What is the definition of social factors?

Social factors are things that affect lifestyle, such as religion, wealth or family. It is important for businesses to be aware of these factors as they change because it is a very important component in proper marketing.

Companies need to constantly adjust their marketing strategies as social factors change over time. For instance, as of 2014, many communities are multicultural, which means different races and religions are attributing the social climate. People are also traveling to other countries often and being exposed to ideas outside of their comfort zone. Finally, improved transportation systems have made society less reliable on local or seasonal markets.