From the course: Global Marketing: Expand the Reach of Your Product and Service Offerings
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What's involved in environmental and legal analyses?
From the course: Global Marketing: Expand the Reach of Your Product and Service Offerings
What's involved in environmental and legal analyses?
- [Instructor] The final factors in our PESTEL analysis capture the environment and legal systems. The term environment here reflects not just the ecological aspects of the new market, but also the competitive structure. As we learned earlier, the new global consumer has heightened sensitivity to sustainability and the Earth's environment. But in this part of the analysis, we need to assess the business environment, which primarily focuses on the competitors you'll see in the new market. We need to understand the number of competitors, the relative market share of the largest players, and the market concentration. This market structure can inform you of opportunities for your business. We also want to learn about the strategies that competitors currently use regarding pricing, product development, marketing, and distribution. This matters because you may identify factors that make it difficult for new firms to enter the market, such as high capital requirements or strong brand…
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