Social/Sociocultural Factors Influencing Toyota’s Business Environment
Toyota experiences the effects of social or sociocultural factors. This dimension of the PESTEL/PESTLE analysis model pertains to the impact of sociocultural trends on business. In Toyota’s case, the following are the main social/sociocultural external factors in the firm’s remote or macro-environment:
1.Increasing interest in hybrid cars (opportunity)
2.Increasing interest in electric cars (opportunity)
3.Widening wealth gap (threat)