30 Dec consumer buying
Assignment: Your business strategy in the Global Environment This week’s materials focus on your innovations and creativity in a global environment.
Congratulations! You have just started a new business!
Your assignment this week is to:
1. First tell me what your new business is. Do you provide a service, or a product? Define this business you’ve spent so much time dreaming of starting.
2. Next develop a PEST Analysis using the template below.
3. Finally, describe how you’re going to grow this business in the global environment.
Parts 1 and 3 will be in a combined MS Word document (Body Section). The PEST analysis needs to be placed in an appendix section of this combined paper. Only submit (1) paper that has all three parts. APA formatting is NOT required. You are to use, and cite, no less than 2 outside sources. Minimum of 2 pages (not including appendix section). That is, the BODY of your paper is to be a minimum of 2 pages. Title pages, Abstract and Reference pages do not count to the total.
PEST Analysis Template
Situation being analysed: ______________________________________________________________________
PEST analysis (political, economical, social, technological) assesses a market, including competitors, from the standpoint of a particular proposition or a business.
criteria examples
ecological/environmental current legislation
future legislation
international legislation
regulatory bodies and processes
government policies
government term and change
trading policies
funding, grants and initiatives
home market pressure- groups
international pressure- groups
wars and conflicts
political
economical
CRITERIA EXAMPLES
home economy
economy trends
overseas economies
general taxation
taxation specific to product/services
seasonality issues
market/trade cycles
specific industry factors
market routes trends
distribution trends
customer/end-user drivers
interest/ exchange rates
international trade and monetary issues
CRITERIA EXAMPLES
lifestyle trends
demographics
consumer attitudes and opinions
media views
law changes affecting social factors
brand, company, technology image
consumer buying patterns
fashion and role models
major events and influences
buying access and trends
ethnic/religious factors
advertising and publicity
ethical issues
social
technological
CRITERIA EXAMPLES
competing technology development
research funding
associated/dependent technologies
replacement technology/solutions
maturity of technology
manufacturing maturity and capacity
information and communications
consumer buying mechanisms/technology
technology legislation
innovation potential
technology access, licensing, patents
intellectual property issues
global communications
Note: PEST analysis can be useful before SWOT analysis because PEST helps to identify SWOT factors. PEST and SWOT are two different perspectives but can contain common factors. SWOT stands for strengths, weaknesses, opportunities, threats.
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