Examples Of Political-New Legislation To Follow So The Business Approach Changes

BSBMKG622 Task 1

1. Political - New legislation to follow so the business' approach changes

Economic - Inflation changes the discounted price or sales price of the business' marketing approach

Social - the taste and lifestyles of customers as the basis

Technological - Advertising thru social media or other platforms to expand sales

2.

Trend Examples

Provide two for each trend.

Economic conditions Inflation, exchange rates

Labour market Unemployment rates, individual wages

Society and culture Consumer's lifestyle, demographic

Business and economics Human behavior and decisions, exchanging good and services

Technology Production, marketing

Resources and the environment Temperature, land

Legislation, policy and regulation Business,

It provides a bird's eye view of the entire environment from many different angles that one may want to check and keep track of while considering a specific idea/plan.

Moreover, PESTLE uses in strategic analysis as it determine the products and services that a business may offer to its target clients or customers. An effective strategic analysis is determine if an approach results on higher income or reach out a wider variety of customers.

Thru the analysis of PESTLE, a business may prepare from various questions that may asked in making marketing approach such as; Could any pending legislation or taxation changes have an impact on our business, either positively or negatively? Are customers' disposable income levels increasing or decreasing? How is this likely to change in the coming years? What are our society's levels of health, education, and social mobility? How are these changing, and what effect does this have? Are there any new technologies that we could use that our competitors are using? How will we source, trade, and test our products? Are we in compliance with data protection laws in all of the countries where we operate?

5.

Target

This should include a summary of the position, key responsibilities, and required qualifications and experience.

Organizational Chart: An organizational chart can be used to show the structure of the marketing department and the relationships between different team members. It can also be used to show how each team member's role fits into the overall marketing strategy.

Standard Operating Procedures (SOPs): SOPs document the procedures that the marketing team follows to complete specific tasks. This can include how to create a marketing plan, how to conduct market research, how to create and execute a promotion, etc.

Marketing Plan: The marketing plan should document the overall goals, objectives, and strategies for the marketing department. It should also include detailed information about target markets, positioning, messaging, and budgeting.

Performance Metrics: Metrics should be established to measure the success of the marketing plan