Environmental Key Factors
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Environmental Key Factors
The firm I chose was Lids, Lids is a store that is known for selling hats. There product consists of hats from some of the major sports in the US today such as football baseball, soccer, basketball etc. The three environmental key factors that are most important to my firm would be geographic, demographic, and cultural.
Geographic is considered a major environmental key to lids because this tell them where exactly to sell there product. Lids stores are usually found in urban areas because thats where most of the major sporting events take place. Big cities is a good place for Lids because there are more people interested in there product, and more people for your product equals more hats being bought from Lids.
Demographic is important because Lids need to know who to target with their products. A good way or targeting with demographics is to figure out either the age or gender of customers that purchase Lids product. If the younger age is buying most of the products of Lids, then they would target younger people instead of the older ones. And if more males are buying the product, then Lids would target more males than females. Demographic is important to Lids because this will determine who will be shopping in the store.
Cultural is considered important to Lids for a few reasons. For example, baseball is considered as Americas favorite past time so it would only be smart to sell baseball hats in America. Since baseball is a big event in American culture Lids sells a lot of baseball hats. Baseball is also a favorite sport for the Latin culture as well, so a lot of Lids baseball hats are being bought by Latinos in America. Cultural is important because it narrows down what product to sell to a particular culture.
Geographic, Cultural, and Demographic are important to Lids because these particular environmental keys give Lids an