ESSENTIALS OF MARKETING

Essentials of Marketing



Essentials of Marketing

Background of the Compnay

Waterstones is a bookstore in the UK and Europe created in 1982 by Tim Waterstones. Waterstone's since acquired Ottakars bookshops after becoming a subsidiary of HMV in 1998. In addition to the brand Waterstone's, HMV Group owns the Hatchards London bookshop, established in 1979 and Hodges Figgis Irish chain. Since 2003, Waterstone's finances Dyslexia Action UK as a charity to promote understanding and understanding of dyslexia.

Ans1)

The marketing environment always impact on the performance of the organization. The marketing environment is an integral element of the marketing strategy. Since the digital revolution dramatically transformed our lifestyles, the social, economic, technological, competitive, political and legal, we will serve to better interpret the trends of the future. In analyzing market environments, we will see the macro, micro and internal environment of the Waterstones.

Macro- Environment

The macro environment is the set of external variables that influence the life of Waterstones. The behaviour of firms in the market affects the macro-environment. However, no single company has sufficient power to change it. Generally a business can not change the variables of the macro-environment. This can only happen if the company occupies a position in the market of strong leadership, oligopoly or monopoly. In all other cases, the company must consider the macro-environment variables and exogenous variables as inputs (information) to be taken into account in corporate decision making. So, in auditing the macro-environment of organisation, The PESTEL, SWOT and Porter's Five Forces need to be put into perspective.

Micro-Environment

The micro environment is the set of variables that influence the life of the enterprise which the company that can exert control. As for the macro-environment variables, the micro-environment variables are external to the company. However, unlike the first, are controllable by the individual firm. In this case, it is reasonable to understand the dynamics of customer behaviour, the intermediaries, the forces affecting Waterstone's to deliver value and services to its customers, suppliers and an appraisal of its marketing mix as well as other variables that will facilitate change management strategies and competitive advantage (www.waterstones.com).

Internal Environment

The internal factors that are within the control of organization are considered as an internal environment. These are Five M's i.e. money, men, machinery and materials. The internal environment is crucial in the marketing strategic decision as well as business decision so as to manage change.

PESTEL Framework

PEST analysis is a useful tool for understanding the growth or decline of a market, and thus, position, potential and direction Waterstones. It is a business measurement tool. PEST is composed of the initials of Political factors, Economic, Social and Technological used to evaluate the market in which there is a business or unit.

Political Factors

Waterstone's political arena has tremendous determine on the rules and regulation of the business, the purchasing power of customers and other businesses in the book retailing industry. The development of rules and frameworks by the government due to which the business capable of competing each ...