Use the Slept Framework to Analyse the Current External Business

A. Written written report (25%) You be required to analyse the argument surround of a UK based maker of a luxury intersection of your choice. satisfy none that * The actual comp some(prenominal) is hypothetical. * It is expect to supply to the up foodstuff department stores and b turn outiques near the world but its main market is the UK. * You moldiness agree your specific product with your tutor. * By luxury product, we mean an expensive product that is not a primary necessity. To complete this assessment task, you must a. give the SLEPT manakin to analyse the catamenia impertinent descent environment for issues that may imply your comp both.Attach this in the addendum. No word specialise for this section. b. force on your analysis of the outside(a) business environment, explain and justify the terce to the highest degree important issues originally confront your company. record book ensn argon is 2000 dustup for this section. word of honor Limit The word restriction is 2000 words (excluding any items in the appendix**). Students are advised to stick to the word limit if you exceed the word limit, it should be within the 10% rule. Work submitted that exceeds the word limit may be penalised on the theme of failure to demonstrate academic discipline. *The Appendix should merely be utilize to foul your discussion (which is what is being marked) with reference materials e. g. diagrams, s nominatened images, lucre printouts, articles etc. It should not be used to supplement your essay so that to a greater extent words can be squeezed into your subsidization In other words, a seedy written essay with a barbarian appendix is not going to acquire a good grade. Referencing To get a good grade, your discussion must be underpinned by a wide infusion of secondary sources and academic materials (e. g. books and journal articles) end-to-end your proceeding or where appropriate.All work must be fully referenced (preferably de velopment the Harvard Referencing System) to acknowledge sources used or consulted for the turnout of your report otherwise it would be considered as plagiarism. Correct referencing is a vital learning you exit lack to master for any academic writing. Please DO not USE references taken from Wikipedia, MarketingTeacher. Com, QuickMBA. Com or similar websites that allow students to do a expeditious copy and paste quotations of academic c formerlypts. These websites may be useful for initial inquiry and/or reading but they should not end up in any part of your work as they are not legitimate academic sources.This winning of practice does not encourage latterly learning. Deep learning can only come about if you invest succession and effort into in-depth reading in master key sources. A) Use the SLEPT framework to analyse the current international business environment for issues that may affect your company. Attach this in the Appendix. No word limit for this section. I voli tion be using SLEPT in come in to analyze the external business environment for key issues that may affect my high fidelity firm. large Sounds is a luxury apportion Hi-fi Company based in the United Kingdom. The company does contend internationally, stock-still its main trade mainly takes get in within the UK.The market is estimated to be expenditure ? 2 cardinal in 2007 compared with a peak value of ? 2. 1 billion in 2005. The growth of the market for portable euphony players and, to a greater extent recently, for home get in stations has offset a descent in home accurate arranging gross revenue. The arrival of the iPod marked a ocean replace in the audio recording equipment market. gross revenue of MP3 players grant grown dramatically at the expense of other portable music players, especially CD players. In the home, CDs run the dominant format but are increasingly played on PCs and laptops this change has adversely impacted the sale of formal home audio equ ipment (Mintel. full-bodied Sounds does fight at the higher end of the hi-fi market with brands such(prenominal) as Sony and Panasonic. SLEPT framework is used to analyze the current external business environment for issues affecting a business such as sizable Sounds. The luxury hi-fi market has legion(predicate) external influences which can affect it. engineering is one of the main external influences from the SLEPT analysis. maturement in technology has meant that smaller and sleeker devices such as iPods are selling sooner of traditional hi-fi systems. Advances in technology, for ensample advertising has commodiously financial aided the growing sales in the hi-fi market.Many electronics companies tend to have huge celebrity endorsements which in fork up boost their sales as citizenry nowadays tend to favour electronics which are pressd by celebrities and follow the trend. It is tell that companies such as Rich Sounds need to spend at least ? 1million on advertising in order to compete at the top level. (Mintel) Also more and more populate tend to download their music nowadays and this marrow an maturation in competition for Rich Sounds as more citizenry would spoil computers and laptops instead than hi-fis.Ownership of PCs has now reached high levels and the majority of consumers are accessing the Internet at least once a week at home. other issue in SLEPT is stinting factors. The current ac recognise crunch has resulted in more and more tribe having less useable income and this cuff on effect means electronic sales could suffer. It is thought that due to this, batch are less likely to buy hi-fis, but instead buy necessities. The credit crunch has also mortifyd the standard of affluent heap and this means it could reduce the market size and this means Rich Sounds could become more competitive.It could be give tongue to that spending on repairs has fallen dramatically over the last five years, as lower product prices mean it is oft durations more cost-efficient to replace than repair. The concluding issue linked to economic factors is society. Hi-fis are associated as being a seasonal worker product especially at Christmas time when people are buying them for presents so this is when Rich sounds would expect a huge increase in sales. Also people that work long hours and work besides away from home can help boost Rich Sounds sales. Nowadays, commuting to work is tedious to a lot of people and so they can listen to audio equipment at this point.The final issue in SLEPT is political issues. Although there is not much to say for this point, I can in short say that tax issues affect my firm. B) Drawing on your analysis of the external business environment, explain and justify the three most important issues currently facing your company. Word limit is 2000 words for this section. I will now discuss the three most important issues from the SLEPT analysis and these are the technological, kindly and economica l issues. Trends are an important locution of the economic environment.Nowadays it is becoming increasingly more fashionable to follow celebrity trends and those celebrities who advertise electronics such as hi-fis tend to sell the most. An example of this is when Sony used Justin Timberlake dancing on their adverts to help promote their goods and this saw a huge increase in sales. look suggests that the two most popular hi-fi companies are Panasonic and Sony and these spend millions and millions on advertising. This means Rich Sounds could advertise new equipment with diverse celebrities to help promote it hugely. Another economic factor is the credit crunch.It has resulted in people having a lot less disposable income and so then hi-fi sales will fall dramatically. Due to this people will not splash out on luxury goods like hi-fis, in time they will buy necessities instead. This provides a blame on effect and therefore Rich Sounds sales may fall. Also the credit crunch has s een a reduction in the amount of wealthy people and this can reduce the size of the market and therefore make Rich Sounds more competitive. http//academic. mintel. com. lcproxy. shu. ac. uk/sinatra/oxygen_academic/search_results/ designate&/display/id=271602/display/id=299002hit1