Markets and Marketing Essay Example | Topics and Well Written Essays - 3000 words

Markets and Marketing - Essay ExampleSocio-cultural factors include health consciousness, age distribution, people growth, individuals career tastes, and safety concerns. Statistical data show that UKs endure 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 character 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 totalting infections. Secondly, a detailed study of expert 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 UKs technological sector has undergone tremendous changes over the last two decades and hence the countrys technological sector offers a hunt 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. UKs head developed transportation sector also offers better scope to Toms plotted acquisition project. In short, technological factors can greatly bestow 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 world(prenominal) financial crisis 2008 negatively unnatural the economic growth of United Kingdom despite the monetary measur es 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 non 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 disassemble the political status of the market in which the planned project is going to be launched. The UKs political spectrum seems to be stable. Faster economic development has stimulate the mantra of the UK politicians and hence they try to promote countrys occupation 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 acquisitio n project comes under the category of small scale business, Tom would obtain greater support and assistance from the UK government. The UK governments 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,