Situational Analysis : Bentley Motors
Bentley Motors provide a range of high quality branded goods designed to appeal to Bentley enthusiasts, all across the world, from trackside supporters to owners of new or classic Bentleys.
Bentley Motors is affected by the External (Macro and Micro) Environment.
These are the six External Macro factors that affect Bentley Motors:
1. DEMOGRAPHY
Demography is the statistical study of human population and its distribution. People who have similar demographic characteristics (such as age, geographic location, or income level) often share other relevant characteristics, creating a potential market for a particular product or service.
Baby boomers are people born between 1946 and 1966. They are now passing through their middle years (late 30s to 50s), bringing changes in middle-aged values, tastes and concerns - indulging in well earned vacations and luxury cars instead of family minivans. These people are likely the ones to buy Bentley cars because they will inherit more wealth from aging parents than any other group.
Seniors, who are people aged 65 and older, have the lowest level of wealth and mostly focus on affordable retirement services and products, so they do not affect Bentley's marketing environment.
2. ECONOMIC CONDITIONS
People must have money to spend and willing to spend it. A marketing system is affected especially by such considerations as the current stage of business cycle, inflation and interest rates.
Inflation occurs when price levels rise at a faster rate than personal income, so that there is a decline in consumer buying power. At the same time consumers may overspend today for fear that prices will be higher tomorrow.
When interest rates are high, consumers tend to hold back on long-term and large purchases such as housing and vehicles, so this may affect Bentley badly since it is expensive to borrow money.
3. COMPETITION
In the global markets, competition encourages Bentley to rapidly produce different products with latest
Bentley Motors is affected by the External (Macro and Micro) Environment.
These are the six External Macro factors that affect Bentley Motors:
1. DEMOGRAPHY
Demography is the statistical study of human population and its distribution. People who have similar demographic characteristics (such as age, geographic location, or income level) often share other relevant characteristics, creating a potential market for a particular product or service.
Baby boomers are people born between 1946 and 1966. They are now passing through their middle years (late 30s to 50s), bringing changes in middle-aged values, tastes and concerns - indulging in well earned vacations and luxury cars instead of family minivans. These people are likely the ones to buy Bentley cars because they will inherit more wealth from aging parents than any other group.
Seniors, who are people aged 65 and older, have the lowest level of wealth and mostly focus on affordable retirement services and products, so they do not affect Bentley's marketing environment.
2. ECONOMIC CONDITIONS
People must have money to spend and willing to spend it. A marketing system is affected especially by such considerations as the current stage of business cycle, inflation and interest rates.
Inflation occurs when price levels rise at a faster rate than personal income, so that there is a decline in consumer buying power. At the same time consumers may overspend today for fear that prices will be higher tomorrow.
When interest rates are high, consumers tend to hold back on long-term and large purchases such as housing and vehicles, so this may affect Bentley badly since it is expensive to borrow money.
3. COMPETITION
In the global markets, competition encourages Bentley to rapidly produce different products with latest