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Marketing is the key part for the success of any business and it’s very crucial for a business owner to understand which customers to target and implement strategies that will ensure winning of new customers. Environmental analysis is a strategic analysis that assists a business owner to identify internal and external environmental factors that may impact a business's ability to conduct its tasks properly. The environmental analysis is mandated to assess the business external environment to find out threats and opportunities of the business and after the evaluation, the business owners develop strategies that respond to the environment.

In my residential area, there is no clothing shop for youths, and Value Worth Clothing is a business that will fit the area. I have seen a similar business in our nearby city and I have thought of investing in the business in our area as it will be a great opportunity for my business as there is no other business that offers or sells products similar to a Value Worth Clothing business.

The Value Worth Clothing was established as a retail clothing company that has evolved into the marketer of high-quality clothing and it deals with sports clothing such as cotton T-shirts, baseball caps, fleece jackets, and vests. It also deals with selling sports footwear, apparel, equipment, and accessories. The Value Worth Clothing sells clothes for both women and men and also clothes for young children for sporting and casual wear. I have decided to establish this type of business in my residential area due to the increase in demand for sporting clothing that has been contributed by the construction of an international sporting center that attracts many people all over the country and internationally.

Environmental Analysis

Competitive Forces

Competition within the sporting clothing industry is very strong and counterfeit attires have emerged in the market offering cheap priced products that create challenges for original products as customers lean towards the lower-priced alternatives. As a business owner, one has to develop strategies to ensure products are appealing to the customers. Value Worth Clothing has been utilizing a product differentiation strategy to market its products. This involves ensuring that our offerings are unique compared to those of our competitors. For instance, we have introduced climate control clothing such as T-shirts designed to make athletes feel comfortable and supported. Additionally, we have breathable fabrics that allow for comfort during the summer seasons.

Economic Forces

Nationwide, many business owners and companies experience both positive and negative economic factors within the sporting clothing market. During peak phases of the business cycle, many consumers realize an increase in disposable income, leading to higher clothing purchases and increased sales for clothing retailers. Conversely, during a decline in sporting activities, our business may experience low sales. To counter this, Value Worth Clothing has partnered with lower-priced clothing brand manufacturers to maintain competitiveness against generic products.

Political Forces

Numerous political and legal factors affect the sporting clothing business. Issues related to export policies and commodity taxes can significantly impact operations. Furthermore, corruption can hinder business logistics, where delays in product shipment might occur not due to supplier negligence but due to corrupt practices within the governing bodies regulating trade. Political instability can also deter suppliers from delivering products, creating further challenges for business operations.

Technological Forces

Technological advancements can favorably or unfavorably impact business operations. Recognizing current technological trends is crucial for business sustainability. In an effort to remain relevant, Value Worth Clothing leverages social media platforms such as Facebook and Twitter to enhance product accessibility and convenience for customers. This digital marketing approach allows us to reach a broader audience by showcasing our products online, facilitating customer purchases through an efficient ordering and delivery system.

Sociocultural Forces

The Value Worth business offers a variety of designs appealing to diverse interests and lifestyles. We also focus on health-conscious consumers who are enthusiastic about sports, ensuring that our products support their health needs. Our commitment extends to community support through corporate volunteer programs and initiatives that promote local sporting events, resulting in stronger community ties and increased customer loyalty.

Target Market

Value Worth Clothing’s target demographic consists of energetic individuals aged 25 to 40 years who are either active in sports or have an inclination towards athletic activities. Although our products are priced slightly higher than those of competitors, we emphasize quality. Our clothing items are designed to be durable, encouraging customers to invest in our brand rather than opting for cheaper alternatives that may require more frequent replacement.

Current Marketing Objective and Performance

The marketing objectives of Value Worth Clothing are vital components to achieving success. The primary goal is to increase profitability through the strategic use of social networks and digital platforms, enhancing our customer reach and engagement. Additionally, the involvement of marketing agents in promoting our offerings is pivotal. We aim to boost our sales through promotional strategies that incentivize customers to purchase our products.

References

• Marketing Environment: Macro and Micro Marketing Environment. (2018). Retrieved March 6, 2021, from [URL]
• Murphy, D. (2019). Marketing Plan - Action Steps to Achieve Your Goals. Retrieved March 6, 2021, from [URL]
• Okhuysen, N. (2020). PEST Analysis | Strategic Planning & Environmental Scanning. Retrieved March 6, 2021, from [URL]
• Stringfellow, A. (2017). How to Prepare a Marketing Environmental Analysis. Retrieved March 6, 2021, from [URL]
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