Aside from that, this marketing plan aims to aid Wal-Mart: It is the pioneer in the retail industry with the wide spread network of stores.
Health Spa Pestle Analysis Pestle Analysis A pestle analysis is one of the most popular and effective methods of analysing the external macroeconomic factors that could impact on a business within a specific industry.
Commonly, a pestle analysis will be used alongside other analyses that focus on internal factors. The combination of the pestle analysis with other factors will allow a company to create a strategic management plan of how to move its business forward in a way that maximises the opportunities available to it, externally.
A pestle analysis comprises of six factors, namely political, economic, socio-cultural, technological, legal and environmental. The latter two have been recent additions to the pestle analysis formerly known as pest and reflect the growing importance of the environment and regulation to companies across all industries.
This is particularly true for services relating to health and fitness such as the health spa analysed below. Pestle Analysis - Political Political issues as part of the pestle analysis include all sorts of factors that normally derive from the government in the form of policies or legislation.
For the purposes of the pestle analysis of a health spa, there is little in the way of trade restrictions and tariffs to be concerned about. Many employees within the organisation are part time workers. With the government currently encouraging parents and specifically single parents back to work on a part time basis at least, the health spa industry should see a growing number of workers available.
As peak times within a health spa are generally evenings and weekends, this could certainly fall in line with the political drive to encourage mothers back to work as this would be the times where alternative childcare would be most readily available.
Pestle Analysis - Economic The pestle analysis then goes on to look at the economic impact on the health spa industry. Key areas for the pestle analysis include inflation rates, interest rates and general economic conditions.
Health spas are usually considered luxury products; therefore, when there is an economic downturn, the number of customers is likely to reduce.
Where individuals have less disposable income due to high inflation levels, they will be less inclined to spend money on luxuries.
The current economic climate is relatively weak and individuals are not feeling sufficiently wealthy to spend large amounts of their income on health spa treatments.
As the pestle analysis has indicated, this to be a particular threat to the health spa industry and this should be something that management looks at mitigating. Typically, this could include reduction in costs in relation to part time staff or generating additional revenue with discounts and enhanced services for clients.
Pestle Analysis - Socio-cultural When conducting a pestle analysis on health spas, the area of socio-culture presents a much more positive outlook. This part of the pestle analysis considers demographics such as age and wealth as well as issues including career aspirations and general interest in health issues.
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In this case, the health spa industry is doing extremely well. With a growing number of young women carving lucrative careers, there is an increasing demand for health spa facilities. Not only are greater numbers of younger individuals earning good wages, but the grey pound is also increasing in strength.
There is a growing demand from older people for health spa treatments and an increasing ability by these individuals to be able to afford such treatments.
These changing demands have led to substantial diversification and new opportunities within the health spa industry such as health and fitness weekends and sports therapy. Pestle Analysis - Technological On the face of it, technological developments may not appear to be particularly relevant to a health spa business.
However, in conducting a more detailed pestle analysis, it becomes clear that the health spa industry as it stands has relatively high barriers to entry by virtue of the level of expertise and technology required.Write a professional business plan with winning and practical strategies.
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SoulSpace Holistic Spa and Salon offers its customers the unique combination of hair styling, massage, body and energy work, and health training in a beautifully serene setting. perform a SWOT analysis of your business.
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