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Aspiring Lawyers - Applications & General Advice
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Practise your commercial awareness for your next interview using PESTLE & SWOT.
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<blockquote data-quote="SarahB3" data-source="post: 135542" data-attributes="member: 3203"><p>Apologies for the delay. This is also my first attempt in applying the PESTLE & SWOT analysis. I will appreciate your feedback and an email with the correct answers. Thank you team <img src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" class="smilie smilie--sprite smilie--sprite1" alt=":)" title="Smile :)" loading="lazy" data-shortname=":)" /> </p><p></p><p></p><p>Political - I would consider the implications of Post Brexit and pandemic - Disruption in supply chain due slowdown in trade as a result of covid-19 but also new tariffs for importing coffee beans into the UK.</p><p></p><p>Considering that there is a large Coffee market in the UK, the demand to import coffee beans is high. The Swiss and Brazilian markets import a lot of coffee beans in the UK, so I need to factor in taxes and duty fees. I will negotiate good trade deals in the future to get coffee beans at a discounted rate in exchange for long-term business partnerships.</p><p></p><p>Economic - The inflation rates will cause an increase in the cost of supplying coffee and other outsourced products/materials.</p><p></p><p>Due to increased costs, I may have to apply the bootstrapping approach to fund several aspects of my business that need less start-up capital. This will reduce the amount of loans or borrowed funds. The benefits of this is risking my own money and thus limiting liability of debt owed. To compensate for increased property prices as a result of interest rates in London, a bootstrapping approach will enable me to test waters on ideas for the growth of my business early on such as entering partnerships with nearby corporate firms and supplying them with my company’s coffee in coffee machines or setting up a pop-up cafe.</p><p></p><p>The weakening pound over the last few years has meant that I will receive lower amounts if I invest in importing coffee beans. It may, however, be necessary to use pricing strategies such as competitive pricing, cost-cutting pricing, and price skimming, which involves setting higher prices and lowering them as market conditions change and when interest rates decline.</p><p></p><p>Social - this relates to the social environment of the market you are analysing, such as demographics, current social trends, cultural aspects, etc. </p><p></p><p>As of 2020, UK consumers spend over £4bn in high-street coffee shops. Moreover, 80% of coffee shop goers go to a coffee shop at least once a week. This suggests that my business has a chance to aid the continuation of this trend.</p><p></p><p>With the rise of social media platforms such as Instagram and Tik tok and their ability to lure consumers into trying new products that are trendy and/or go viral, with my content creating knowledge and experience, I will be able to take advantage of these platforms in drawing traction and marketing my brand. </p><p></p><p>Furthermore, I will focus on packaging and decor in order to entice customers to visit, take pictures, and create content that is memorable. Hopefully, this will encourage them to share and post on their social media platforms to attract more customers.</p><p></p><p></p><p>Technological - I will incorporate technology to facilitate with document review tasks such as any major changes in the trade agreements will be flagged up using AI and document automation tools.</p><p></p><p> Environmental - this relates to the environmental considerations that may affect the industry you’re analysing, such as sustainability concerns or natural disasters. </p><p></p><p>In case a natural disaster impacts the seamless importation and access to receiving coffee beans from Latin American and Brazilian suppliers, I will ensure I have a backup supplier. </p><p>As a result, I will ensure I have two suppliers in this case, which will be Switzerland</p><p></p><p></p><p>SWOT refers to a business’ Strengths, Weaknesses, Opportunities and Threats. </p><p></p><p>Here are a few things that business owners may want to consider when creating their business plan: </p><p></p><p>Strengths - Location - The shop will be located either in Liverpool Street near law firms and corporate businesses or in Shoreditch, which is close to tech companies. Those who enjoy drinking coffee on their way to work, during lunch breaks, etc., will be enticed and drawn to this offer.</p><p></p><p>I will consider my USP to be an instant Premium coffee with different tastes - I will ensure my product stands by describing that I offer various flavours. I will also emphasise on the fact that I sourced out the freshest luxury standard coffee beans and price it at a premium yet affordable rate</p><p></p><p>Weaknesses - Due to the current economic climate, I will be reluctant to access so much debt capital and thus I will need to be selective. In selecting who to invest in, I need to consider that I have a limited budget, I am liable to meet their rules and will not be able to fully own the profits until I have paid back the debt owed.</p><p></p><p>Given that Costa (UK brand) and Starbucks make up a large proportion of market share, I will need to factor in aspects of my business that differentiate it from the larger brands. This will be my price point and flavours as well as customer experience and packaging.</p><p>Opportunities - </p><p></p><p>My business has a good chance of success despite the competition, considering the enormous consumption of coffee, which confirms the value of the total coffee chain market at around 4.4 billion.</p><p></p><p>Threats - My competitors such as major players in the coffee market (Costa Coffee and Starbucks) are threats given that they have a larger presence across London. They also offer seating arrangements and complimentary wifi, charging ports and chair textures which invites customers to stay longer and create a memorable experience.</p><p></p><p>As an independent brand located in one area, I will find it difficult to compete in terms of popularity and spacing.</p></blockquote><p></p>
