Pages 4 (1004 words)
It will consider different aspects of strategy relevant to this situation: corporate, design, financial, retail, marketing, supply chain, information and people…
. factors ...which affect a wide variety of businesses and which can emanate not only from local and national sources but also from international and supranational developments”. There are many variants, including different factors, but the framework to be used for this analysis is the STEEPLE framework, representing the Socio-cultural, Technological, Economic, Environmental, Political, Legal and Ethical factors that affect business and over which business has no control. A macro-environmental analysis is contained within the following diagram:
The British retail culture is based around a consumption model that focuses on products and the image that such products convey when seen in conjunction with the consumer. Hoyer and MacInnis (2010) identify several components that make up the consumer’s culture: diversity, social class and household influences, psychographics (including values, personality and lifestyles, and social influences. They link these to the psychological core which includes motivation ability and opportunity; exposure, attention and perception; knowing and understanding; attitude formation and change; and memory and retrieval. This feeds into the process of making decisions (following a logical decision making process of problem recognition and information search, judgment and decision making and post-decision processes. The final element of the consumer’s culture is evidenced through the adoption of, resistance to and diffusion of innovations, symbolic consumer behaviour and ethics and the dark side of consumer behaviour.
For the UK consumer where luxury fashion is control, diversity is affected by income levels and the need for luxury goods as part of their lifestyle. With the current austerity programme being implemented within the country, only those with a substantial income who will not be affected by such things as an increase in taxes, or a reduction of income, or both, will ...