Pest Analysis: Pestel Analysis Of The Filipinos In The Philippines

CHAPTER 6

INDUSTRY ANALYSIS

PESTEL ANALYSIS (Political, Economic, Socio-cultural, Technological, Environmental and Legal Analysis)

Socio-cultural

Even though that Filipinos would greatly prefer rice-meals as a primary staple it is never too late to introduce a new product to the market. The food industry is primarily fueled by tastes and fads. The culture of the Filipino is when they like the food that they eat, regardless of the price they will keep on buying the product. Until their marginal utility for the products completely depleted, this is why the food industry is really fueled by tastes and buying behaviors.

Technological

The unprecedented advancement of technology in the 21st century has brought about huge changes to how businesses are run. A great number of people nowadays are using the internet. Based on the statistics of the number of internet users in the Philippines, for over a decade the numbers of people who have access to the internet ballooned from 5,028,346 to 44,478,808. An increment of almost 800% as shown in the table above . With a total population of 102,250,133, the number of internet users comprise about 43.5%. it is a debatable fact that the internet is now one of the best platforms in which businesses may use to market their product. Social media marketing has also raised its trend since its introduction. A good number of companies use social media as a platform in introducing their product to the market. According to a research