As 2008 closes, business owners and executives will be planning their strategies for next year and beyond. Analysts at McKinsey recently surveyed business leaders about their expected strategies for addressing the top sociopolitical issues for the next few years. The analysts also discussed how business leaders hope to manage their product and service lines to maximize profits while addressing key issues. Here's a summary of the findings.
Business leaders expect the following to be top issues over the next five years:
- Environmental issues 57%
- Privacy and data security 29%
- Demand for healthier/safer products 24%
- Demand for ethically produced goods 17%
- Affordability of products 18%
Business leaders see business opportunities (and limited risks) associated with the top issues as follows:
- Demand for healthier/safer products 47%
- Demand for more ethically produced goods 45%
- Affordability of products 39%
Agencies may be able to find new business by anticipating that companies will engage in ethically producing goods that are healthier and more affordable in the next five years. Another key finding of the study indicates that 45% of businesses turn to media and public relations while 27% turn to marketing and advertising to manage their response to sociopolitical issues.
To read the complete analysis, register at McKinsey.[Source: From Risk to Opportunity — Sociopolitical Issue, McKinsey Global Survey, Fall 2008]