Report on Analysis of Business Environment-2009 Submitted To Mr.

Mo Willan (Lecturer) Icon College of Technology and Management Submitted By Mashukur Rahman Id. 4098 1

Content 1. Introduction 2. SWOT analysis of Caff Nero 2.1 Strengths 2.2 Weaknesses 2.3 Opportunities 2.4 Threats 3. Porters five (5) forces analysis 3.1 Bargaining power of Buyers 3.2 Bargaining power of supplier 3.3 Threats of s ubstitute 3.4 Threats of new entrants 3.5 Competitive Rivalry 4. PESTLE analysis 4.1 Political Environment 4.2 Economic Environment 4.3 socio-cultural Environmen t 4.4 Technological Environment 4.5 Legal Environment 4.6 Ecological Environment 5. Stakeholder analysis 5.1 Supplier 5.2 Government 5.3 Shareholders 5.4 Pressure Groups 5.5 The Media 5 .6 Customers 6. References 2

Introduction The Caf Nero Group is the leading independent Italian-style coffee bar operator i n the UK. Its number of coffee bars, which are all company owned, has grown from 5 stores in 1997, to 30 in 2000 & 310 in May 2007. Today, Caff Nero has over 360 stores, nearly 3,000 employees, and has become one of the best-recognised and m ost admired food and beverage brands in all of Britain. The Caff Neros outlets tend to be located in UK high streets and shopping centres within 140 cities, city suburbs and market towns, although the Greater London ar ea still accounts for a large proportion of sales. The company hopes to have aro und 400-450 outlets by 2010. 3

2.0 SWOT Analysis of Caff Nero SWOT analysis a distillation of the findings of the internal and external audits which draws attention to the critical organisational strengths and weaknesses a nd the opportunities and threats facing the company. Kotler, P and Wong, V and Saunders, J and Armstrong, G. (2005) Principles of Mar keting. 4 European Edition th SWOT analysis method or model is a way to analyse completive position of the com pany or firm. SWOT analysis uses so called SWOT matrix to assess both internal a nd external aspects of doing the business. The SWOT framework is a tool for audi ting an organisation and its environment. SWOT is the first stage of planning an d helps decision makers to focus on key issues. SWOT method is a key tool for co mpany to officials to formulate strategic plan. SWOT stands for Strengths, Weakn esses, Opportunities, and Threats. SWOT model analysis factors that are internal to the business and also factors that affect the company from outside. Strength s and Weaknesses in the SWOT matrix are internal factors. Opportunities and Thre ats are external factors. SWOT is the very popular tool in marketing because it is quick, easy and intuitive. SWOT analysis provides information that is helpful in matching in the firms resource and capabilities to the competitive environmen t in which it operates. (www.maxi-pedia.com) 2.1 Strengths Strengths refer to the firms capabilities or aspects of the business that the fir m does very well. Strengths are resource advantages relative to competitors and the need of the markets a firms serves or aspects to serve. It is a distinctive competence when it gives the firm comparative advantages in the market place. St rengths arise from the resources and competencies available to the firm. 4

Example of strengths include the following: Company Coca-cola Apple Tesco Streng ths ------ Strong Brand Name ------ Products Innovation ------ Broad Product Ran ge Strengths of Caff Nero Group LTD. Given bellow: Strong Brand name (position number 1 as per Allegra Consumer Report-2005). Excellent, fresh & quality food and coff ee. Broad product range. Doing business in very good location (high street, shoppi ng centre). Strong financial capability to acquisition another competitor. Good re putation among customer. Continuing making profit. Sales turnover is growing up (p re-tax profit 7.3m). 2.2 Weaknesses Weakness is a limitation deficiency in one or more resources or competencies rel ative to competitors that impedes a firms effective. Weaknesses are aspects of th e firms operations or activities that it does not do very well. For example, Prim ark Sales the low quality product and so many British Airways passengers have lo st their baggage frequently. So, here low quality product and lost baggage of th e example of weaknesses for the both company. As a Business Executive I find out some weaknesses of Caff Nero those are given bellow: Weak food sector than other competitors. Practice only Italian style. Most brand names are little known. 5

