Digital Camera :: Business Management Studies Assignment

Digital Camera Product: The product which I am planning to do is a digital camera that contains other useful features which would be ideal for the consumers. These features can range from games, music downloads, radio, Bluetooth and email access (depending on what consumers prefer better). Promotion: When promoting my product I will advertise on the television which may expand to international channels depending on how well my product will do in the market. Also have a demo of my product at exhibitions that take place for consumers to see, feel and touch the product rather than just a picture on the magazines. To aalso attract more consumers to my product; they will receive an attached printer for half price. Price: Digital cameras are ranged from  £700 to  £90 relying on the quality of it. I will have 2 take out my market research to see what price would be a reasonable price for the camera. All industries are influenced by SLEPT factors. For example, some of the SLEPT factors affecting the airline industry in recent years include: Social: increased popularity of foreign travel leading to a boom in demand for air travel. However, this has been adversely affected by international terrorism. Legal: there are increasingly tight rules about the materials that need to go into aircraft construction in order to make them safer and more resistant to fire hazards. This has had the impact of raising costs. Economic: lower interest rates have meant that people have more disposable income to spend on luxuries like long distance air travel. Political: the development of freedom of movement and trade in the European Union has led to greater levels of competition on European routes coupled with increased movement of people. Technological: modern aircraft are safer and more economic to run than in the past making possible cheap air travel. Before creating business plans or when evaluating existing ones it is important to 'scan' the external environment. This takes the form of a SLEPT analysis, i.e. an investigation of the Social, Legal, Economic, Political, and Technological influences on a business. In addition it is also important to be aware of the actions of your competitors. These forces are continually in a state of change. Social factors relate to pattern of behaviour, tastes, and lifestyles. A major component of this is a change in consumer behaviour resulting from changes in fashions and styles. The age structure of the population also alters over time (currently we have an ageing population). An understanding of social change gives business a better feel for the future market situation. Laws are continually being updated in a wide range of areas, e.g. consumer protection legislation, environmental legislation, health &