Social & Technological Change - A Level Business

Summary

This video explores the impact of social and technological changes on businesses, highlighting key concepts for AQA A-Level Business. It discusses demographic shifts, urbanization, changing consumer lifestyles, and the rise of online businesses. Social media's influence on purchasing behavior and the importance of corporate social responsibility are also addressed. On the technological side, advancements in communication, automation, and the associated challenges such as increased competition and ongoing costs are examined. The need for businesses to adapt to these changes to maintain competitive advantage is emphasized, providing valuable insights for students.

Takeaways

• 📊 Social change includes demographic shifts such as urbanization and migration, impacting business opportunities and labor force sizes.
• 🛍️ Changes in consumer lifestyles reflect increased ethical considerations and the influence of social media on purchasing behavior.
• 🚀 The growth of online businesses demands a focus on digital marketing, logistics, and reliability in product delivery.
• 🌱 Corporate social responsibility (CSR) is gaining importance, shifting focus from shareholders to stakeholders.
• 📱 Technological advancements have improved communication efficiency, facilitating better collaboration with staff and suppliers.
• 🔧 Automation presents opportunities for increased efficiency but can lead to workforce reductions and potential labor disputes.
• ⚖️ Technological change can lower barriers to entry, increasing competition and the number of rivals in the market.
• 🏨 Disruptive technologies, like Airbnb, challenge traditional industries such as hotels and newspapers through alternative service models.
• 💻 Ongoing costs associated with technology include security measures for fraud and data protection, essential for maintaining a competitive edge.
• 👥 Industrial actions may arise from workforce shifts towards automation, highlighting the need for effective labor relations.

Q & A

What are the key aspects of social change mentioned in the transcript?

Key aspects of social change include demographic change, urbanization, migration, changes in consumer lifestyles, and the growing importance of corporate social responsibility (CSR).

How does urbanization impact business opportunities?

Urbanization increases demand for products and services in urban areas and expands the labor force, allowing businesses to tap into a larger pool of potential employees.

What role does social media play in consumer behavior according to the script?

Social media significantly influences consumer behavior by driving purchases and encouraging businesses to focus more on digital marketing strategies.

What changes in consumer lifestyles are highlighted?

Changes include a growing emphasis on ethical purchasing, increased demand for delivery services, and a shift in dining habits, with more people eating out or using delivery apps.

What are some threats posed by social changes to businesses?

Threats include the challenge of adapting to ethical considerations in a throwaway culture, and the need for businesses to balance sustainability with consumer trends such as fast fashion.

What technological advancements are discussed in the transcript?

Technological advancements mentioned include improved communication methods (like Zoom), automation of jobs, and capital improvements that enhance quality and choice in products.

How can automation benefit businesses?

Automation can improve long-term efficiency by reducing labor costs and increasing productivity, allowing businesses to operate more effectively.

What are the ongoing costs associated with technology that businesses must consider?

Ongoing costs include investments in security teams for data protection, continuous upgrades to technology, and the need to maintain a competitive edge.

How does the transcript describe the shift from shareholder to stakeholder concepts?

The shift from shareholder to stakeholder concepts emphasizes the importance of considering the interests of all stakeholders, including employees, customers, and the community, rather than focusing solely on profits.

What example is provided to illustrate disruption caused by technological change?

The transcript mentions the impact of social media on the newspaper industry and how vacation rental platforms like Airbnb disrupt traditional hotel businesses.