2.3 Opportunities Opportunities are aspects of the environment that the firm can take advantages o f or capitalise upon. The firms success probability depends on whether its busine ss strengths not only match the key success requirements for operating in the ta rget market but also exceed those of its competitors. For example Tesco have an opportunity to open a new store in China. To analysis the external business envi ronment, I found some opportunities for Caff Nero. If Caff Nero Group LTD. will ta ke following opportunity, I think their profit will be maximising in future: Selling the brand name can earn more profit i.e. can start franchising business. Give the competitive price if directly contract or invest in the developing cou ntries those are cultivate and produce tea, coffee and any other food. More capi tal invests in UK because coffee and sandwich shop market is growing rapidly. Re moval of international trade barriers by open new outlets in Middle East as well as East Asia. 2.4 Threats Threats are aspects in the environment than can hinder a firm from achieving its objective and goals. An environmental threat is a challenge posed by an unfavou rable trend or development that would lead in the absence of defensive marketing action, to deterioration in sales or profit. Threat should be classified accord ing to seriousness and probability of occurrence. Examples of Threats are: Compe titors Government new policies, taxation Political instability- wars etc. 6

There are so many threats for Caff Nero are given bellow: Huge competitors such a s Starbucks, Costa, BBs Coffee, Subway, McDonalds etc. Economic crisis, financial hardship for example present situation in UK. Always wars with other competitor s based on price, quality, environment etc. Political instability for example if Caff Nero start the business in Bangladesh, they must be face this threat. Becau se in Bangladesh political condition is not stable. Always doing business in pre ssure because of potential competitors i.e. threat of new entrants. Figure 01 shows the SWOT Matrix of Caff Nero Strengths Strong brand name. Provide excellent & fresh quality food & coffee. Br oad product range. Good location. Good reputation among the customers. Sales tur n over growing up. Opportunities Removal international trade barriers business st art in Middle East, East Asia. Sell the brand name and start franchising busines s. Increase the capital in UK. Figure No. 01 Weakness Weak in food sector. Pract ice only Italian-style. Threats Existing and potential competitors such as Starbucks, Costa, Subway etc. Economic And financial hardship. Political instability. Huge taxation Finally, as a Business Executive I suggest to Caff Nero higher management that th ey should take necessary steps & plan for convert the weakness into strengths al so convert the threat into opportunities as well as consolidate the opportunitie s into strengths. If the threats or weakness cannot be converted, the higher man agement should try to minimize or avoid that. 7

Porters Five (5) Forces Michael Porter develops the 5 forces model 1985 to help analyse and better under stand the firms industry environment. The strategic business manager seeking to d evelop and edge over rival firms can use this model to better understand the ind ustry context in which the firm operates. According to Porter (1980a, 1985) the ability of a firm to earn an acceptable re turn depends on five forces the ability of new competitors to enter the industry , the threat of substitute products, the bargaining power of buyers, the bargain ing power of suppliers and the rivalry amongst existing competitors. Figure 2 sh ows the Porters five forces analysis: Diagram of Porters five(5) Forces: Figure No.02 8

Porter argues that it is the collective strengths of the five forces that determ ine industry profitability. The stronger the forces, collectively, the less like ly an industry is to be profitable in the long term; conversely, the weaker the forces the greater the opportunity for high profit. These forces influence profi tability because they influence prices, costs and investment requirements which are the fundamentals of return on investment. Buyer power, for example, influenc es the prices a firm can charge, as does the threat of substitutes. The bargaini ng power of suppliers determines the cost of raw materials and other inputs. It is in a companys interest to examine these forces in detail to establish the indu stry strengths and weakness. Knowing these forces, and how they are likely to af fect their industry, enables managers to decide on future direction. Boddy, D. M anagement and Introduction. 3 rd Edition 3.1 Bargaining power of Buyers This refers to the choices as regards where buyers/customers shop for their prod ucts and services. Customers have a fundamental right to choice his/her necessar y product or services. Seller or marketing firms cannot push the customer for pu rchase the products or services. For example, mobile phone customers have many c hoices when they shop for mobile phones. This means that consumers can buy mobil e phones different phones from such choices as Orange, O2, Vodafone and T-mobile . Buyers (customers) tend to seek lower prices or higher quality at constant pri ces, thus forcing down prices and industry profitability. Buyer power is likely to be high when: The buyer purchases a large part of a suppliers output There are plenty of substi tute products, allowing easy switching The products represents a major proportio n of the buyers total costs, creating the incentive to seek lower prices Buyers c an plausibly threaten to supply their needs from within their own business. Boddy, D. Management and Introduction. 3 rd Edition 9

