Regulatory & Economic Environment Assignment - Essay Example

Download file to see previous pages This is also the same for the company to do in an effort to eliminate the competition threat by creating a rather precise marketing plan. The best way to do this is by carrying out a SWOT analysis of the competitors alongside the PEST analysis for a target market. Focusing on the Strengths of the competitor, one recognizes that the company has an already established base in the Asian market and that the deals they are offered are rather superior and worthy seeing as they are already acquainted with the suppliers in the region. A weakness that one can identify in terms of the manner through which business is run is acknowledging the fact that the competitor’s brand has not fully settled in the retailers market. The main reason as to why Brought Kitchens identified the company was the high amounts of sales that it had started making and this was due to a shift in the customers who go for cheaper products. However, accommodating this is one of the most effective strategies to carry out. Opportunity comes in from the fact that the suppliers, unlike customers do not have a specific product of preference or rather do not have favorite retailers. This gives the company an opportunity of identifying itself with the Asian market. The threats however are in terms of the licensing and revoking of their earlier deal with their former European counterparts in case of anything. Part b Going through the political stature of the Asian market and target markets is important in understanding whether the country is trustworthy for investment and reliance in terms of business. Economic state is also vital in that one gets to understand and have prospects of the prices of the commodities. On the other hand, social factors come into play when attempting to understand the nature of people in the area and their attitude towards foreigners. Technology is also important to comprehend whether the people in the area accept changes in terms of technology which basically happens in close intervals. Putting all these factors into consideration assures the company of prosperity in its ventures. Question 2 Part a Dj Sports as stated has had its name in the market for a very long time and the fact that its policy, “Our name sells itself” is a rather confident one that it shows that there is no need of carrying out advertisements and signing labels just to get their products to the market. However, seeing as there are other companies that have come up in the contemporary environment, a challenge has been posed and the company must act in an effort to keep its product running, a market assessment has to be carried out. Engaging in the SWOT analysis of the company comes in as a key strategy. The fact that the company has been in the market for long in itself is a very large strength seeing as they have earned the reputation and trust of the customers. A weakness however is the fact that the company has decided to lay back and not take on any key advertisements as opposed to competitors. Advertisements ensure that the product reaches a wide range of customers and if they do not see the DJ line in advertisements, it is hard for them to choose a product that they know little or nothing about. An opportunity presents itself from the fact that customers believe that the company ...Download file to see next pagesRead More