The Impact Of Political Legal Environment On Business Marketing Essay

The Impact Of Political Legal Environment On Business Marketing EssayThe political and administrative system in a ground dictates policies formulation its implementation and control of personal credit line. Whenever there is a limiting in the political scenario of a country, there pass on be a change in economic policies. This is due to the fact that each and every political party does about promises with the people in their election manifesto. Business activities of a country ar affected by the policies and directions, shelters and control exercised by the prevailing political system. The political environment of a country is influenced by the political arrangings such as philosophy of political parties, ideology of government or party in power, nature and extent of bureaucracy influence of primary groups etc. political stability in the country, foreign policy, defence and military policy, consider of the country and its leaders in and outside the country. The political env ironment of the country influences the business to a huge extentThe legal environment refers to the principles, rules and regulations established by the government and applicable to people. These regulations come through assorted legislations. The government has passed and enacted various Acts. Now due to globalization of economy, it became necessary to make changes in these Acts.Economic environment refers to the aggregate of the nature of economic system of the country, the structural anatomy of the economy to economic policies of the government the organization of the capital market, the nature of factor endowment, business cycles, the socio-economic infrastructure etc. The successful businessman visualizes the external factors affecting the business, anticipating the prospective market situations and makes suitable to get the maximal with minimize cost.IMF TALKS ON TRACKMinister of Finance and homework Dr Peter Phillips moved yesterday to assure nervous Jamaicans and jittery international markets that a new International Monetary Fund (IMF) pact was on track for December.There is a delay in an agreement with the Fund. There is no negotiating, Phillip told the digest of Representatives. There is no sticking point on which ourselves and them (IMF) feel a divergence of any fundamental views.SOCIAL ENVIRONMENTThe favorable dimension or environment of a nation determines the lever system of the society which, in turn affects the functioning of the business. Sociological factors such as costs structure, customs and conventions, heathenish heritage, view toward wealth and income and scientific methods, respect for seniority, mobility of labor retain far-reaching impact on the business. These factors determine the work culture and mobility of labor, work groups etc.Guinness To Give $6.5 jillion In Social Outreach GrantsTen Jamaican projects will today be presented with cash grants tot whollying $6.5 million by the Arthur Guinness Fund as part of its soc ial outreach programme.The devolve three recipients will get $1 million each while the remaining awardees will each receive half a million dollars.Jamaicans have always been entrepreneurial and helpful. Thats why Guinness sought 10 social entrepreneurs who embody this ideal and who are committed to making positive changes in their communities, said Guinness stigma manager Racquel Nevins.TECHNOLOGICAL ENVIRONMENT AND COMPETITIVE ENVIRONMENTThe business in a country is greatly influenced by the technological development. The technology adopted by the industries determines the type and quality of goods and services to be produced and the type and quality of plant and equipment to be used. Technological environment influences the business in terms of investment in technology, consistent application of technology and the effects of technology on marketsTechnological and competitive environmentLessons from the LIME-Digicel warThe social planner desires for the public to enjoy the suprem e surplus from participating in any market. In a market economy, however, suppliers have the discretion of selecting the quality and price of their goods and services. The dilemma faced by the social planner is how to direct economic activity such that merchants choose to supply high-quality goods at the most affordable prices.Many are describing the latest developments in the telecoms firmament as the beginning of a price war. While this description may be apt, it would be more than instructive to appreciate what is unfolding as potent, certain evidence of the importance of opportunity and incentives in social engineering.On June 15, telecoms provider LIME introduced its Talk EZ Plan. Under this optional plan, prepaid mobile subscribers complete calls to subscribers on LIMEs mobile network for $2.99 per minute and to subscribers on Digicels mobile network for $6.99 per minute (pro-rated per second used).This demonstrates that for consumers to benefit from participating in any ma rket, suppliers must be inclined both the opportunity and incentives to offer high-quality services at the most affordable prices.THE BUSINESS PLANMission StatementA published document that elaborate the agreed common aims of a business so that managers and staff may work with a helpingd sense of purpose.It is also a statement of the businesss nerve center aims, phrased in a way to motivate employees and to stimulate the interest by outside groups.The gain in sports can improve the economy in a very positive way. Hence, a mission statement is formulated.To promote the wellbeing of each athlete that represents the country of Jamaica and ensuring that their attitudes and behaviour is accepted globally, to transfer the gains of the sports to enhance the countrys image by donating to charity and sponsoring events, making it easy for them in the outside world and the potential to be an example for other country. We also provide returns and services that nourish and enables growth a nd development.OBJECTIVESThe targets or outcomes that a business will attempt to achieve are its objectives. Overall corporate objectives might include survival, profit market share and growth.The most effective business objectives meet the observeing criteriaS- Specific objectives of what the business doesM- Measurable the business can put value on the objectivesA-agreed by all those concern in trying to achieve objectivesR-realistic the objective should be challenging but also achievable by the resourcesT- time/specific time edge they have a limited when the objectives should achieveThe gains in the sports have also makes objectives for which to be followed to improve the countrys business and economy.The maximizing of profits- the business will ensure that 50% of the gains will be towards the economy/government to improve infrastures and sum ups the standard of living of the country.Each major Olympics to increase the gains by 5% every 