So, to deal with the bargaining power of buyers i.e. for influence the customer, Caff Nero should to do the following: Advertise to inform their products by diff erent types of media like as Television, Radio, Newspapers, Magazines, Lip let, Internet etc. Differentiate their products from other competitors and also annou nce it to the customers by advertises. Offer a competitive price. Offer wide var iety of product as well as quality product. Offer different types of discount su ch as (buy-1-get-1) before different religious festival. Arrange a home environm ent. 3.2 Bargaining power of Suppliers Supplier is a one of the important stakeholder for a firm. Suppliers provide the necessary inputs i.e. raw materials that the firms need to produce its products and services. Supplier is a very powerful when band is powerful. Caff Nero Group Ltd is a firm, their have also so many supplier. And also need to contract with different types of suppliers such as coffee and tea supplier, beverage supplier, vegetable supplier, bread supplier etc. Therefore, Caff Nero should follow the f ollowing steps to deal with the bargaining power of supplier: Always pay to the supplier on due time and also pay fair price for their products and services. Ca ff Nero should contract with more than one supplier to minimise over dependency o n just one supplier. Always try to long-term contract with reputed supplier, so as to guarantee consistent supplier of inputs. If suppliers interests are not s atisfied, they have power and influences to do any of the following action: 1. D elaying of supplies 2. Stop supplying their products to the organization. 10

3.3 Threats of Substitute Products In Porters model, substitute products refer to products in other industries that can perform the same function as the product of the industry. For example, using aluminium cans instead of plastic bottles for soft drinks. The threat of substi tute typically affects an industry through price competition, and is high when b uyers are able and willing to change their buying habits. To the economist, a th reat of substitute exists when a products demand is affected by the price change of substitute products. Boddy, D. Management and Introduction. 3 rd Edition Substitutes are products that can be used interchangeably or in place of one ano ther. The competition engendered by a threat of substitute comes from products o utside the industry. Substitutes can be direct for example Caff Nero & Starbucks. Substitutes can also be indirect for example Caff Nero & local teashop. Caff Nero Group Ltd should take the following necessary steps for face threats of substit utes: Always advertise to inform and differentiate the firms products from those the su bstitute. Always maintain good relation with electronic media i.e. lobby with me dia. Offer high quality products and services like home environment. To charge c ompetitive prices. 3.4 Threats of New Entrants It is not only incumbent rivals that pose a threat to firm in an industry i.e. t he possibility that new competitor/ firms may enter the industry also effect com petition. Threats of new entrants refer to how easy or difficult it is for new c ompetitors to enter the firms industry. 11

The threat of new competitors to an industry depends on the ease with which they can enter a market. Major barriers to entry are as follows: The need for eco ics of scale (to complete on the basis of cost), which are difficult to achieve in the short run High entry cost, where significant capital investment is requir ed Lack of distribution channel Legislation or other government policy such as s elective subsidies. Cost advantages of existing firms such as access to raw mate rials or know-how to among product or service differentiation-customers are loya l to the brand. Cost of capital needed to invest and enter the industry. Level o f expertise needed. Exit barriers-how difficult it is to get out the industry. B oddy, D. Management and Introduction. 3 rd Edition To deal with the threats of new entrants, the Caff Nero Group Ltd should do follo wing: More and more advertise to the customer and also inform about the firms pro duct as well as differentiate the firms product. Always try to innovation the new product. Encourage the customer loyalty; as a result they do not move/switch to the new entrants. Try to lobby with the government to prevent the new entrants from the firms industry. 3.5 Competitive Rivalry This refers to the intensity of competition among existing firms in an industry. In the traditional economic models, competition among rival firma drivers profi t to zero. But competition is not perfect and firms are not unsophisticated pass ive price takers. Rather, firms strive for a competitive advantage over their ri vals. The intensity of rivalry among the firms varies across industries. 12

