Marketing Plan Part 1: Environment Analysis

Get Expert's Help on BHO1171 Introduction to Marketing

Marketing Environment

According to a report by Mordor Intelligence (2019), people are becoming increasingly conscious about their fitness thereby creating a significant demand for fitness equipment. According to aAnother report by Allied Market Research (2020-2027), the global fitness equipment industry is expected to grow at a CAGR (Compound Annual Growth Rate) of 3.5% to have a value of $15.2 billion. Monkii 360, a resistance training equipment can be considered to be a part of home workout segment, a growing segment for fitness equipment. The growth is driven by people having less time to go to gyms and the time flexibility provided by the home gym.  Since the consumers as well the businesses operate in an environment (and not in vacuum), there can be several factors that impact the decision-making so there is a need to understand the marketing environment in which the product has to be marketed (CIPD, 2020). Based on the framework by CIPD (2020), a PESTLE (Political, Economic, Social, Technological, Environmental, and Legal) analysis has beenis  used to explain the marketing environment for the product as below. The PESTLE analysis is conducted based on insights from various sources (Kestenbaum (2019), Market Watch (2019); Mordor Intelligence (2019); and Allied Market Research (2020)). 

The first aspect that is being analysed is the impact of political environment on marketing. According to CIPD (2020), this aspect is concerned with the level of intervention by the government. In case of the analysed product, there is not much impact of political aspects on the marketing of the product. This could be attributed to the fact that the product’s presence globally is still in its early stages for it to be influenced by political factors. However, as the product becomes available in multiple countries and its operations are dependent on the diplomatic relationship of many countries as products are manufactured in one country and sold in other, the impact of political aspect will increase.

Complete Solution

Hire Expert Tutors

Get Professional Tutoring at Low Price in Australia


Professional

Tutoring Services

25,187+

Orders Delivered

4.9/5

5 Star Rating

621

PhD Experts

 

Amazing Features

Plagiarism Free

Top Quality

Best Price

On-Time Delivery

100% Money Back

24 x 7 Support

TOP