Social media lends a new dimension

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In addition, by looking at what activities people take part in over weekends, like sports events, festivals, or concerts, businesses can get a better idea of how they might be able to reach potential customers based on their leisure interests. It is also essential that ethical considerations are not neglected, particularly with millennials, who demand companies they work with and buy from be respectful of environmental issues, engage in social responsibility initiatives such as community outreach programs, and demonstrate transparency when it comes to labor conditions for workers employed by the industry (e.


To public opinion — one far greater than traditional outlets like cfo email list newspapers/magazines — resulting in any missteps taken by corporations quickly becoming known on digital platforms globally. Hence, businesses must remain aware of external perceptions surrounding their actions at all times. Buying habits The buying habits of consumers can have a profound effect on the success of a business.


Consumers’ preferences and priorities are constantly changing, so understanding their behavior and motivations is essential for companies to anticipate customer needs and make sound decisions. Consumer behavior is heavily influenced by social factors such as culture, reference groups, the family life cycle, lifestyle, and personal values. People also tend to be more selective when it comes to spending money due to increasing prices and decreased income levels.