Designing for superior business performance
A guide for technology, creative and startup leaders
"if there isn’t a them, there can’t be an us.”
Jodi Picoult, Nineteen minutes
Choice 2: Where we play - Assess opportunities and threats
Assess opportunities and threats from the socio-economic trends and events.
In this chapter
Assess socio-economic factors that can affect the demand for your value proposition, influence the direction your value proposition needs to move to maintain relevance and demand.
Assess socio-economic factors that can affect your costs of production or cost of supply or supply availability.
Introduction - socio-economic factors driving change
Aims to identify the influence of social, lifestyle and demographic considerations (e.g. aging population, immigration, family size, housing choices), Lifestyle trends, Consumer beliefs/concerns attitudes related to working conditions, equality, justice etc. on the demand for the products and services in your arena along with supply and production costs
For example, an aging population will demand different products and services
than one with a higher percentage of children and young adults.
Availability of skilled labor maybe reduced as the older generation retires.
Social attitudes to sustainability, equality and so on may affect
demand for some products / services or affect the supply and production costs of
some resources. As part of your consideration of supply and production costs
capture expectations for how social factors could influence
suppliers and the cost of production.
Socio-economic assessment
Capture, investigate and sustain (journal style) the relevant socio-economic trends and events for each type of socio-economic influence.
Demographic trends
Population trends e.g. aging population,
increasing number of youth,
changing age distribution and related preferences influencing demand, supply or production costs in this external
environment.
e.g. Millennial's prefer to buy online and buy from those with a social media presence.
Social trends and changes in education.
For example, in 2018 more US women received tertiary degrees than men
(57% of all degrees were awarded to women).
| Observations |
Record your observations in here e.g. Meaningful Social and community communications influences decisions in our arena. What are you seeing? |
| Beliefs |
What do you believe are the implications for the industry segment from these observations? e.g. A more visible and meaningful social media and community presence could increase our recognition and influence. What are you believing? |
| Expectations |
What are your expectations from this / these beliefs. Strengthening our meaningful presence in real virtual communities will strengthen our brand recognition. What are you expecting to happen? |
Education
Education trends (who is being educated, what are they learning) influencing demand, supply or production costs in this external environment.
| Observations |
Record your observations in here. What are you seeing? |
| Beliefs |
What do you believe are the implications for the industry segment from these observations? What are you believing? |
| Expectations |
What are your expectations from this / these beliefs. What are you expecting to happen? |
Immigration
Immigration trends / event influencing demand, supply or production costs in this external environment.
| Observations |
Record your observations in here What are you seeing? |
| Beliefs |
What do you believe are the implications for the industry segment from these observations? What are you believing? |
| Expectations |
What are your expectations from this / these beliefs. What are you believing? |
Consumer beliefs, priorities and actions
Consumer beliefs influencing demand, supply or production costs in this external environment.
| Observations |
Record your observations in here What are you seeing? |
| Beliefs |
What do you believe are the implications for the industry segment from these observations? What are you believing? |
| Expectations |
What are your business expectations from this / these beliefs. What are you expecting to happen? |
Lifestyle trends
Lifestyle trends influencing demand, supply or production costs in this external environment. Considerations include Working parents, urbanization, suburbanization, health choices, attitudes to work, rest, and play.
| Observations |
Record your observations in here What are you seeing? |
| Beliefs |
What do you believe are the implications for the industry segment from these observations? What are you believing? |
| Expectations |
What are your business expectations from this / these beliefs. What are you expecting to happen? |
Employment trends
Employment trends influencing demand, supply or production costs in this external environment. Considerations include Diversity in workforce, Resolution or not of pay inequalities, Attitudes to pay and working conditions. Availability of or demands upon the sections of the workforce e.g. University graduates, other skilled groups.
| Observations |
Record your observations in here What are you seeing? |
| Beliefs |
What do you believe are the implications for the industry segment from these observations? What are you believing? |
| Expectations |
What are your business expectations from this / these beliefs. What are you expecting to happen? |
Family size / birth rates
Family size influencing demand, supply or production costs in this external environment.
| Observations |
Record your observations in here What are you seeing? |
| Beliefs |
What do you believe are the implications for the industry segment from these observations? What are you believing? |
| Expectations |
What are your business expectations from this / these beliefs. What are you expecting to happen? |
Other socio-economic factors
Other socio-economic factors influencing demand, supply or production costs in this external environment.
| Observations |
Record your observations in here What are you seeing? |
| Beliefs |
What do you believe are the implications for the industry segment from these observations? What are you believing? |
| Expectations |
What are your business expectations from this / these beliefs. What are you expecting to happen? |
Summary
Socio-economic factors influencing demand, supply or production costs in this external environment.
| Observations |
Record your observations in here What are you seeing? |
| Beliefs |
What do you believe are the implications for the industry segment from these observations? What are you believing? |
| Expectations |
What are your business expectations from this / these beliefs. What are you expecting to happen? |
Continue your assessment
Continue on to the Next section to start with an assessment of what technology factors could influence current and future demands for your value proposition or the cost to deliver it. You can do this for each of your where to play arena(s), or return the Guide home to choose a different option.
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