Macro Evaluation of Singapore

Marketing – Individual Assignment

Marketing – Individual Assignment

Abstract

This report is submitted to the management of TAFE in order to fulfil the requirements of the Module Marketing - Individual Essay. The chosen International Market is Singapore. The report contains three main sections; i.e. Macro environment analysis for Singapore, Application of Hofstede’s cultural dimensions theory for Singapore and Suggestion of a product to be introduced in Singapore.

A macro environmental analysis is carried out to identify the external factors that affects the business environment which will affect the decision making process of an organization. The analysis is carried out under five main sections; which are Demographical forces, Socio-cultural force, Economic forces, Legal/Political force and Technological forces. Singapore is known as a hybrid country with both autocratic and democratic policies where the government involvement in business is stands low. Its location has become an added advantage which is situated in the centre of many countries making it easy to reach a large number of customers world-wide. Singapore has a multi-cultural society with 74% of the population being Chinese. The country has the lowest unemployment rates (3%), a low inflation rate (2.8%), increasing GDP (4.9% increase in 2011) and a workforce which is highly educated, highly skilled, technically qualified and hard-working. Hence, the country is highlighted by the world-bank as having the best business environment.

Moreover, Hofstede’s Cultural dimensions theory has been done to gain understanding of the Singaporean culture, the values of its people and how it impacts the business and consumer behaviour. The findings summarize that power is more centralized in Singapore businesses, they have a collectivistic culture where people behave in group, enhancing on believe in sharing, loyalty and respect toward others. They prefer to avoid conflicts maintaining a friendly...