The Impact Of Political Legal Environment On Business Marketing Essay

The Impact Of Political Legal Environment On Business Marketing Essay The political and administrative system in a country dictates policies formulation its implementation and control of business. Whenever there is a change in the political scenario of a country, there will be a change in economic policies. This is due to the fact that each and every political party does some promises with the people in their election manifesto. Business activities of a country are 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 organizations 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, image of the country and its leaders in and outside the country. The political environment of the country influences the business to a great extent The legal environment refers to the principles, rules and regulations established by the government and applicable to people. These regulations come through various 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 maximum with minimize cost. IMF TALKS ON TRACK Minister of Finance and Planning 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 House of Representatives. There is no sticking point on which ourselves and them (IMF) have a divergence of any fundamental views. SOCIAL ENVIRONMENT The social dimension or environment of a nation determines the value system of the society which, in turn affects the functioning of the business. Sociological factors such as costs structure, customs and conventions, cultural heritage, view toward wealth and income and scientific methods, respect for seniority, mobility of labor have far-reaching impact on the business. These factors determine the work culture and mobility of labor, work groups etc. Guinness To Give $6.5 Million In Social Outreach Grants Ten Jamaican projects will today be presented with cash grants totalling $6.5 million by the Arthur Guinness Fund as part of its social outreach programme. The top 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 brand manager Racquel Nevins. TECHNOLOGICAL ENVIRONMENT AND COMPETITIVE ENVIRONMENT The 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 markets Technological and competitive environment Lessons from the LIME-Digicel war The social planner desires for the public to enjoy the maximum 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 sector as the beginning of a price war. While this description may be apt, it would be more instructive to appreciate what is unfolding as potent, demonstrable 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 market, suppliers must be given both the opportunity and incentives to offer high-quality services at the most affordable prices. THE BUSINESS PLAN Mission Statement A published document that details the agreed common aims of a business so that managers and staff may work with a shared sense of purpose. It is also a statement of the businesss core 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 products and services that foster and enables growth and development. OBJECTIVES The 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 following criteria: S- Specific objectives of what the business does M- Measurable the business can put value on the objectives A-agreed by all those concern in trying to achieve objectives R-realistic the objective should be challenging but also achievable by the resources T- time/specific time bound they have a limited when the objectives should achieve The 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 increases the standard of living of the country. Each major Olympics to increase the gains by 5% every 4 years All athletes have agreed upon the major objectives in the firm and takes it with deep pride and joy to achieve it as successful as possible STRATEGIES Maintain good customer relationship Promote communication to allow the public to be aware of the project that we are undertaking To maintain sponsorship to charities and other Non-Profitably Organisation Promote goods and services to foster growth and development TACTICS Employ a professional receptionist in the organisation so that customer service business will be effective Advertise in the newspaper, television and other means of publication so that the public can be well aware of the various happenings Employ a sales and marketing manager to gather information on the different charity events taking place and the need for sponsorship in the country Production manager is mandatory to ensure that goods and services are provides at the best quality. MILESTONES On the 29 of September a church ceremony was kept to start off the organisation activities On 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 sponsored On the 12th a Health Care Fair was kept for the community members. On the 15th of October a donation was made to the government DUTIES AND RESPONSIBILITIES The Divine Purpose, awesome and unimaginable, creates and sustains the universe. We cannot know 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 to 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 course 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 TECHNIQUES Evaluation is a way of reflecting what is being done in the organization. These were the methods used: Interview Questionnaire Observation Discussion Survey Analysis of records and data MARKETING OBJECTIVES Marketing objectives define what you want to accomplish through your marketing activities. There are several important factors to consider when establishing effective marketing objectives. SMART Approach = Setting specific, measurable, achievable, realistic and time specific objectives When 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 STRATEGIES The 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 process Marketing process is the process of analyzing marketing opportunities, selecting target markets, developing the market mix and managing the marketing effort. The purpose of marketing process is to increase profit, customer value and satisfaction in an organisation. Brand equity Brand 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 positioning Brand 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 proposition A 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 OBJECTIVES Communication 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 develop a campaign/media mix selection /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 prime 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 STRATEGIES Communication 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 strategy 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. FINANCING Finance 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 expected rate of return. Means of Finance can be: Personal Savings Loans from the Bank Close Family Members Other Lending Agencies INCOME PLAN YEAR 1 YEAR 2 Sales 123436 Sales 128347 Less Return Inwards 6578 Less Return Inwards 6500 Less Cost of Sales Less Cost of Sales Opening Stock 12000 Opening Stock 9760 Add Purchases 10580 Add Purchases 11220 Less Closing Stock 9760 Less Closing Stock 7564