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List the current characteristics of each environmental factor as they relate to REI. U.S. Economy How does the current U.S. economy affect REI retail operations? 1. The US employment rate has improved over the past years creating a leveled economy market allowing for society to have a more stable income than they have had in recent years. This improvement helps the retail industry to have a growth in the market. 2. While the positive economic turnout has increased the spending habits of most Americans, the recession has resulted in a consumer that is cautious of how they spend their income. Like every consumer now than ever they want excellent customer service. Retailers like REI who meet these demands will be on top of the economic chain. Global Economy How …show more content…
Expanding to international markets benefits REI giving them a more diverse market to choose from. This will allow for the company to expand their product base of their most wanted products and to add new products at lower cost. In this way, REI’s base, or foundation markets benefit. Legal and Regulatory Environment What types of legal and regulatory forces affect REI in the U.S.? 1. AS REI strives to meet consumer demand they also need to pass various legal and regulatory restrictions in order to meet the federal safety requirements. One great example would be helmets where in order for them to be sold they need to meet tough safety requirements set forth by state laws. Usually depending on the state different age and conditions vary. Usually helmets made for specific sports will have a much higher cost than those made for minimum usage like bicycle helmets. Even though bicycle helmets still have a strict safety requirement. To benefit from the safety standards consumers have found that is best to pay ore for these specific products. 2. By having these requirements REI would have an increase demand created by the state regulatory, as they will be able to sell quality helmets at higher
[5] "Increasing Number of Regulations Challenge Manufacturers." Industry Week. N.p., 24 Oct. 2013. Web. 11 Dec. 2013. .
Breaking into new markets helps the company grow and brings in new customers, which leads to higher profit margins.
Allstate insurance is the second largest property and casualty insurance company by premiums in the United States. Allstate insurance handles about 12% of the U.S home and auto insurance market. (Allstate, 2014). Many of Allstate’s customers fall under what one could refer to as a traditional selection of insurance for automobiles. Recently, Allstate has noticed a major shortcoming in lifestyle insurance, which includes coverage for motorcycles, boats, and other recreational vehicles, in comparison to its competitors. The motorcycle insurance sector is a 10.4 billion dollar industry and growing (PRWEB, 2012). The U.S. Department of Transportation website reports some astounding figures, including that 5,370,035 motorcycles were registered three years before the article, 7,138,476 motorcycles registered at the time of the article, and grew to 9,477,243 registered motorcycles at the end of 2012 (NHTSA, 2013). It is obvious as to why Allstate would identify motorcycle insurance as a worthy lifestyle product to devote marketing research dollars into in order to develop new strategies for cornering a share of the market.
In conclusion, the current macroeconomic situation in the United States is characterized by moderate growth because of better economic conditions that were brought by the events of 2013. The country has experienced moderate economic growth since the 2008 global recession but has shown real signs of momentum. While the country is not concerned about recession or inflation, the rate of unemployment is still a major challenge despite improved consumer and business confidence. As a result, the Federal Open Market Committee or Federal Reserve System needs to adopt fiscal and monetary policy initiatives that help address the unemployment issue and promote high economic growth.
Increased demand on a global scale due to increase in manufacturing across the world, opposite in U.
New businesses will take longer to thrive with the United States falling economy. The faltering job market and the deepening slump in housing threaten to hurt consumer spending. Consumers are becoming more conscious of their spending and therefore using cash to pay for smaller necessary purchases. The cost of entertainment and other presumed luxuries may be pushed to the background by most families, when having to choose whether to pay for a bill or treat the family out. Thriving businesses will understand the need to provide a service or product at affordable prices.
