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The 7-Eleven company and Indian industry based on PEST analysis - Essay Example

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The retail industry is India’s main source of income and it is thought that it would be the future of India in the coming years because of the improvement that are being done to it. Most of the urban middle class citizens rely hugely on this industry for their income. …
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The 7-Eleven company and Indian industry based on PEST analysis
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Download file to see previous pages The retail industry is India’s main source of income and it is thought that it would be the future of India in the coming years because of the improvement that are being done to it. Most of the urban middle class citizens rely hugely on this industry for their income. However, food and grocery are too contributing greatly to the country’s economy and it is a big part of the retail industry in India. According to research, the food retail industry is growing at a vast rate thought to be approximately 30% and it is believed that the food retail industry would be the driving force in India’s economy. This has been brought about by the pest analysis that is duly understood and used by the retail industries in India (Byars 1999) . The success of any market industry hugely depends on the environment in which the business organization is situated. The study of the environment clearly shows the factors that would affect the demand and supply patterns of a commodity, as well as the cost of the commodity. This is the criteria behind pest analysis that incorporates the idea of understanding the business environment, identifying the factors that would affect the the important variables in an organization that would in turn affect the organization’s demand and supply patterns and the cost of the commodity. The small changes that occur in society affects the operation of an organization in one way or the other and moreover they create an uncertain business environment that affects the functioning of the whole organization (Cooper 2000). Therefore the development of the pest analysis was mainly as a result of the business organizations wanting to know the number of possible issues that affect the business industry and how they would take advantage of their competitors (Porter 1985). This is aimed at enabling the organization to deliver quality services and attract more customers in the industry. Pest analysis therefore groups the environmental factors that affect the functioning of the organization into political, social, economical and technological factors. In addition, PEST analysis examines the effect of these factors and how they interplay each other in the business. Clearly using PEST analysis enables a business organization to take advantage of market opportunities and know how to deal with the competitive threats in the business and the strategic plans of the organization. It is important for an organization to look at the environment before deciding on investing in the new area. The environment dictates the people and other factors that affect the business and thus understanding them is vital to the business success. Environmental analysis should be continuous and it is a show of how the company would plan for the future including coming up with new strategies for the business. An organization’s marketing environment is made up of an internal environment, the micro-environment and the macro-environment. Internal environment includes the technology being used in the office, the internal customers, or how employees are paid. The micro-environment include customers from other parts outside the country, agents and distributors, suppliers of raw materials and the competitors. While the macro-environment include factors such as political and legal factors, economic forces in a given religion. The understanding of these factors and how they affected the Indian industries was a major driving force to the interest and success of the 7-Eleven company in India. PEST analysis has brought about the rapid rise of the food industry in India especially in the 7-Eleven retail giant founded in Texas where it has developed large food stores. Kottler (1998) believes that PEST analysis is a nice business tool that can be used to identify the market growth or the decline of the market and the future directions of ...Download file to see next pagesRead More
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