Among competitive rivalry is likely to result in low margins and profitability; it is likely to occur when: There are many firms in an industry, but none is dom inant There is slow market growth, which means companies fight for market share Fixed cost are high, as this encourages firms to use capacity and over produce T here are high exit costs; specialised assets (which may be hard to sell ) or man agement loyalty ( for example in long establishment family firms ) can create ex it barriers which prolong excess capacity and low profitability Products are sim ilar, so customers can easily switch to other suppliers. A highly competitive ma rket will also be one in which the threat of new entrants is high. While Nokia s till dominated the mobile phone industry in 2004, it was facing growing pressure from established competitors Motorola, Siemens and Ericsson and from new entran ts from Asia. Boddy, D. Management and Introduction. 3 The intensity of competit ion can be 2 types namely as: 1.Friendly competition 2.Hostile competition Caff N ero always doing or facing hostile competition among other competitors. As a Bus iness Executive, I give them some suggestion for deal with competitive rivalry i n its industry that is given bellow: Advertise to inform and differentiate the f irms products from the other competitors. Caff Nero Group Ltd also can acquire or buy out the competitive firms. rd Edition 4.0 PESTLE Analysis PESTLE analysis is a one of the analytical technique which is use for analyse th e external environment. The external environment is also called macro-environmen t and it refers to aspects in the environment over which the firm has no control over. 13

The macro-environment represents those factors and forces over which the organis ation has least control. The firm has no control over the external environment, it should therefore adapt to changes in the external environment. Firms and thei r supplier, marketing intermediaries, customers, competitors and publics all ope rates in a macro environment of forces and trends that shape opportunities and p ose threats. These forces represent noncontrollables, to which the company must mo nitor and respond. Kotler, P. (2003) Marketing Management.11 th edition. The external environment is subjected to constant changes and it is therefore ne cessary and important for the firm to constantly monitor, analyse, understand an d respond to such changes in the external environment. PESTLE stands forP > Political Environment E > Economic Environment S > Socio-cu ltural Environment T > Technological Environment L > Legal Environment E > Ecolo gical Environment 4.1 Political Environment This refers what is happening politically in the environment in which government runs the country including areas such as tax policy, employment laws, attitude of government officials, types of government in power, environmental regulations , trade restrictions and reform, tariffs and political stability. www.cipd.co.uk /subjects/corpstrategy/general/pestle-analysis.htm Marketing decision is strongl y affected by developments in political environment. This environment is compose d of laws, government agencies, and pressure groups that influence and limit var ious organization and industries. Sometimes these laws create new opportunities for businesses. For example, mandatory recycling laws have given the recycling i ndustry a major boost and spurred the creation of dozens of new companies making new products from recycled materials. Kotler, P.(2000) Marketing Management. Th e Millennium Edition 14

In UK, Caff Nero Group Ltd doing business under an excellent political environmen t except tax policy. Because tax rate is very high in UK. In Bangladesh, overall political environment is not good. Because there political government is not st able, frequently change the government. Strike, corruption is common affair in B angladesh. Only one thing is favourable for business that is tax policy. In Bang ladesh tax rate is very low. 4.2 Economic Environment This refers what is happening within the economy, for example; economic growth/ decline, interest rates, demand, exchange rates and inflation rate, wage rates, minimum wage, working hours, unemployment (local and national), credit availabil ity, cost of living, etc. www.cipd.co.uk/subjects/corpstrategy/general/pestle-an alysis.htm In UK, before one and half year their economy was very strong. But at this time their economic condition is not good, because of financial hardship. So many people have lost their job as well as lost their purchasing power. Here, also minimum wage rate is also high. So this condition is not good for business . But in UK, demand of coffee & sandwich and other fast food is very high. Bank interest rate also favorable for business. Therefore, Caff Nero Group Ltd should continue the business in UK instead of demand. In Bangladesh overall economic co ndition growing up but so slowly. There are also having demand of coffee, sandwi ch & other fast food. But in generally, income level of Bangladeshi people is ve ry low. So, in spite of demand, Bangladeshi people cannot purchase these types o f food. On the other hand, minimum wage rate is very low in Bangladesh. Bank int erest rate also not very high. It is very good for business. So I think, Caff Ner os less the operating cost and they provide the product by less cost. As a result Bangladeshi people can buy more the Caff Neros product. 4.3 Socio-cultural Environment Every society has different social norms and characteristics that explain the wa y people in that society live. Socio-cultural Environment refers that what is oc curring socially in the markets, cultural norms and expectations, health conscio usness, population growth rate, age distribution, career attitudes, emphasis on safety, global warming, language, education levels etc. www.cipd.co.uk/subjects/ corpstrategy/general/pestle-analysis.htm In Bangladesh have a huge population. I t is a very good for business, especially food sector. Because more population, more consumer. There, education level is not bad. English is the second language of Bangladesh. It is a good for foreign investor. In Bangladesh most of the peo ple are Muslims. They are strictly avoiding the Haram food. So, if Caff Nero Group Ltd wants to start the business in Bangladesh, they must consider the all the th ings. 15