[QUOTE="SarahB3, post: 135542, member: 3203"] Apologies for the delay. This is also my first attempt in applying the PESTLE & SWOT analysis. I will appreciate your feedback and an email with the correct answers. Thank you team :) Political - I would consider the implications of Post Brexit and pandemic - Disruption in supply chain due slowdown in trade as a result of covid-19 but also new tariffs for importing coffee beans into the UK. Considering that there is a large Coffee market in the UK, the demand to import coffee beans is high. The Swiss and Brazilian markets import a lot of coffee beans in the UK, so I need to factor in taxes and duty fees. I will negotiate good trade deals in the future to get coffee beans at a discounted rate in exchange for long-term business partnerships. Economic - The inflation rates will cause an increase in the cost of supplying coffee and other outsourced products/materials. Due to increased costs, I may have to apply the bootstrapping approach to fund several aspects of my business that need less start-up capital. This will reduce the amount of loans or borrowed funds. The benefits of this is risking my own money and thus limiting liability of debt owed. To compensate for increased property prices as a result of interest rates in London, a bootstrapping approach will enable me to test waters on ideas for the growth of my business early on such as entering partnerships with nearby corporate firms and supplying them with my company’s coffee in coffee machines or setting up a pop-up cafe. The weakening pound over the last few years has meant that I will receive lower amounts if I invest in importing coffee beans. It may, however, be necessary to use pricing strategies such as competitive pricing, cost-cutting pricing, and price skimming, which involves setting higher prices and lowering them as market conditions change and when interest rates decline. Social - this relates to the social environment of the market you are analysing, such as demographics, current social trends, cultural aspects, etc. As of 2020, UK consumers spend over £4bn in high-street coffee shops. Moreover, 80% of coffee shop goers go to a coffee shop at least once a week. This suggests that my business has a chance to aid the continuation of this trend. With the rise of social media platforms such as Instagram and Tik tok and their ability to lure consumers into trying new products that are trendy and/or go viral, with my content creating knowledge and experience, I will be able to take advantage of these platforms in drawing traction and marketing my brand. Furthermore, I will focus on packaging and decor in order to entice customers to visit, take pictures, and create content that is memorable. Hopefully, this will encourage them to share and post on their social media platforms to attract more customers. Technological - I will incorporate technology to facilitate with document review tasks such as any major changes in the trade agreements will be flagged up using AI and document automation tools. Environmental - this relates to the environmental considerations that may affect the industry you’re analysing, such as sustainability concerns or natural disasters. In case a natural disaster impacts the seamless importation and access to receiving coffee beans from Latin American and Brazilian suppliers, I will ensure I have a backup supplier. As a result, I will ensure I have two suppliers in this case, which will be Switzerland SWOT refers to a business’ Strengths, Weaknesses, Opportunities and Threats. Here are a few things that business owners may want to consider when creating their business plan: Strengths - Location - The shop will be located either in Liverpool Street near law firms and corporate businesses or in Shoreditch, which is close to tech companies. Those who enjoy drinking coffee on their way to work, during lunch breaks, etc., will be enticed and drawn to this offer. I will consider my USP to be an instant Premium coffee with different tastes - I will ensure my product stands by describing that I offer various flavours. I will also emphasise on the fact that I sourced out the freshest luxury standard coffee beans and price it at a premium yet affordable rate Weaknesses - Due to the current economic climate, I will be reluctant to access so much debt capital and thus I will need to be selective. In selecting who to invest in, I need to consider that I have a limited budget, I am liable to meet their rules and will not be able to fully own the profits until I have paid back the debt owed. Given that Costa (UK brand) and Starbucks make up a large proportion of market share, I will need to factor in aspects of my business that differentiate it from the larger brands. This will be my price point and flavours as well as customer experience and packaging. Opportunities - My business has a good chance of success despite the competition, considering the enormous consumption of coffee, which confirms the value of the total coffee chain market at around 4.4 billion. Threats - My competitors such as major players in the coffee market (Costa Coffee and Starbucks) are threats given that they have a larger presence across London. They also offer seating arrangements and complimentary wifi, charging ports and chair textures which invites customers to stay longer and create a memorable experience. As an independent brand located in one area, I will find it difficult to compete in terms of popularity and spacing. [/QUOTE]
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Practise your commercial awareness for your next interview using PESTLE & SWOT.
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