Question

write a CREST analysis for your startup business.
note:- use the business of toys and the company name is "Best toy factory ".

Answer 1

CREST analysis for "best toy factory" company is as follows:

1. COMPETITIVE ENVIRONMENT: before starting any business in any industry, companies should evaluate its competitive environment to know whether it would be profitable to enter a particular market.

If we talk about the toy industry, the environment indeed is highly competitive.

Consequently, the best toy factory would have to manufacture products with a competitive advantage. It could be environmental friendliness, safety, and better quality toys when making the toys.

2. REGULATORY ENVIRONMENT: various laws and regulations governing the operations and the establishment of almost all the businesses.

Standard regulatory requirements for the best effect would be environmental concerns regarding pollution at the time of manufacturing.

3. ECONOMIC ENVIRONMENT: it would include operational, internal, and external factors for running a business.

The economic environment would also include factors like requirements of equipments, financial management, organizational structure, employee morale, etc.

Thus, the best toy factory managers would need to gather information on economic issues, which would affect the spending habits of consumers and the supply of raw materials and capital flows.

4. SOCIO-CULTURAL ENVIRONMENT:

The socio-cultural environment would include analyzing various elements like consumer preferences, perceptions, beliefs, demographics, which would affect the choice of product.

If we talk about the best toy factory, the managers would have to consider product safety and lesser uses of hazardous materials in toys since the consumers would be children.

Managers should also focus on using environmentally friendly practices while designing their products.

5. TECHNOLOGICAL ENVIRONMENT:

It would include the adoption and availability of existing and latest technologies, which would reduce cost and enhance the productivity and quality of the product.

If we talk about the best toy factory, managers would have to focus on using environmentally friendly technology. They would require manufacturing such a product which is safer to use by children.