Starting a Business and Fundamental Marketing

This report discusses the fundamentals of starting a business and marketing, including an evaluation of the external environment using PEST analysis.

Bmm3013(Starting and
business and
fundamental marketing)

INTRODUCTION
Marketing is defines as the activity that are taken by an organisation in order to promote
buying and selling of a product or services. It consist of the activities related to communicating
core message of business, introducing of goods & services in front of people and creating interest
within buying and selling of items for accomplishment of business objectives.
This report is based on staring of business and fundamental of marketing of goods and
services of business. In this report business idea and pest analysis are considered so as to know
effectiveness of external environmental factors.
MAIN BODY
Provide an overview for proposed business idea.
Evaluate external environment.
PEST Analysis: Pest analysis is refers as the factors that have huge impact on business
based on political, economical, social and technological factors are considered as follows:
Political Factors: It consist of the factors such as- political policies, governmental
legislations, taxation, laws and some other that has prominent impact in terms of growth of
business. Political stability and lower taxation of United Kingdom creates opportunities for
expansion of business that has significant impact on business. In order to gain advantage of this
factor business firms should focus on creating employment and adding a value in society with its
business.
Economical Factors: This is associated with factors like economic growth, employment,
population, rate of interests, per capita income of country etc. That affects growth of any
business. UK has easy and simple laws to understand and follow that have positive impact on
business organisations in order to grow. This leads to raise profitability of firm by taking care of
fundamental legislations of UK. In terms of generating employment opportunities for general
public of nation creates immense success options for business.
Social Factors: It is also an important component of pest analysis that has prominent
impact on business based on elements- geographic or regional disputes, lifestyle and customer
values, buying habits etc. Purchasing power of customers and living standards has positive
impact on business organisation in terms of acquiring effective position within markets of United
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Kingdom that leads to raise of business profits and enhance customers base with addressing their
interest within process of business functioning.
Technological Factors: This aspect of pest analysis consists of factors like-
technological advancement, robotics technology that creates huge impact on business
functioning. United Kingdom is already a technology advanced country. Firms who have
innovation and modification capabilities so as to meet market trends & needs of customers in
order to make them easy and quick to buy or use of products & services has prominent impact of
this factor. This secures position as well as creates huge opportunities for future expansion of
business that leads to rise of market shares, profits and enhancing of customer base of business.
CONCLUSION
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REFERENCES
Books and Journals
Online
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