Question

Before introducing a new product to the​ market, a food products company conducts market research to identify the​ lifestyles, patterns of​ behavior, and attitudes of consumers in the target market. This market research targets the​ ________ component of the external environment.

Answer 1

Answer: Sociocultural

 

Explanation: Socioculture refers to the independent operating factors that affect the perspectives of individuals living in the society as a whole. These include the education system, law, lifestyle and religion etc.

The organisations nowadays carefully analyze these factors before introducing a product as these factors are the determinants of one's preferences and wants.

For example- Before entering into the markets of India, mc donalds decided to not to serve beer, pork or beef due to the religious beliefs of the individuals.