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Macro-environment Political and Economic Factor in the Food Industry

   

Added on  2021-04-21

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Running head: BUSINESS STRATEGY Business Strategy
Macro-environment Political and Economic Factor in the Food Industry_1

Business Strategy2Definition of industryThe food industry is a combination of the diverse business that delivers foods products and services consumed by the population (Ravindran and Jaiswal, 2016). Macro-environment Political and Economic factor The politics play a crucial role in the business structure. It is because there is need to make a balance between system of management and free markets. There are different factors that could affect the food industry like government intervention in economic development, low level of trade regulation and protection with respect to the food industry. The government regulation could direct impact on the growth of business (Rotz and Fraser, 2015). The leveling of growth rates, a higher level of disposal incomes could direct impact on business success. The inflation rate of Canada is 1.6% that would be favorable for the investment. The low investment rate could influence behavior of consumers. Social and technological factorThe social factor could support to determine the mentality of Canadians towards food. Aging population, wealth distribution, lifestyles trends, and education level are social factors. It is found that Canadians give more preference to the healthy food that could be an important aspect for the organization. It could support organization to obtain opportunity and easily meet the demand of the market. The consumer of Canada is health conscious hence organization is needed to the aging of boomers for getting a positive result.There are many technical factors that could affect food industry like new discoveries and innovation, the rate of advanced technology, and new technology platforms. Moreover, it is found that consumers of Canada practices advance techniques that could be supportive for easily influence consumers towards specified product and services (Fread, 2014). The
Macro-environment Political and Economic Factor in the Food Industry_2

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