The retail industry is as old as human civilizations, and it’s worth noting the retail sector is much better geared to change than most sectors. Over the past couple of decades there has been a wide range of changes in the retailing business. The retail sector dates back to the early 1800’s when the first local corner store sold common household items and basic groceries. As its name states, the corner store was just that, stores strategically placed on corners on high foot traffic areas for easy access. As society started to grow so did the need for new consumer goods and how a consumer would reach those goods. Department stores became popular simply because they were able to offer an assortment of categories and a variety of items within those categories all under one roof. The first two cities to start developing large scale department stores were New York City, and Chicago. In New York in 1846, the first building was built offering a variety of goods at fixed prices that were shipped from Europe. Department stores moved away from the idea of bartering and all items sold were considered fixed. However, department stores did offer discounts and coupons as a way to get customers in the door. In 1862, the largest department store was built during this time in New York City. The department store was on a full city block with eight floors and nineteen departments of dress goods, furnishing materials, carpets, fine china, toys and sports equipment. All these items were arranged around a central glass-covered court. The glass windows quickly became a staple in the department stores design. The act of window shopping was introduced and quickly all department stores had floor to ceiling windows advertising the newes...
...the U.S. market to be tested to U.S. standards; 2) standardize procedures that will be used industrywide to verify that products comply with U.S. safety standards; 3) establish criteria to certify that testing laboratories are qualified to perform testing to U.S. standards using industrywide protocols; 4) require the development of testing protocols and certification criteria through the cooperation of all stakeholders and apply them consistently; 5) necessitate that Toy Industry Association work with Congress, Consumer Product Safety Commissions, and American National Standards Institute to implement the legislation, rules, and protocols to ensure industrywide adherence. Both Toys “R” Us and Mattel made testimonies on the incidents as well.
The success of circuit city can be attributed to their concept of strong management, customer service focus and a good merchandising formula which capitalized on innovative electronic consumer products. They created world-class competencies in efficient and effective logistics expertise. Their deployment of sophisticated point-of-sale and inventory tracking technology, IT investments which helped them to connect the flow of information among geographically dispersed stores was the best in the industry. These core competencies allowed them to track customer preferences and enabled them to adapt quickly to changing trends. Added to these competencies, their highly trained sales personnel who provided superior service
The current state of the economy in the United States has been slow in recent months. While the economy is not currently in a recession, we may eventually fall victim to the first recession we’ve had in nearly ten years. The economy in general is showing growth, just not much. It will be difficult to predict what exactly will happen to the US economy in the future. Many economists do not agree on what will become of the economy. Some feel that we will begin a recession over the next year, and some feel that there is significant policy implementation that will allow us to dodge a recession and regain our economic strength. There are many factors that make up the US economy. The means in which I will discuss the overall growth and current status of the economy is by analyzing the Gross Domestic Product, and discuss the factors that cause it to rise and fall.
When it comes to doing business internationally the decision making is more complex. There are many interactions between each country that need to be addressed. In order for a business to be successful in the international market they need to examine and analyze all the facets of their company. They need
Considering that retail industry is divided into five segments, each of this segments operates in a different stage of a life-cycle. First of all, the Big-Box & Department Store Retailer segment is in declining stage, because of the recent recession that adversely impacted many industries. Many retail companies were not able to adapt to a new environment, where customers are more savvy and innovation oriented. Therefore, many retailers close down their underperforming stores. However, many Big-box and Department stores in order to keep up with the market demand are expanding by adding grocery sections and shifting into Warehouse Clubs & Supercenters Retail segment which is still growing. This segment is operating in a mature cycle-life. It still growing, but slowly as it reached the point of market saturation. Next the Supermarkets and Grocery Stores segment is also in a mature stage of life-cycle. However, this particular segment is undergoing a slow growth rate, as a result of strong rivalry in the food retail sector. Many customers during the recession switched to more economic sellers in the warehouse club & supercenter retailer segment. However, currently household income is increasing and many consumers are looking for healthier choices the supermarket and grocery stores segment will experience a faster growth rate. Finally the E-tailer segment is
...der to ensure that the quality of its products is upheld (Grover & Vriens 2006, p. 147).
Why: to keep the market leadership in that region deeper coverage to its natural market. It will strengthen the company - and prepare it to expand or to win market shares in The Caribbean and South America. First it must strengthen its financial situation in order to have the resources to expand in other regions (it will need to put emphasis on marketing and to develop products that correspond to customer needs in the other regions especially regarding stoves).
The Indian retail industry has emerged as one of the most dynamic and fast-paced industries due to the entry of several new players. It accounts for over 10 per cent of the country’s Gross Domestic Product (GDP) and around 8 per cent of the employment. India is the world’s fifth-largest global destination in the retail space.