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...

Find Another Essay On Developing market plan

Importants Of HRM Functions Essay

295 words - 2 pages Human Resource Management (HRM) have four main important fuctions such as :- Staffing a) Planning and recruitment - To have a proper reconciliation between the two environmental forces of labour market (demand and supply of labour). To have an idea of their current configuration of their human resource. This will determine the strengths and weeknesses of their present stock of employees.To have a plan as to where they are heading

Kudler Fine Foods Communication Plan Essay

1144 words - 5 pages stores are ideal for international advertising and communications. The communications plan includes evaluating advertising and promotion programs for the new product, the technology trends available to help market the product, compare and contrast the marketing communication strategies for both domestic and international markets and an explanation of differences. Also included in the plan is the evaluation of factors involved in developing and

Definitons of key terms in business studies

562 words - 2 pages characteristics. This segment can then be targeted with appropriate marketing strategies.*Private Limited Company - An incorporated business that is owned by shareholders but does not have the legal right to offer shares for sale to the public.*Strategy - A long-term plan of action, aiming to achieve a specific objective.*Product Development - Aiming to meet marketing objectives by designing and developing new products or by adapting and updating existing ones

FastCeviche business plan

731 words - 3 pages backgrounds in entrepreneurship, supply chain and finance which adds credibility to it. The presentation of the plan is done in steps and is easy to understand. It begins with the product, then the business, its customers, market analysis, competitive advantage and moves on to operations, implementation and financials. As far as the business model is concerned, FastCeviche aims at developing fast food restaurants with a centralized kitchen which

W.L. Gore & Associates Marketing Analysis

1487 words - 6 pages , focus and differentiation as required tools and techniques for the effective marketing plan. These three techniques greatly support the company in coping with the market. TASK 1.3 BCG Vs. Product Life Cycle The Boston Consultancy Group (BCG) matrix and Product Life Cycle matrix both are effective tools and techniques in analyzing the marketing position of a given company as well as in developing strategically suitable plans. Undoubtedly

Developing a Strategic Plan

1894 words - 8 pages Developing a Strategic Plan I. LOOKING AHEAD: PREVIEWING THE CONCEPTS The hard task of selecting an overall company strategy for long-run survival and growth is called strategic planning. II. STRATEGIC PLANNING Each company must find the game plan that makes the most sense given its specific situation, opportunities, objectives, and resources. Strategic planning: The process of developing and maintaining a strategic fit between the

The nature and role of markets and marketing. study notes

1110 words - 4 pages of maximising sales or profit, it must develop and implement an effective marketing plan. - businesses today put a strong emphasis on customer-oriented marketing. The business needs to see itself as a customer-satisfying process rather than a productional process-to achieve a goal of profit the market plan should be the focus of all short term planning for three reasons:1.the marketing plan oulines the strategies to be used to bring the buyer and

The e plan

1562 words - 6 pages will be hearing your presentation as opposed to reading your plan.Elements of The E-PlanExecutive SummaryIn the following text, I provide a one-paragraph summary of each of the slides in the e-plan. Just because a plan is concise, however, doesn't mean developing it is easy. I devote an entire chapter of my book, entrepreneurship.com to each of these slides: what information investors are looking for, how to gather and condense this information

Applying Different Sales Strategies to Meet Market Needs

1207 words - 5 pages Applying Different Sales Strategies to Meet Market Needs Demographics, economic conditions, competition and technology are a few of the many factors a retailer must consider before developing a sales strategy. A well thought out strategy looks at the existing position of the business, both controllable and uncontrollable conditions, and devises a strategy to meet market needs. The strengths, weakness, opportunities and threats (SWOT

WHAT SHOULD THE PRIMARY OBJECTIVES OF 'DEVELOPMENT' BE?

1020 words - 4 pages Developing countries around the world are all different and each will require a unique plan of policies to assist the state implement political and economic reforms. In order for the developing states to implement such systems they need to establish a Commonwealth, provide higher education and training, talent retention and sustainable energy. These objectives will help make the nation presentable to nations will to help build and support

Recommendation for Compensation of Benefits Plan

936 words - 4 pages , including information about bonuses and benefits that is determined by a continual analysis of the competitive job market. Market pay data is a part of our organization's overall strategy to determine equitable compensation. Otherwise, we may not remain competitive" (http://www.worldatwork.org).In developing a market pay study I will obtain a list of companies that have positions similar to our company's positions, and then I would communicate job

Similar Essays

Developing Market Plan Essay

1693 words - 7 pages Marketing plan does not stop by introducing new product. For a successful market plan the company has to focus on other external factors like competitors. It has to encourage people to spend their money on its product. The company also has to focus on how its competitors are doing and why they are preferring the other product rather than their product. Marketers defined this process as Competitive scanning. Competitive scanning is the process

Developing Market Plan Essay

1139 words - 5 pages Another main part of marketing plan is SWOT analysis. It is a useful way to understand how company is performing. It helps in presenting, gathering and structuring data. It also helps in decision making, understanding the current situation and how competitors can affect the company. It can explain what the company is doing and what it can do in the near future. SWOT is an abbreviation of Strengths, Weaknesses, Opportunities and Threats. 1

Changing Corporate Culture Essay

638 words - 3 pages success Now Preferred Clan success is depending on developing human resources Adhocracy success is depending on developing innovative products Market success is depending on Increasing profit Hierarchy success is depending on adhering to the processes and guidelines Total 100 100 After that the responses for the these questioner are collected and average is calculated to define the extent of each culture type inside the corporate

Business Marketing Talking Business Essay

498 words - 2 pages marketing activities.Questions to ask while developing your business's marketing plan include:1. What does my product mean to the market place from a technical and sales perspective?2. Where can my product be sold and how should it be distributed?3. What are the most effective ways my product can be promoted - for example advertising, point of sale, telephone directory?4. What are the most effective pricing structures for my business?5. What are