4 long timeAll athletes have agreed upon the major objectives in the firm and takes it with deep pride and joy to achieve it as successful as possibleSTRATEGIES abide by good guest relationshipPromote talk to allow the public to be conscious of the project that we are undertakingTo maintain sponsorship to charities and other Non-Profitably governing bodyPromote goods and services to foster growth and developmentTACTICSEmploy a professional receptionist in the organisation so that customer service business will be effectiveAdvertise in the newspaper, television and other means of publication so that the public can be well aware of the various happeningsEmploy a sales and merchandise manager to gather selective information on the divergent charity events taking place and the need for sponsorship in the countryProduction manager is mandatory to ensure that goods and services are provides at the best quality.MILESTONESOn the 29 of September a church eucharist was kept to start off the organisation activitiesOn the 1st of October 2012 Sheikhina Reynolds was employed as the new Receptionist in the Firm. Her main duty is to ensure that good customer service is provided at all times. Hence, been effective and efficient while on her job.On the 5th of October the promotion and advertising was done. This was in aid for the public to be aware of the events and the good and services.On the 10th of October sick a meeting was attended to confirm the Charity Events to be sponsoredOn the 12th a health Care Fair was kept for the community members.On the 15th of October a donation was made to the governmentDUTIES AND RESPONSIBILITIESThe Divine Purpose, awesome and unimaginable, creates and sustains the universe. We cannot accredit that Purpose in the way we know other things. The Purpose cannot be formulated in words, because it abides beyond words, beyond images, beyond our minds, beyond knowing in the ordinary sense. If we could know the Divine Purpose, we would know God indeed we may rightly consider God t o be that Purpose itself.Although we cannot know the Unconditioned Purpose, we may participate in it more or less consciously, more or less intentionally. The Sacred Purpose communicates itself to all of us through our intuition of the rightness of a phone line of action. Faced with a choice, we have an opportunity to do the right thing, to be responsible. Thus, by following our conscience, we enter into a partnership with the Great Purpose. We can follow our sense of appropriateness, rightness, and opportunity to pursue the spiritual path, to serve others, to serve the future.MONITORING AND EVALUATING TECHNIQUESEvaluation is a way of reflecting what is being done in the organization.These were the methods used call into questionQuestionnaireObservationDiscussionSurveyAnalysis of records and dataMARKETING OBJECTIVESMarketing objectives define what you want to accomplish through your marketing activities. There are some(prenominal) important factors to consider when establishing ef fective marketing objectives.SMART Approach = Setting specific, measurable, achievable, realistic and time specific objectivesWhen setting objectives it is very important to ensure that your objectives are specific, measurable, achievable, realistic and time specific, or SMART for short. The SMART approach allows you to effectively manage your marketing activities and importantly be able to determine how successful they have been and whether they have delivered the particular benefits sought.MARKETING STRATEGIESThe role of the customer in the firms marketing planning?Marketing planning consist of coming up with marketing strategies that will help an organisation to accomplish its marketing objectives. Customers play a vital role in an organizations marketing planning, as they are the core purpose of the firms marketing plans.Marketing processMarketing process is the process of analyzing marketing opportunities, selecting target markets, developing the market mix and managing the mar keting effort. The purpose of marketing process is to increase profit, customer value and satisfaction in an organisation.Brand justiceBrand equity consists of a firms brand power, its value, recognition, strength and reputation of the brand compared to its competitors. Brand equity is important, because it increase sales and popularity of a company.Brand positioningBrand positioning is the process by which marketers create an image in their target consumers mind of the firms product or service, compared to their competitors.Brand unique selling propositionA brands unique selling proposition (USP) is the qualities of a product or service that makes it unique and different from its competitors.USP give the product a competitive advantage from its competitors.COMMUNICATION OBJECTIVESCommunication Objectives are important because they serve as a bench mark in. Planning and decision making While in decision making process communication objectives plays an important role , i.e. how to d evelop a campaign/media mix pick /and allocating budget to diff. elements Measuring results The success and failure are relative to the objectives u have defined. Good objective are those which are measurable.Communication-based objectives. Sometimes marketers recognize that the fix role of IMC is to communicate and planning should be based on communication objectives. Specific objectives may be to Increase the % of consumers in the TM who associate some benefit or advantage with our brand Increase the number of TA who prefer our brand over competitors Encourage the current user to use more frequently.COMMUNICATION STRATEGIESCommunication strategies are common in the business world, where they are used as part of a business plan, detailing how to communicate with various groups of people. A single business may have multiple strategies for different categories of people, such as clients, investors, competitors, or employees. Some companies even have an internal communication strate gy for communicating within the business itself. These strategies are used to determine things like what information to share with the clients or investors, as well as how that information should be presented.FINANCINGFinance is the study of how investors allocate their assets over time under conditions of certainty and uncertainty. A key point in finance, which affects decisions, is the time value of money, which states that a unit of currency today is worth more than the same unit of currency tomorrow. Finance aims to price assets based on their risk level, and evaluate rate of return.Means of Finance can bePersonal SavingsLoans from the BankClose Family MembersOther Lending AgenciesINCOME PLAN form 1 YEAR 2 gross sales 123436 Sales 128347Less Return Inwards 6578 Less Return Inwards 6500Less Cost of Sales Less Cost of SalesOpening Stock 12000 Opening Stock 9760Add Purchases 10580 Add Purchases 11220Less Closing Stock 9760 Less Closing Stock 7564