away, and health and safety law.
These factors can affect how a company operates, its costs, and the demand for its products. For example it is easier and faster to obtain Intellectual Property (P) a term that describes the application of the mind to develop something new or original from Thailand than from china.
Standards and regulations, fraud within system, misuse of data etc are some of the differences. The consumers law varies from NEWS and Victoria, so does the price of goods.. Moreover standards that a reasonable consumer would be different from that of Victoria and NEWS.
Flexibility, satisfaction, collaboration are some of the information system requirements. A company should be committed to maintaining highest ethical standards in delivering quality products and services. The e-biz application should have a ethical standard that is responsible to shareholders and customers. It should have intellectual property rights and morality in information systems usage. Data utilization, certainty ,collaboration, consent are some of the ethical requirements to information system requirements.
Economic factors include economic Roth, interest rates, exchange artesian the inflation rate. These factors have major impacts on how businesses operate and make decisions. For example, interest rates affect a firm’s cost of capital and therefore to what extent a business grows and expands. Exchange rates affect the costs of exporting goods and the supply and price of imported goods in an economy. Comparatively servicing customers in Sydney is more accessible than rural NEWS.
More people in Sydney tend to buy the product and the transport cost will be more to the rural areas and also the income of the nonusers differs from Sydney and rural areas so that will also make difference in sales. ) The starting point for economic analysis is the observation that information has economic value because it allows individuals to make choices that yield higher expected payoffs or expected utility than they would obtain from choices made in the absence of information.
Political factors are basically to what degree the government intervenes in the economy. Specifically, political factors include areas such as tax policy,labor law, environmental law, trade restrictions, tariffs, and political stability. Political factors may also include goods and services which the government wants to provide or be provided (merit goods) and those that the government does not want to be provided (demerit goods or merit bad).
Furthermore, governments have great influence on the health, education, and infrastructure’s a nation. The recent initiative for Australian government called the digital enterprise program is designed to ensure that we have have more Australian businesses achieving success online. It is a program to assist small to medium enterprise and understand how to make the most of the internet. Implementing such an initiative that will lead to more customers around the world and gaining more sales throughout the world. I would like to implement multi language program in my app and make it easily accessible to ever body using the internet so that we can do business with people not limiting to just couple of country.
Technological factors include technological aspects such as R activity,automation, technology incentives and the rate of technological change. They can determine barriers to entry, minimum efficient production level and influence outsourcing decisions. Furthermore, technological shifts can affect costs, quality, and lead to innovation.
Technology that can be implemented to the solar panel that will tremendously reduce the weight of the panels and can that it is so flexible that it can be folded into several folds and technology that double the consumption of solar energy would gain lot of superiority among other dealers. With weight being light, doubling the energy consumption of the sun and being flexible will reduce the cost, increase import/export occupy less space and will give the customers value for their money.
