Some of the main questions in this assessment are like:
- What are the principles of marketing in the real-world case.
- Make an effective research for the new market area.
Starting a business is primary step which is needed to be taken by the investor whenever they thinks of involving themselves within the commercial sector. The business idea which has been developed for this respective file is starting a Salon services in UK as demand and needed regarding the beauty products never declines as there is huge possibility that company might earn huge amount of profit in it. The main reason to enter in this market is just because if the information which I have collected from different sources. This will directly help to incorporate the business and still required of firm's have not been started due to which there is huge possibility that aim can be fulfilled easily. The name of the firm is Scissors & Style which will be incorporated in London as it is one of the city where people mainly focus on beauty products which will helps to attain the goals on specific time period.
Evaluation of The Current External Environment (PESTLE)
PESTLE analysis is the analytical tool which can be used by business organisation for the purpose of find the current situation of external market so that future changes can be done accordingly. Here, PESTLE stands for Political, Economical, Social, Technological, Legal and Environmental (Cooke, E. F., 2015). In context of Scissor & Style, it is needed to understand that can easily determine the external factor which can affect them at the time of accomplishing their goal. Below there is the detail explanation PESTLE in context of Scissor & Style.
It is the external factor which is completely related with the political and government decision which are being taken from the house of parliament. It includes government policies, trade restriction, corruption etc. In terms of Scissor & Style, it can be said that company can easily perform their business activity as UK is one of the area which is itself known for political stability where long term decision can be taken for attaining the goals of a company.
It is the factor which determinant of an economic performance which has a direct impact on the performance of a company. Different factors which are mainly included in it are related with economic growth, inflation rates, interest rates exchange rates etc. In context of Scissor & Style, it is one of the factor which will have directly or indirectly have a impact on the performance of a firm because it will increase the overall expenses due to which profit earning may decline in a significant manner.
It is the factor which scrutinize the social environment of the market. It is needed to understand for any of the company that they must work according to the needed and cultural trend if objectives are needed to be achieved within the specific time period. Discussing about Scissor & Style, it is needed to understand for their employees that they must adopt changes as per the trends of a market if they want to sustain within the market. Company might get affected because of this factor because they needed to keep update themselves and it incurs additional expenses.
This factor includes innovation and introduction of latest technologies which customers like the most (Scanning the Environment: PESTEL Analysis, 2016). There are number of situation where this types of technologies are always helpful because it helps to complete any of the work in short period of time due to which working condition becomes easier and faster. While talking about Scissor & Style, it is the factor which they must consider because it will help them to attract more number of customers towards the organisation. In short, although it will enhance the expenses of a company but still there will be more possibly that they can develop the brand name in short period of time by using different types of technologies.
It is needed to understand for any of the business organisation that they must work as per the legal laws and formed by the legislative body of the government. There are certain terms and conditions which are needed to be followed by the company in order to accomplish the goals. In context of Scissor & Style, they are required to take decision considering each and every guidelines mentioned in legal factor which can directly affect working policy of a firm. It can be one of the external factor which can affect the newly incorporated firm.
People are various conscious towards environment as they mainly factor on this activity which doesn't affect environment (Baines and et. al., 2017). In context of Scissor & Style, they have planned to use organic creams and beauty products within their salon so that customers will be delighted to use the services of a company. This factor might affect the working policies of a company if they uses different products as per the climatic situation because in that particular situation it might react on the customers of a company.
This are some of the external factor which are needed to be focused by the business organisation like Scissor & Style because that is the only way through which their targets can be accomplished in specific ti