BHO1171 Introduction to Marketing - Macro Environmental Analysis - Assignment Help

Macro Environment Analysis of LUCI

LUCI is a new gadget in the technology industry, it’s a VR Display headset that is very light weight and can become part of your daily life. The device is really very easy to put on and remove, and the best part is it offers over 3000 pixels per inch. The device has received funding of over $463,685, so it’s all about to be launched. However before launching and product or service, it’s really very important to analyse the macro environment as it affects any and every business. 

Macro environment consists of various factors that need to be considered, and in case if those factors are left unchecked that it can easily destroy any business. For LUCI to launch its product in the market, it’s important to analyse the macro environment that comprises on Political, Economical, Social and Technological analysis (Yüksel. İ, 2012). 

Economic Analysis 

For a product like LUCI, economic environment needs to be considered, as launching such a product in a country that economically is not strong, will result in a disaster. Economically Australia is strong as majority of the population in Australia can easily afford tech products. The wages and prices of products are likely to grow, whereas the unemployment rate is likely to edge lower (Thamrin et al. 2018). More and more foreign companies are making investment in Australia, creating more employment opportunities for the locals. Australia is also one of those countries that were able to avoid major loss during the Global Financial Crises of 2009 (Hill. C, 2009). 

Political Analysis

Another important aspect to consider under Macro environment is the political environment of the country. In Australia, there are two major political parties Labour and Liberals. Regardless which ever is in power, they both support the technological advancements in country (Chen. P, 2013). The business environment in Australia makes it a hot destination for many international companies and foreign investments. The government is always in support of new businesses and other start-up ventures. 

Social Analysis 

When analysing the social environment of Australia, it wont be wrong to say that the country social environment is pretty balance. Australia has three social classes, working, middle and upper class. LUCI can target each category, as all the social classes would be able to afford such product. Australia is a country where education is considered as an important element of a society, and since Australia is a multicultural country, any product can be marketed easily.