Macro-level environmental factors refer to the factors that the business has no control over. They include political and legal factors, economic factors, social, and technological factors. These factors have immensely affected the structure of online social networking in the global market. Political and legal factors have put in place the rules and regulations to be observed when using the social networks. The factor has shaped the structure of online networks by creating respect among the users. These vital rules and regulations try to eliminate hackers of information and those who intimidate others via social networks. Technological factors have made it easier for individuals to communicate via the social networks. People are able to see each other and communicate at a faster rate despite the great distance separating them. Economic factors have made it possible for people to buy and sell via social networks. A provision for bargaining and agreeing on the delivery of products is made hence making it easier for business people to market their products. Thus, economic factors have shaped the structure of online social networks by making them markets for products apart from normal interactions. Social factors such as beliefs and practices have revolutionized the structure of online social networks through establishing a wider network through which people could easily communicate and share their feelings about various events in the society.Want an expert to write a paper for you Talk to an operator now
Political factors relate to economic factors through the trading and economic policies put in place by the government. They both determine the marketing and trading rules that are supposed to be observed in the market by both traders and consumers. Political and social cultural factors are related in terms of how individuals and cultures within a given state are unified into a political unit. This involves the inclusion of every community in political decisions and actions. Economic and technological factors are connected in terms of the new means of trading. Individuals are now adopting current methods of marketing their commodities such as use of the internet and other technologically current ideas. Economic and social factors are connected in terms of uniting various individuals from diverse backgrounds and the exchange of commodities from various tribes across the globe.
These origins would model the industry in the future through various ways. Political factors would model the industry by setting in place stringent rules and regulations. This would make it safer to use such sites because hackers and other crime offenders would be dealt with. Economic factors would model the industry by opening up online trading channels on social networks. Social factors would model the industry by uniting various individuals with diverse backgrounds into one global community. Technological would model the industry by making it easier for individuals to communicate without difficulties. This would reduce the world into a global village that eliminates boundaries between individuals.
Porter’s five forces include new entrants into the market, supplier power, buyer power, product and technology development, and market rivalry. New entrants into the market refer to the newly established businesses that get their way into the market due to lack of barriers. Supplier power refers to the quality and quantity of commodities that suppliers are able to supply within a given period. Buyer power is the autonomy of the customer. In business, the customer should be given a right to choose the services and commodities he needs. Product and technology development refers to the emergence of new ideas and innovations in the market by competitors and the business. Market rivalry is the level of competition existing in the market and the kinds of competitors expected in the market.
Macro-level factors could change the Porter’s five forces in the market. The putting in place barriers to entry into the market could change new entrants into the market. Supplier power could be changed by subsidizing the materials for the products that are supplied into the market. Buyer power would be changed by using the economic trends such as supply and demand to value the products in the market. Product and technological developments would be changed through modification and combination of ideas in the market place. The institution of rules and regulations to govern competition in the market would change market rivalry. Fair competition should be upheld in the market.
Socio-cultural factors have the greatest impacts on online social networks. The networks usually involve a global interconnection of various individuals who are willing to share their ideas and cultures. People are brought together by the urge to socialize and know more about other individuals in the world. This is instrumental as it promotes global unity and makes the entire world united into a global community.
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