HNC Business
Principles of Marketing
Pest Factors Essay
Table of Contents
Title Page Number
Introduction - 2 -
The Marketing Mix - 3 -
Product - 4 -
Price - 5 -
Promotion - 5 -
Place - 6 -
Over View on the 4 P’s - 6 -
Pest Factor Analysis - 6 -
Political Factors - 8 -
Economic Factors - 9 -
Social Factors - 10 -
Technological Factors - 11 -
Conclusion - 12 -
Appendices - 14 -
Bibliography - 15 -
References - 16 -
Introduction
This article has been produced to outline the analysis’ and strategies used within marketing, which should be adopted within the organisation in order for it to have a successful Marketing strategy.
Throughout this article I am going to look at:
1. The internal
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External factors can sometimes present them selves as a threat, therefore the term ‘PEST’ would be an appropriate name in this case.
Researching and understanding the organisations external environment can give you a competitive advantage and also minimises risks. This way the organisation can be aware of market growth, or decline and can also look at the future potential and direction it success at a lower risk.
The PEST Factors Analysis is frequently worked within a strategic SWOT analysis.
The SWOT analysis is used to look at the organisations: Strengths, Weaknesses, Opportunities and Threats. See Diagram below:
Using the PEST Analysis looking at the four factors: Political, Economy, Social and Technological using the Retail Sector as an example, these are the main, topically elements that make up each of the factors:
Political Factors
Political Factors are things which include:
1. Government Legislation
The are many Legislations, Laws and Acts that all organisations must adhere to. Looking at the Retail Sector, there are trading agreements, which determines trading hours, for example trading hours on Sunday is only 6 hours, however in recent years laws have changed to allow big super stores such as Asda to be able to open 24 Hour, except of course on Sundays. There is legislation which looks after employee’s welfare for example working hours and breaks.
As most retail
The SWOT analysis is commonly known as a tool for business analysis. Its main use is for looking at strengths and weaknesses to do with the organisation, current or future opportunities and possible internal and external threats. These can then be dealt with to make them into a positive.
SWOT analysis provides a structure for analyzing either your own strengths and weaknesses, and the opportunities and threats you face, or in a work context for analyzing the strengths, weaknesses, opportunities and threats a business or event faces. Ideally it is one step in a process which helps you to
PEST is creation for Political, Economic, Social and Technological. This investigation is utilized how these four external factors influence to business circumstance. Essentially, a PEST investigation helps you decide how execution and exercises are
PEST ANALYSIS ON TARGET CANADA BY GRACE NWACHUKWU. October, 2014 Business News Daily, 2013 explained PEST Analysis (Political, Economic, Social and Technological Analysis) as how those external factors can affect a business’s activities and performance… The article further explained that aside the fact that some organizations already have factors affecting their performance, there are some factors outside the organization that can determine the positive result of business. For those organizations to determine how those factors outside the organization can be of positive impact, they decide to conduct a PEST Analysis.
PEST is an acronym used for companies with in the political, economic, social and technological views. PEST allows companies to view and observe certain areas that might have been overlooked. The company I will be discussing the PEST analysis is Target. Target is a large scale company and is constantly changing in the industry. The political views of Target is that they must have an unbreakable bond with China due to majority of its products coming from that country. They must be aware and stray away from any conflicts because it can create a negative affect in the operation of Target. Also the company is altered by taxation, tariffs, cost, and trade restrictions especially when they're trying to broden outside the United States. The economic
PEST analysis will be able to be utilized to help detect trends in the external environment that will eventually discover their method into the competitive environment. It gives a relation between the general and competitive environments in that weak signals in the general
SWOT Analysis is a simple but useful framework for analyzing your organization's strengths and weaknesses, and the opportunities and threats that the company face. It helps you focus on your strengths, minimize threats, and take the greatest possible advantage of opportunities available to you will giving you the opportunity to ward off possible threats from external sources.
Swot analysis refers to the strength, weaknesses, opportunities and the threats that a business faces. Every company has its strengths, weaknesses, opportunities and threats that it faces.
A strengths, weaknesses, opportunities, and threats (SWOT) analysis is a situational analysis in which internal strengths and weaknesses of an organization, and external opportunities and threats faced by it are closely examined to assist management with planning and course correction (BusinessDictionary.com). Managers can use the results SWOT analysis to determine how competitive the organization is in its industry and to develop an effective organizational strategy. Though commonly associated with for profit organizations, SWOT analysis also are carried out by public institutions such as, hospitals, government agencies, and schools. The County College
SWOT, which stands for strengths, weaknesses, opportunities and threats, is an analytical framework that can help your company face its greatest challenges.
SWOT analysis covers the strengths, weaknesses, opportunities & threats which a company is facing in its internal & external environment. Strengths & weaknesses fall under the internal environment of the company and opportunities & threats fall under the
In PEST analysis, we will look into what will be affect by the business environment. It includes political environment, economical environment, social environment and technological environment.
SWOT Analysis SWOT Analysis is a very effective way of identifying your Strengths and Weaknesses, and of examining the Opportunities and Threats you face. Carrying out an analysis using the SWOT framework helps to focus activities into areas where the business are strong and where the greatest opportunities lie. Strengths: * What advantages do you have?
A SWOT analysis is a tool used to identify the strengths, weaknesses, opportunities and threats of an organization. A SWOT model measures what an organization can or cannot do as well as the possible opportunities and threats. This is done by taking data from the organization’s environment, analyzing the information and separating it into the internal (strengths and weaknesses) and external (opportunities and threats). When this is completed the analysis can create a plan for the organization to achieve its goals, and identify what difficulties must be overcome to attain
The process of SWOT analysis is a universal method widely approached in corporations to scan the internal and external environment so that companies can deploy relevant countermeasures to make improvements. It contains four elements, they are strengths, weaknesses, opportunities, and threats (Helms & Nixon, 2010).