Identify And Explain The Links Between Your Analyses Of External Influences And The Development Of Your Marketing Strategy. Unit 3 Marketing C1

2243 words - 9 pages

Identify and explain the links between your analysesof external influences and the development of your marketing strategy.PEST:Political/LegalEconomicSocialTechnologicalPolitical:The Trades Description Act, 1968:This is one of the most important legislation in the control of advertising. This law states that the products that we sell on our stall BLING BLING must correspond to the claims made for them in advertisements. So it is therefore illegal for our business to advertise on the posters which are hanged around the school stating "real gold bracelets" when in actual fact our bracelets are not real gold they are only painted in gold colour. The descriptions of our jewellery that we are selling must be provided accurately. This Act prevents all businesses from misleading the consumer about sales.The Advertising Standards Authority:This is a body set up to monitor advertising in the UK. It is responsible for making sure that advertisers conform to the British Code of Advertising and Sales Promotion Practice. This code stresses that advertisements must be legal, decent, honest and truthful and must not cause grave or widespread offence. So therefore it is illegal for our business BLING BLING to advertise on posters which are hanged around the school, or of flyers that are distributed in and around the school stating that "real silver plated jewellery sold at our stall" when in actual fact we don't sell real silver plated jewellery. Our business must advertise truthfully stating what products our business BLING BLING has to offer to our customers.Economic:Interest rates:If interest rates are raised by the Bank of England this will make borrowing by businesses more expensive and might even lead to cancellation of investment projects. Higher interest rates will also hit the pockets of many consumers. They will find it more expensive to borrow money on credit and their mortgage repayments will increase. This is likely to lead to fewer sales being made even within our business BLING BLING, this is because many of the students who come to our school, their parents may be having financial problems because of higher interest rates, therefore the children will not be getting any pocket money to spend, so therefore they will not be able to afford to buy our jewellery etc that we are selling at our stall, this will mean that sales will decrease and we will not make enough sales to make a profit and become successful. In order for our business BLING BLING to continue to make as much sales as possible it will be necessary for our business BLING BLING to lower the prices of our products e.g. we will need to lower the price of the bracelets which we are selling etc, this is to ensure that the pupils at Small Heath School can afford to buy our products. We will also need to constantly be aware of any interest rate changes that may occur, this is in order for our business to keep the prices of our products affordable for our consumers.Secondly if bank lending or...

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