Consider the Political Environment for the Areas that Your Business will Trade - Management Assignment Help

Assignment Task:

Task:

Market and Situational Analysis

9. PESTLE Analysis

P = Political; Funding from the government.

Consider the political environment for the areas that your business will trade and operate in. Is there a stable political system? Do you need to win support to be able to operate? Where is the government spending money?

Provide two key points that will impact your business. Explain in detail how this could impact the business.

E = Economic: inflation, exchange rates.

Here you should look at the factors that affect your consumer’s purchasing power and spending patterns. What is the economic environment that you are operating in? Is it a growth, recovery or recession? What is the current interest rate i.e. is it increasing or decreasing? What is consumer confidence like? Will the current exchange rates affect consumer purchasing?

Provide two key points that will impact your business. Explain in detail how this could impact the business.

S = Social; Changing social climates, Lifestyles, Average Age Population

What are the social and demographics trends? Is the population aging? Is there an increase in the number of people who have English as a second language? Are family structures changing? Are there changes in the level of education?

Provide two key points that will impact your business. Explain in detail how this could impact the business.

T = Technology; Email, Innovations that may impact your business or the industry.

Provide two key points that will impact your business. Explain in detail how this could impact the business.

L = Legal; There are certain laws that affect the business environment.

This can include safety standards, Consumer law and labour laws.

Provide two key points that will impact your business. Explain in detail how this could impact the business.

E = Environmental; Do you need to review your products to incorporate environmental considerations and trends?

Consider the current environment and how it could impact your business.

Provide two key points that will impact your business. Explain in detail how this could impact the business.

10. Industry trends and Innovation

At least four industry trends identified

Is the area experiencing population growth? Are there long-term employers in the area? Is the region's economy stable? Are there seasonal variations?

What trends are emerging in your city?

What recent trends have emerged in the market? I.e. healthy eating, time poor families, people seeking unique experiences.

Also consider marketing trends and customer management / relationship building

What growth potential is available and where do you fit in? The ABS website can be helpful for gathering data on population growth – www.abs.gov.au

What innovation is impacting the trends and the industry.

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