Stock Exchange index exhibits a declining trend over last one year. Synopsis Understand the political system in Turkmenistan through analysis of key figures in the country and governance indicators. Understand the economic situation in Turkmenistan through a balanced assessment of core macroeconomic issues.
Unlike the micro environment of a retail store, companies in the retail industry usually cannot influence or change the macro environment and must adapt to changes as they arise. The macro environment includes economic, technological, societal and governmental influences. A retailer must understand the role of each to compete within the retail industry.
The Role of Technology in the Macro Environment Technology not only creates new products for retail companies to sell, but also plays a major role in changing the way retail companies do business. Technological advancements such as the internet offer retail customers additional shopping options.
Technology also opens new retail markets, with auction platforms like eBay and web-based retailers such as Amazon.
Barcoding and computerized billing systems have improved the retail industry by allowing retailers to develop new processes that increase efficiency. Point-of-sale systems increase sales by allowing retailers to process cash, check, credit- and debit-card payments.
The Role of Government Laws, regulations and other government policies can have a number of positive or negative effects on the retail industry. Government assistance, such as government-backed loans and subsidies, can help fledgling retailers grow or allow an established company to keep costs low for consumers.
However, government policies can also hinder businesses by imposing regulations that increase costs, such as requiring the development and integration of new systems or procedures or establishing a minimum wage that small retailers may not be able to afford.
The retail industry also relies heavily on government-supported road and transportation infrastructure to move goods and bring customers to retail locations. The Role of Economic Factors Retail sales are driven by the economic environment. A robust economy correlates to an increase in consumers' disposable income, increasing sales and allowing retailers to sell more valuable goods, such as high-end electronics.
On the other hand, a sluggish economy decreases consumer confidence and can cause people to spend less, leading to declining sales and forcing retailers to lower prices. Economic and governmental factors often overlap in areas such as corporate taxation, import and export laws, and inflation, which can decrease consumer purchasing power.
The Role of Social Factors Changes in social values and trends impact the goods retailers sell and how retailers relate to consumers. The retail industry is often under pressure to develop and implement socially responsible business practices, such as selling environmentally-friendly products, placing warnings or restrictions on potentially harmful goods, and removing recalled or controversial products from the shelves.
Again, government and social factors overlap in many areas including employment discrimination and, in some states, the recognition of same-sex partners as legally entitled to employer-provided benefits. Retailers that fail to conform to new social norms often lose business to companies that are willing to adapt to changing societal values.
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As a high school student, she offered financial literacy lessons to fellow students.PESTEL is a strategic analytical tool used to assess the impact of external factors on businesses.
The acronym stands for political, economic, social, technological, environmental and . The Paints and Coatings Industry reached $ ashio-midori.com during the late Os, the U.S.
share of world exports held firm at approximately 9 % and the balance of trade grew substantially from $ million to $ million. The purpose of undertaking customer analysis as part of a business plan is to examine the consumers most likely to purchase your product or service in-depth.
Brands can establish different groups of customers and the needs of those customers. Analysis of the Electric Vehicle Industry Primary Authors Jennifer Todd is an Economic Development Associate at IEDC. Jess Chen is a Research Fellow and a PhD candidate at American University. Frankie Clogston is an IEDC Consultant and a PhD candidate at Johns Hopkins University.
Parts of the PEST analysis e.g. Technological, present information and opportunities on how Strand Game Group LTD can explore in future editions of the developing products and future products. Documents Similar To PEST Analysis1. Skip carousel. carousel previous carousel next. Global Toy Industry.
uploaded by. Class Exercise Doing a. The global toy market is an $ billion industry and it continues to grow by an average rate of % each year.
From just to , the industry saw a 4% jump in growth. While the toy industry itself is strong and growing, the industry in France shows a similar, if not stronger, version of the same trend.