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In this way, they can prepare strategically for any changes that need to be made in the organisation or simply to have the awareness of the external market to give them a competitive edge over other firms in the industry.
There are also changes to barriers to entry in given markets Legal: The PESTLE analysis looks specifically at factors which are external to the organisation which will impact on the business.
This is with a view to determining the current role and status of the organisation in relation to its competitors and can be used as a marketing tool.
The gathering of important information is known as a strategic audit which is an audit of both external and internal factors. Whilst the internal audit looks at all aspects internal to the company, we are concerned with the external audit which examines macroenvironmental facts such as PESTLE analysis factors.
The Opportunity and Threats aspect are concerned with the external factors what influences the market and performance.
It can therefore be said that the PESTLE analysis is useful in assessing opportunities and threats to the organisation. Due to the present credit crunch, it is now difficult to secure a mortgage.
Therefore organisations in the property industry are now threatened as their individuals jobs and organisations as a whole have been deeply affected leading to some redundancies. Marketing What is marketing? Marketing is traditionally known as selling and advertising but more modernly known as satisfying customer needs.
It is another tool of strategic management as with the PESTLE analysis as it is setting and achieving long term objectives. The marketing process starts from before the organisation is set up as a marketing assessment can be done to check the profitability of a market.
Marketing also continues throughout the life of a product or service to retain old customers and attain new customers.
The marketing concept is about achieving organisational goals which is determined by the target markets wants and needs and satisfying those needs better than competitors can. The marketing aims are more long term than quick sales as it focuses more on customer satisfaction with a view to retaining long term customers who are satisfied.
This however cannot be achieved without having knowledge of the external factors which is where use of the PESTLE analysis is necessary. For example, it would be difficult to know how to competitively price your product if you do not know how much your competitors were pricing the product at.
There are also different types of marketing concepts. The PESTLE analysis incorporates such issues, for example, when examining sociocultural factors such as health consciousness. This will then to a great extent shape any advertisements or other forms of marketing. But most importantly, through the PESTLE analysis the organisation can assess if they are able to deliver what the customer wants providing i.
A good example is the changes in law on smoking.
These political changes have had a massive impact on clubs and bars. A PESTLE analysis in advance of the changes in law would have given the bars the opportunity to make changes in advance. An example of keeping a customer happy in this incident may be with the provision of heated lamps for cold winter evenings.
It is pertinent to the successful development of the organisation to do regular scans of the external environment as changes can happen swiftly. Whilst having the right marketing mix is essential to the success of an organisation this is not enough without having a good awareness of the external environment in which the organisation operates in.Music industry essay - Cheap Homework Writing Assistance - We Help Students To Get Reliable Essays, Research Papers and up to Dissertations in High Quality Online Essay And Research Paper Writing Company - We Can Write You Affordable Papers For Students The Leading Research Paper Writing and Editing Website - Get Affordable .
Supermarkets attract music buyers aged 30 years and above. The demographic group 25 – 44 years is more at ease buying music while shopping for other items and thus, the supermarkets are attracting more music buyers than the previous years. Home Success Stories Mineral based industry essay help.
Mineral based industry essay help. November 25, November 25, Success Stories. Mineral based industry essay help. 5 stars based on 41 reviews Essay on supreme court uk critical essay language thinking. The music industry is a multifaceted industry having various components which collectively dictate the dynamics of this industry on a regional as well as on a global scale.
The following is the list of the key components of a music industry. El Gamal, Ashraf, "The Evolution of the Music Industry in the Post-Internet Era" ().CMC Senior ashio-midori.com Kate L.
Turabian, A Manual for Writers of Term Papers, Theses and Dissertations, offer constructive criticism on their music and live performance and help artists obtain.
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