Answer to Question #149290 in Economics of Enterprise for Pearl

Question

What is the significance of considering the socioeconomic impact of a firm
in evaluating its business viability?

Answer 1

Socio-economic impact can help companies understand the needs, aspirations, resources, and incentives of their customers – enabling them to develop winning new products and services and improve existing offerings.It also determine if the business is profitable in terms of revenue coming in than its spending on the costs of running the business.