favourable for new businesses like Quit to start operations Corruption levels

Favourable for new businesses like quit to start

This preview shows page 11 - 14 out of 23 pages.

favourable for new businesses like Quit to start operations. Corruption levels are also low in country it means Quit can easily avail legal services such as license, property rights without delay and extra cost. 11
Image of page 11
Economic Lower interest rates (tradingeconomics.co m, 2020) Increasing GDP (tradingeconomics.co m, 2020) Interest rates are low in UK; it indicates that people can avail loan at low cost. Quit can also use loans to invest in business without affecting operational cost. Increasing GDP of country indicates growth in demands of products and services. Hence, Quit can create new demands without compromising on margins. Social Increasing population Higher literacy rate (macrotrends.net, 2020) Population growth indicates higher demands in country. UK population has diversity therefore large number of customers can be targeted based on income, age and culture. Educated people are more concerned about health and nature. Quit can easily create customer base by offering healthy non alcoholic products. Technological Internet users (ons.gov.uk, 2020) Growing popularity of internet can help Quit to increase its marketing reach through online channels. Legal Companies Act, 2006 (legislation.gov.uk, 2020) Consumer rights Act, 2015 Legal compliances are necessary to ensure safety and quality among employees and customers. Quit also complies with companies Act and maintains legal status through registration and licenses. Quality standards are followed to offer healthy and fresh food and drinks items at Quit . Environmental Increasing pollution Increase in pollution has increased the need for healthy living among people. Quit would use natural ingredients without harming nature. Chemical and preservatives would not be used in food and 12
Image of page 12
drinks to maintain quality. Table 2: PESTLE SWOT Strengths Diversified product portfolio would help in meeting diverse needs of customers. Use of natural ingredients and no use of chemical would products healthier than substitute available in market. Weaknesses Seasonal availability of ingredients would affect the menu and products. Weak brand name and less customer recognition can affect business in first few months. Opportunities Partnerships and expansion can help in creating name and increasing demands for business. Use of technology can help in improving service quality and increasing margins. Threats Competitive market can be threat for business as competitors are coming up with new ideas and strategies. Change in customer preferences and market environments can affect business operations. Aims and Objectives To increase number of customers through marketing and promotion To create strong brand name by offering quality products and services To increase sales by offering affordable prices for various customer groups Strategies Segmentation- Market segment used by Quit would be based on demographics of people. It would help in focusing on customers from different income and age group.
Image of page 13
Image of page 14

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture