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Markets and Marketing - Essay Example
Author : raemedhurst
Pages 12 (3012 words)
Tiny Tees: Case Study Question 1 The STEP analysis is of great scope and relevance in gaining information about “Tiny Tees”. The term STEP is an acronym for Socio-cultural, Technological, Economical, and Political assessment. As given in the case scenario, the brand started commenced its operations only seven years ago…
Socio-cultural factors include health consciousness, age distribution, population growth, individuals’ career tastes, and safety concerns. Statistical data show that UK’s birth 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 quality 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 getting infections. Secondly, a detailed study of technological 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 UK’s technological sector has undergone tremendous changes over the last two decades and hence the country’s technological sector offers a range 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. ...