Developing Market Plan Essay

864 words - 4 pages

The third part of a successful market plan development is PEST. It shows if the business is on the right track or not. It also assess the market by showing the external environment surrounding the business. It mainly bases on current facts like the economy growth or inflation. It shows the government regulation and the current political situation.
PEST is an abbreviation of Political, Economic, Sociocultural and Technology. First political situation, in the United Kingdom the political situation is very stable, in 2010, a new government was assigned, and this government has raised the variable added taxes from 15% to 20%. It also has an EU trading agreement which allows people to buy products from outside the country but with specific limits. Nowadays the United Kingdom have some problems going on with the EU as the UK went to step out of it. Having a stable political situation will help to increase the sale of Zoe as it has been stable for a long time and there is no signs for wars. At the same time, the increase in VAT might affect sales as people will have to pay extra money to get Zoe. In case the UK stepped out of the EU, this might affect Zoe’s sale as it will be harder to import Zoe and new laws will be made regarding importing. Now there are not too many laws about importing as they are part of EU trading agreement.
Economic situation in UK has been unstable since the 2008 recession but it started to pick up again in the past couple of years. According to the BBC, Chancellor George Osborne said that the UK is heading in the right direction. In 2013, the economy grew by 1.9%which is considered to be the fastest growth in Europe, also there was a GDP growth of 0.5%. GDP currently in the UK is $39,171 which is approximately equals £23,404.55. It is a good sign for Zoe as people will have more money to spend. Also the interest rate is considered. It is also an advantages for Zoe as the current interest rate is 0.5% and according to the BBC Bank of England said that there will be no change soon. Also the unemployment rate has declined to 7.2% which is a good sign as good as the interest rate. On the other hand, the inflation target now is 2% which is set by the government. The current inflation rate is 1.9% which is still good for Zoe but inflation rate has been unsteady for the past decade. This will make people more scared to...

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