Internally, it competes with other brands categorised in the luxury tier within Kering, such as Gucci, Alexander McQueen, and Bottega Veneta.
Lets look at each of these macro-environmental factors in turn. This can include — government policy, political stability or instability in overseas markets, foreign trade policy, tax policy, labour law, environmental law, trade restrictions and so on.
It is clear from the list above that political factors often have an impact on organisations and how they do business.
Organisations need to be able to respond to the current and anticipated future legislation, and adjust their marketing policy accordingly. Economic Factors Economic factors have a significant impact on how an organisation does business and also how profitable they are.
Factors include — economic growth, interest rates, exchange rates, inflation, disposable income of consumers and businesses and so on. These factors can be further broken down into macro-economical and micro-economical factors.
Governments use interest rate control, taxation policy and government expenditure as their main mechanisms they use for this. Micro-economic factors are all about the way people spend their incomes. This has a large impact on B2C organisations in particular.
Social Factors Also known as socio-cultural factors, are the areas that involve the shared belief and attitudes of the population.
These factors include — population growth, age distribution, health consciousness, career attitudes and so on. These factors are of particular interest as they have a direct effect on how marketers understand customers and what drives them.
Technological Factors We all know how fast the technological landscape changes and how this impacts the way we market our products. Technological factors affect marketing and the management thereof in three distinct ways: New ways of producing goods and services New ways of distributing goods and services New ways of communicating with target markets Environmental Factors These factors have only really come to the forefront in the last fifteen years or so.
They have become important due to the increasing scarcity of raw materials, polution targets, doing business as an ethical and sustainable company, carbon footprint targets set by governments this is a good example were one factor could be classes as political and environmental at the same time.
These are just some of the issues marketers are facing within this factor. More and more consumers are demanding that the products they buy are sourced ethically, and if possible from a sustainable source.
Legal Factors Legal factors include - health and safety, equal opportunities, advertising standards, consumer rights and laws, product labelling and product safety.
It is clear that companies need to know what is and what is not legal in order to trade successfully. If an organisation trades globally this becomes a very tricky area to get right as each country has its own set of rules and regulations.
We hope that you have found the above information useful.Fashion has come a long way in 20 years, as the rise of online and Asian manufacturing drove significant change. Rebecca Thomson charts the trends that have changed the sector.
"Pestel Analysis Karen Millen" Essays and Research Papers Pestel Analysis Karen Millen PESTEL Analysis In this part all factors, which influence the company as a whole but are out of their direct control including wider . Drapers is the unifying voice of fashion multiples, independents and brands who want to grow and evolve in an ever-changing industry.
For the last years our content has been relied on by professionals as a source of breaking news, expert analysis and independent opinion. Upmarket fashion retailer Karen Millen is overhauling its systems to support international growth and in-store technology, as well as developing its omnichannel view of stoc, increasing its efficiency and cost-effective channel.
The Retailer Analysis on Karen Millen provides indepth information on Karen Millen and its trading operations in United Kingdom, to fully analyse all aspects of Karen Millen so that users have all the information necessary to enable an objective appraisal of the company's retail and other activities.
Established back in , today Matalan is one of the UK’s leading value retailers, and is currently overhauling its supply chain capabilities to adapt to its growing multichannel arm.