Boost Juice Macro Environment
Macro Environmental Analysis
Boost Juice strategies will differ between countries in order to adapt to the different Macro Environmental related factors. The following are the Macro environment related analysis:
Political Factor
Different governmental policies must be researched for measures that may impact this industry and its ability to trade within that country. Boost Juice must carefully investigate this factor in order to certify that it is feasible to set up a store in certain locations. This research would involve, but not limited to, governmental policies, political stability, and foreign trade policies. Forthcoming legislations may also impact operations (Paley, 2007).
An example of a political factor that has an impact on boost juice stores would …show more content…
be the political turmoil that occurred in Thailand over 2013 to 2014 (ABC, 2014). The stores located in the vicinity of this conflict would have suffered considerable lost due to the events. Therefore, it would have been unwise for Boost Juice to trade under this circumstance.
Economic Factor
Under economic factors, taxes and duties that must be paid to the government must be taken into account. Interest rates and exchange rates are also factors that will impact the business. Analysis of the economic factors that impact Boost Juice will facilitate in the planning of the financial strategy of the business (Paley, 2007).
An example of an economic factor that impacted businesses Australia wide was the introduction of the GST in the year 2000 (ATO, 2014). Under this economic law, a tax value of 10 per cent were added on goods and services.
Sociological Factor
Society is ever changing, therefore it is vital for Boos Juice to adapt to the different social norms of each country they are situated in. The attributes to be considered are religion, lifestyle expectations, demographics, health & nutritional consciousness.
An example of a sociological factor is in Singapore re-employment age is extended to 67 years old from January 2015 (Yong, 2014). The impact this will have on Boost Juice is that there may be more senior citizens who are willing and able to work, which can have an overall change of business image for that country.
Technological Factor
Technology is ever evolving. Boost Juice can harness new technology in order to improve its operations. According to Pew Research Centre (Popescu, 2013), more than 77 per cent of people from the ages of 18 to 49 years old use social media. Social Media is an example of new technology than can be used for marketing advantage. The use of hashtags for marketing purposes, enables companies to analyse trends in the market. Effective use of hashtags in marketing can generate interest in the brand and its products.
Legal Factor
Boost Juice operates within a strictly controlled legal environment.
This means that Boost Juice must identify and be aware of the impact of all legislations have on its operations. This includes, but not limited to, regulatory obligations, environmental restrictions, import and export restrictions, and other health and safety laws.
For example of this is in Australia there are strict food standards. All business activity related to food or any kind must adhere to the food standards code (Foodstandards, 2014).
Environmental Factors
Environmental factors relate to the impact of the business on its wider environment. Boost Juice focus is in neutralising its own emissions as well being up-to-date with the use of environmentally friendly products. (Boost, 2011)
Micro Environmental Analysis
Customers
The target market of Boost Juice is currently 15 to 35 year olds, with the core target market aimed at 25 year old females who are on the lookout for a healthier alternative to fast food. Although, age is not a barrier with Boost Juice products as according to research conducted by Boost Juice, consumers from the age of 4 years old to 80 years old purchase Boost Juice products (Boost, 2011)
Competitive
Forces
In the wellness category, competition has increased since more and more consumers are turning to live healthy lifestyles (RAPS, 2012).
The main competitors of Boost Juice are the following companies: Nudie, Gloria Jeans, and New Zealand Natural. Secondary competitors are all other fast food outlets (Boost, 2011). To date, there have been no competitors that has made a noteworthy effect on Boost Juice.
Employees
Boost Juice prides itself on a brand and culture that is developed and cultivated on positive attitudes (Boost, 2011). All employees and all potential franchisees are thoroughly screened to ensure that all personalities match the Boost Culture and its branding (Boost, 2011).
Boost Juice strategies will differ between countries in order to adapt to the different Macro Environmental related factors. The following are the Macro environment related analysis:
Political Factor
Different governmental policies must be researched for measures that may impact this industry and its ability to trade within that country. Boost Juice must carefully investigate this factor in order to certify that it is feasible to set up a store in certain locations. This research would involve, but not limited to, governmental policies, political stability, and foreign trade policies. Forthcoming legislations may also impact operations (Paley, 2007).
An example of a political factor that has an impact on boost juice stores would …show more content…
be the political turmoil that occurred in Thailand over 2013 to 2014 (ABC, 2014). The stores located in the vicinity of this conflict would have suffered considerable lost due to the events. Therefore, it would have been unwise for Boost Juice to trade under this circumstance.
Economic Factor
Under economic factors, taxes and duties that must be paid to the government must be taken into account. Interest rates and exchange rates are also factors that will impact the business. Analysis of the economic factors that impact Boost Juice will facilitate in the planning of the financial strategy of the business (Paley, 2007).
An example of an economic factor that impacted businesses Australia wide was the introduction of the GST in the year 2000 (ATO, 2014). Under this economic law, a tax value of 10 per cent were added on goods and services.
Sociological Factor
Society is ever changing, therefore it is vital for Boos Juice to adapt to the different social norms of each country they are situated in. The attributes to be considered are religion, lifestyle expectations, demographics, health & nutritional consciousness.
An example of a sociological factor is in Singapore re-employment age is extended to 67 years old from January 2015 (Yong, 2014). The impact this will have on Boost Juice is that there may be more senior citizens who are willing and able to work, which can have an overall change of business image for that country.
Technological Factor
Technology is ever evolving. Boost Juice can harness new technology in order to improve its operations. According to Pew Research Centre (Popescu, 2013), more than 77 per cent of people from the ages of 18 to 49 years old use social media. Social Media is an example of new technology than can be used for marketing advantage. The use of hashtags for marketing purposes, enables companies to analyse trends in the market. Effective use of hashtags in marketing can generate interest in the brand and its products.
Legal Factor
Boost Juice operates within a strictly controlled legal environment.
This means that Boost Juice must identify and be aware of the impact of all legislations have on its operations. This includes, but not limited to, regulatory obligations, environmental restrictions, import and export restrictions, and other health and safety laws.
For example of this is in Australia there are strict food standards. All business activity related to food or any kind must adhere to the food standards code (Foodstandards, 2014).
Environmental Factors
Environmental factors relate to the impact of the business on its wider environment. Boost Juice focus is in neutralising its own emissions as well being up-to-date with the use of environmentally friendly products. (Boost, 2011)
Micro Environmental Analysis
Customers
The target market of Boost Juice is currently 15 to 35 year olds, with the core target market aimed at 25 year old females who are on the lookout for a healthier alternative to fast food. Although, age is not a barrier with Boost Juice products as according to research conducted by Boost Juice, consumers from the age of 4 years old to 80 years old purchase Boost Juice products (Boost, 2011)
Competitive
Forces
In the wellness category, competition has increased since more and more consumers are turning to live healthy lifestyles (RAPS, 2012).
The main competitors of Boost Juice are the following companies: Nudie, Gloria Jeans, and New Zealand Natural. Secondary competitors are all other fast food outlets (Boost, 2011). To date, there have been no competitors that has made a noteworthy effect on Boost Juice.
Employees
Boost Juice prides itself on a brand and culture that is developed and cultivated on positive attitudes (Boost, 2011). All employees and all potential franchisees are thoroughly screened to ensure that all personalities match the Boost Culture and its branding (Boost, 2011).