4.4 Technological Environment Technology is a major environmental influence upon the marketing firm. It affect s not only the firms operations and products but also consumers lifestyles and con sumption patterns. Management must be aware of the impact of technological chang es. The impact of new information technology has been particularly marked in the marketing research area. Technology also affects the way in which goods are dis tributed and promoted. The economys growth rate is affected by how many major new technologies are discovered. Lancaster, G and Massingham, L and Ashford, R.(200 2) Essential of Marketing. 4 th edition New technologies are continually being developed and the rate of change itself i s increasing. There are also changes to barriers to entry in given markets, and changes to financial decisions like outsourcing and in sourcing. Technology has perhaps the greatest impact on how businesses operate and it includes a consider ation of the following factors: Transport infrastructure In Bangladesh, road comm unication is very good. Air communication is not bad as well as seaport. Banglad esh have 2 international seaport-one is Chittagong, another one is Mongla. There fore, if Caff Nero Group Ltd wants to start the business in Bangladesh, they can use this seaport easily. Communication infrastructure Bangladesh is a third world developing country. There internet communication is not good. Only few cities a nd towns coverage the internet. But mobile & telephone communication sector are very developed in Bangladesh. Television & Radio communications are also availab le in Bangladesh. IT skilled people Bangladesh is failed to develop this sector u ntil now. But they are trying to develop this sector. 4.5 Legal Environment Marketing decision is strongly affected by developments in legal environment. Th is environment is composed of different types or laws, government agencies, pres sure groups that influence and limit various firms and individuals. Sometimes th ese laws also create new opportunities for business. Kotler, P.(2003) Marketing Management. 11 th edition. 16

Legal environment refers to what is happening with changes to legislation. This may impact employment, access to materials, quotas, resources, imports/ exports, taxation etc. Legal environment includes a consideration in the following facto rs: Employment Law: Minimum Wages only $27 per month in Bangladesh. This rate is very cheap than the other country of the world. Investment Law: This law is very flexible in Bangladesh. Any foreign company/firm can start business in Banglades h without joining the any local company/firm or individuals. Whereas, In India, without joining a local individual or firm, a foreign investor or firm cannot st art the business. Therefore, Bangladesh gives the opportunity to foreign investo r or firm to enter in Bangladesh for Business. So on basis of this law, I think Caff Nero Group Ltd should take this opportunity. 4.6 Ecological Environment The final element of the wider macro-environment facing the marketer concerns th e natural environment including aspects such as, for example, resource uses and deplation, environmental pollution and degrading, related to environmental pollu tion-climate changes such as global warming and the so called greenhouse effects . Lancaster, G and Massingham, L and Ashford, R.(2002) Essential of Marketing. 4 th edition Ecological environment refers that what is happening with respect to ecological and environmental aspects. Many of these factors will be economic or social in n ature. Firms are now expected to consider in their plans how to best to preserve the environment. Ecological environment include a consideration of the followin g: Recycling issues: Recently, Bangladesh is morn concern about recycling issues . For example, poly bag is strictly prohibited in Bangladesh. So, Caff Nero Group Ltd should consider this issue before entering in Bangladesh. Pollution issues Green marketing Corporate social responsibilities. 17

5.0 Stakeholders Stakeholders are a person, group, organizations or system who affects or can be affected by an organizations actions. Key stakeholders in a business firm include creditors, customers, employees, governments, shareholders, suppliers, unions, and the community from which the business draws its resources. www.businessdicti onary.com All organisations have a wide range of internal and external stakehold er. Often their interests will conflict because as groups or as individuals, sta keholders are themselves subject to wide range of influences that condition or s hape their views and what they expects of organisation. External stakeholders in clude suppliers, financiers, central and local government, shareholders and cust omers. They have expectation of organisations and will seek to influence them in various ways. They may be able to influences staff or board members directly th rough personal contact or they may seek to exert influence indirectly, for insta nce by the use of the press and other media to raise issues of concern. Boddy, D . Management and Introduction. 3 rd Edition If the Caff Nero Group Ltd wants to start the business in Bangladesh, they must d eal & contract with some different stakeholders, which are following bellow: 5.1 Supplier Supplier is a one of the important stakeholder for the firm. Supplier provides t he necessary raw materials that the firms need to produce its products. If Caff Ne ro Group Ltd starts the business in Bangladesh they must contract with coffee an d tea supplier as well as bread, beverages & vegetable supplier. Suppliers intere Fair prices their products and services. Regular dema sts include the following: nd for their products and services. Timely payment for their products and servic es. If suppliers interests are not satisfied, they have power and influence to do any of the following action: Delaying of supplies that means they do not supply the products or services on due time. May be stopping supplying their products or services to the organization. 18

