Question

Question: In about 150 words, analyze how Social, Economic, Political and Technological factors might affect the food industry. Define each factor with example in context.

Food Industry

There’s no denying that the food industry is one of the strongest in the world after all, everyone needs to eat! Indeed, there are some interesting dynamics at play in this space which make it unclear just how profitable food businesses will continue to be.

Governments across the world have expansive regulatory frameworks for every aspect of the food industry. This includes the cleanliness of commercial kitchens, the standards for storing and transporting produce, and even the requirements for laborers in the food business. Without a doubt, this makes the food industry one of the most tightly regulated industries of all. On the plus side, this ensures that consumers aren’t exposed to poor quality nutrition, but the complexities of regulation certainly take away from the margins of the food business.

We’re seeing various types of automation more and more in the food industry. Perhaps the best example is the use of self-checkout screens at fast food venues such as McDonalds, but it’s not the only one! Just recently, social media platforms went crazy as viral footage of a hotel’s robot cooking up omelets began to spread. As we find more ways to use technology including robots in

Answer 1

Social Factors : It incorporates, social conduct, Customer mentality and current pattern.

For Example:-

Before MC Donald's eatery was uniquely with Grab and go type in which there are no insides, music, and so forth yet now todays pattern is Totally extraordinary. Presently MC Donald's café are brimming with lightings, insides, music, air conditioning, very much cleaned tables and seats and keeping up appropriate cleanliness so client can remain and contribute the recreation time while having flavorful feast given the eatery.

Economical Factor:-

The condition of the nation, unemployment,seasonal factors,labour cost,Availability of credit, rawmaterial cost, and so on all impacts the food industry.

Today readymade foods are more sought after according to the client decisions, which now and then are not beneficial but rather are accessible in modest cost.

Which more beneficial items are exorbitant which are generally skipped by the majority of the clients and in this way which affecting the food industry.

Political Factors:-

Political factors are the arrangement of rules,regulations or guidelines that are set by the legislature of the nation in which association is running. This can be Government strategy ,charge approach, exchange assurance, duplicate rights and so on. This all can impact the working of the food industry.

For example:-

Fssi endorsement for any food items is must, after that solitary the item is permitted to sell in the market. for this endorsement many test to be led, rules to be followed and other obligatory things which require to get the item affirmed.

This all prompts increment in the cost of the food item and as a result of rivalry cost can't be quite surpassed which diminishes the overall revenue of the organization and along these lines affecting it.

Technological Factors:-

Today pattern is the utilization of innovation , web and advanced mobile phone is expanded and the greater part of the client are utilizing this advances to arrange food of their decision,step.

Make online installments and get the food conveyed at their entryway step.

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