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White Lotus Wellness Centers - Research Paper Example

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Every business is affected by external factors as well as internal ones. While internal factors are controllable to a certain level, external factors are completely out of the control of the management. A PESTEL Analysis plays a very important role in the analysis of a business and its macro environment…
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White Lotus Wellness Centers
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White Lotus Wellness Centers: PESTEL Analysis Every business is affected by external factors as well as internal ones. While internal factors are controllable to a certain level, external factors are completely out of the control of the management. A PESTEL Analysis plays a very important role in the analysis of a business and its macro environment. It involves an analysis of the impact that various Political, Economic, Social, Technological, Environmental and Legal factors can have on the functioning of the business. (marketingminefield.co.uk) A PESTEL Analysis helps the managers in making decisions for the betterment of the company. It helps them to categorize the various factors such as changes in laws, taxes, demographics, trade barriers, etc. (oup.com). The PESTEL Analysis is categorized as follows. Political Factors: Political factors refer to the government regulations that are prevalent in the country and can affect the running of White Lotus Wellness Centers such as the tax policy, employment laws, environmental regulations, trade restrictions and tariffs and the political stability of Chicago as well as the USA. (quickmba.com). These factors affect the smooth running of any organization. For instance, an unstable political environment can render chaotic to the organization due to sudden changes in policies. Economic Factors: These are factors that affect the purchasing power of the target audience, such as the economic growth of the country, existing interest and exchange rates and the rate of inflation. All these factors can have an impact on the business of White Lotus Wellness Centers as a diverse variation can erase their customer base. For instance, a sudden increase in the rate of inflation leads to people thinking of different ways to cut costs and expenses and this could lead to cutting down of the customer base for White Lotus Wellness Centers, in spite of the fact that they have a prevalent customer base that is willing to pay the price for a good wellbeing. Social Factors: Social factors refer to demographic and cultural aspects of the firm’s macro environment. It includes changes in the lifestyle patterns of the target audience and their attitude towards various social issues. This plays an important role for White Lotus Wellness Centers as there are many factors such as obesity and a fast food culture that has ensured that the children of America are unfit. Once the people realize this, they will definitely reach out to the programs they have developed to help curb this. Technological Factors: Technology plays a very important role in every situation. Technology makes things simpler and thus gives people more time to do other things. For White Lotus Wellness Centers, use of technology is even more important as these developments benefit both, the customers, as well as the organization. White Lotus Wellness Center has various treatments that rejuvenate their customers. To continue to satisfy their customers, they need to indulge in a lot of research and update themselves with the latest technology that will leave their customers more satisfied. Also, they can add on seasonal wellness packages to add some enigma to the whole experience, such as citrus based coolers in the summer season for better effect. Environmental Factors: These include weather and climatic changes or any other change in the immediate environment that can affect the business. Today, organizations are trying very hard to be environment conscious and to erase their carbon footprint. For organizations like White Lotus, that are doing so much for the wellness of their clients, it is imperative that they do something for the wellness of the environment too. It’s all about giving back. Legal Factors: There are various laws that a country operates on and expects its organizations to work on as well, such as Consumer Laws, Competition Laws, Employment Laws and Health and Safety Laws. These play an important role in the functioning of any organization. White Lotus Wellness Center will need to take this into account for its running and must ensure that its policies do not cross any lines in this regard. For this, they must ensure that they are well aware of all the existing laws and legalities in the business. Keeping in line, will only be beneficial for White Lotus Wellness Centers. It will ensure that they are in the limelight only for the right reasons and will give them a lot of positive feedback. REFERNCE: marketingminefield.co.uk. PESTLE Analysis – Marketing Plan. Retrieved on April 14, 2011, from http://www.marketingminefield.co.uk/marketing-plan/pestle-analysis.html oup.com. PESTEL Analysis of the Macro Environment. Retrieved on April 14, 2011, from http://www.oup.com/uk/orc/bin/9780199296378/01student/additional/page_12.ht m quickmba.com. PEST Analysis. Retrieved on April 15, 2011, from http://www.quickmba.com/strategy/pest/ whitelotuwellness.com. White Lotus Wellness Center. Retrieved on April 15, 2011, from http://www.whitelotuswellness.com/default.html Read More
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