5.2 Government Government is another important stakeholder for a foreign firm. Bangladesh gover nment give opportunity for invest in the country such as low corporate tax rate, directly start the business i.e. run the business without joining any local par tner, security, loan facility etc against only employment opportunity for the ci tizens of the country. If the firm violate the government rules and regulations, then government can impose the fine against the firm also government can close down the firm. The interest of the government includes the following: Creation o f employment by the organisation for the citizens of the country. Payment of tax es by the organisation. Abiding and following the laws made by the government. If government interests are not satisfied, they have power and influence to do a ny of the following action: They can close down the organisation. The government can impose fines or penalties on the organisation if it breaks the low of gover nment. 5.3 Shareholders Shareholders invest their monies into the businesses in return for a profit (div idends). Shareholders interest include the following: Sound management of the or ganisations resources. Good profit/dividends payment. Growth in share price. th in net asset value. 19

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If the shareholders interests are not satisfied they have power and influence to do any of the following actions: They can sell their shares in the company. They can force out the management of the organisation. They can invest their monies in competing organisation. 5.4 Pressure Groups They are special interest groups who are mainly concerned with promoting their i deas, values, beliefs or interests. Example of pressure groups include trade uni on who promote and defend the invests of their members. The interests of pressur e groups include the following: Fair treatment of its members support for their values by the organisations. Open and honest communications with the organisatio ns. If pressure groups interests are not satisfied they have power and influence to do any of the following actions: They can ask their members to go on strikes. No n co-operation by its members. They can ask members to boycott the organisations products. They can lobby the government to take action against the organisation . They can take the organisation to court. They can spread negative stories abou t the organisation in the media. 5.5 The Media The media includes the TV station, radio station, newspapers and the internet. T he media write or broadcast stories about organisations. Firm can easily adverti se about the products or services through media. 20

The interest of the media includes the following: To be given stories by the org anisation. To have access to the management of the organisation, so that they ca n be interviewed. To sell advertising space to organisation. If media interests are not satisfied they have power and influence to do any of the following actio ns: They can write negative stories about the organisation. They can lobby to go vernment and citizens to support or take action against the organisation. 5.6 Customers Customer is the one of the important external stakeholder of any organisation or firm. Without customer any organisation cannot be run. Customers have a fundame ntal right to choice his/her necessary product or services. Seller or marketing firms cannot push the customer for purchase the products or services. For exampl e, mobile phone customers have many choices when they shop for mobile phones. Th is means that consumers can buy mobile phones different phones from such choices as Orange, O2, Vodafone and T-mobile. The interests of customer include the fol lowing: Always aspect good quality product/services. Product reliability Warrant y/guaranty provision If customer interests are not satisfied they have power and influence to do any of the following actions: Avoid the firms product and servic es. Choose the competitors product. Therefore, as a business executive I think i f the Cafe Nero want to deal with the more customer, they can do the following: Offer a wide variety of product. Offer competitive price. 21

Advertise to inform and differentiate their products from competitors. h quality product. Give the customer loyalty. 22

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References Boddy, D. Management and Introduction. 3 rd Edition Kotler, P and Wong, V and Saunders, J and Armstrong, G. (2005) Principles of th Marketing. 4 European Edition Kotler, P.(2003) Marketing Management. 11 th editi on. Kotler, P.(2000) Marketing Management. The Millennium Edition Lancaster, G and M assingham, L and Ashford, R.(2002) Essential of Marketing. 4 edition www.busines sdictionary.com www.cipd.co.uk/subjects/corpstrategy/general/pestle-analysis.htm www.maxi-pedia.com th 23