Reference no: EM131178698
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. If the economy was in a depression, people would begin saving money and limiting their spending habits, which in turns results in a decrease in online/in-store purchases for REI because the value of their goods/products would have to increase. There will less buying for some goods and supplies which decrease the company's sales and revenue.
2. Employees within the companies would lose jobs (turnovers) or employees making less money.
Global Economy
How does the current global economy affect REI retail operations?
1. If some products or goods were bought or traded from another country and the currency values were increase, REI would have to purchase these items at a higher price also and the scope of REI's prices would decrease because customers would realize that the prices for what they want are too expensive and not want to buy them.
2. Fair Labor. REI has joined with other associations such as Outdoor Industry Association (OIA) and Fair Factories Clearinghouse (FFC) to crack down and ban fair labor violations.
Legal and Regulatory Environment
What types of legal and regulatory forces affect REI in the U.S.?
1. Consumer privacy. By REI customer's using their social security numbers, credit cards, checks, and debit cards to make purchases or apply for credit, if their personal information was to get out, REI could be sued.
2. Product Safety and Recalls. REI informs customers of product recalls and safety procedures. REI works with the Consumer Product Safety Commission to set up procedures that will protect the health and safety of its customers. If the customers weren't informed about certain problems or conditions of a product, REI could be liable; charges such as fines, exile of products or even jail time.
Socio-Cultural Forces
What types of social and culture trends affect REI?
1. Supply and demand. REI supply customers with products that they need, this increases profits and sales.
2. Social media such as Facebook gets a lot of feedback and if REI showed to be unfair and customer was dissatisfied, that could send negative feedback through the social media about the company, and the company could lose business and customers.
Technological Forces
What type of technology changes affect REI?
1.Improving the change of technology allows REI to continue expanding their business nationwide and internationally at lower costs.
2. Technology can enhance the communication between customers and REI with the help of emails, cell phone apps, and websites. This supports REI with feedback to make their company better productively and efficiently.
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