Tiny Tees: Case Study Question 1 The STEP analysis is of great scope and relevance in gaining information about “Tiny Tees”. The term STEP is an acronym for Socio-cultural, Technological, Economical, and Political assessment. As given in the case scenario, the brand started commenced its operations only seven years ago…
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Socio-cultural factors include health consciousness, age distribution, population growth, individuals’ career tastes, and safety concerns. Statistical data show that UK’s birth rate has increased over the last two years. This increase in birth rate adds value to Tiny Tees. While analysing current UK society, it seems that people are highly concerned about the health of their family members. Hence, people tend to purchase quality cloth materials for their toddlers. Furthermore, trends indicate that people buy more number of baby clothes in order to keep their babies away from the greater risk of getting infections. Secondly, a detailed study of technological factors may aid Tom to assess the risks and opportunities arising out of the UK technological industry. Generally, marketers consider technological factors including research and development activities, technological growth, automation, and innovations. It is obvious that UK’s technological sector has undergone tremendous changes over the last two decades and hence the country’s technological sector offers a range of potential opportunities to Tiny Tees. The UK government encourages and supports technological innovations. Similarly, automation is very effective in the UK and it has been still developing at a greater pace. UK’s well developed transportation sector also offers better scope to Tom’s planned acquisition project. In short, technological factors can greatly contribute to the positive effects of the proposed acquisition. Thirdly, assessment of economical factors is necessary for Tom to understand the financial scope of the proposed project. Researchers have identified that economical factors including income growth rate, interest rates, inflation rates, and exchange rates play a pivotal role in determining the market success of a company. The global financial crisis 2008 negatively affected the economic growth of United Kingdom despite the monetary measures taken by the Bank of England. The profitability decline (given in Table 1&2) of the Tiny Tees can be greatly attributed to this economic crisis. Even though the UK economy is rapidly improving its growth status, it has not been completely recovered from the impacts of global recession yet. Therefore, the STEP analysis may assist Tom to forecast the future economic/growth status of the Tiny Teens effectively. Finally, it is necessary for Tom to analyse the political status of the market in which the planned project is going to be launched. The UK’s political spectrum seems to be stable. “Faster economic development” has become the mantra of the UK politicians and hence they try to promote country’s business sector by every means. As a result, entrepreneurs and other small scale traders get increased financial as well as technical assistance from governmental agencies. This situation will certainly contribute to the development of new ventures. Since the planned acquisition project comes under the category of small scale business, Tom would obtain greater support and assistance from the UK government. The UK government’s current business policies also provide the marketer with extensive future expansion opportunities. In short, the STEP analysis will help Tom to determine whether or not to acquire Tiny Teens. Question 2 To define, “
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(“Markets and Marketing Essay Example | Topics and Well Written Essays - 3000 words”, n.d.)
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(Markets and Marketing Essay Example | Topics and Well Written Essays - 3000 Words)
“Markets and Marketing Essay Example | Topics and Well Written Essays - 3000 Words”, n.d. https://studentshare.org/marketing/1397319-markets-and-marketing.
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