A PESTLE Analysis is one of the most important frameworks of macro-environmental analysis, a framework which is a key part of advanced strategic management. The questions to ask yourself are: What are the key political factors likely to affect the industry? What are the important economic factors?
PEST Analysis is a measurement tool which is used to assess markets for a particular product or a business at a given time frame.
Once these factors are analysed organisations can take better business decisions. PEST Analysis helps organizations take better business decisions and improve efficiency by studying various factors which might influence a business such as political, economic, social, and technology. PEST analysis helps in making strategic business decisions, planning marketing activities, product development and research.
Let's study each individual factor of PEST analysis in detail. It includes government regulations or any defined rules for that particular industry or business.
It also involves study of tax policy which includes exemptions if any, employment laws, environment laws, etc. It gauges the economic environment by studying factors in the macro economy such as interest rates, economic growth, exchange rate as well as inflation rate.
These factors also help in accessing the demand, costing of the product, expansion, and growth. It includes the study of demographics, as well as the target customers. These factors help in gauging the potential size of the market.
It includes study of population growth, age distribution, career attitude, etc.
As we all know, technology changes very rapidly, and consumers are hungry to adopt new technology. It involves understanding factors which are related to technological advancements, rate at which technology gets obsolete Example: Personal selling is also known as face-to-face selling in which one person who is the salesman tries to convince the customer in buying a product.
It is a promotional method by which the salesperson uses his or her skills and abilities in an attempt to make a sale. Personal selling is a face-to-face selling technique by which a salesperson uses his or her interpersonal skills to persuade a customer in buying a particular product.
The salesperson tries to highlight various features of the product to convince the customer that it will only add value. However, getting a customer to buy a product is not the motive behind personal selling every time. Often companies try to follow this approach with customers to make them aware of a new product.
The company wants to spread awareness about the product for which it adopts a person-to-person approach. This is because selling involves personal touch, a salesperson knows better how to pitch a product to the potential customer. Personal selling can take place through two different channels — through retail and through direct-to-consumer channel.
Under the retail channel, a sales person interacts with potential customers who come on their own to enquire about a product.Browse through Washington businesses for sale on BizBuySell.
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After a close evaluation of the external analysis of the grocery industry and SWOT analysis presented in Appendix B, it is crucial to consider internal operational effectiveness of Tesco in the form of identifying critical success factors of the company within the food retailing sector.
Although this focuses primarily on the cosmetic industry, the entirety of the beauty industry typically follows these same general guidelines.
Economic factors: A recession-resistant industry. Unlike many others, the beauty industry is quite resistant to economic recessions. It even survived the Great Recession of The following quantitative information has supported explosive growth in the health wellness program industry.
The last five years has seen a 9% growth rate and the next five years is . Internet scams had become a real problem – My mission is to review all the popular programs that is marketing related like; home based internet business opportunities, services or the newest bizops.