GDP (Gross Domestic Product) has been constantly increasing since Singapore became independent. The SWOT analysis for Singapore Airlines presented below analyzes the internal and external environmental factors such as Strengths, Weakness, Opportunities and Threats by incorporating its 2017 results and the outlook for 2018. The contents below will use "PESTLE" analysis tool to analyze Political, Economic, Social, Technology, Legal and Environment factors of Singapore "MICE" industry. The PESTLE analysis refers to the screening of political, economic, sociological, technological, legal, and environmental aspects of the macro environment. This situation shows clearly that Singapore has benefited a lot from international trade. Despite the legal principle of equal pay for equal work, women earn approximately 75% of the average male salary. Ltd (10.54%). The report uses PESTLE analysis to investigate these areas providing an insight to the successes and failures of BP during recent years. According to an estimate, businesses and companies have increased the demand for cybersecurity by 110% from 2017 to 2018. The decision to industrialize and to do so rapidly was deliberate policy. Such a project would increase her exports and bring revenue to her economy. It contains thousands of paper examples on a wide variety of topics, all donated by helpful students. Besides institutionalized care, the Ministry of Community Development administers foster and homemaker service schemes for needy young persons. Initial government started economic development program was upon employment. But the current COVID-19 pandemic and lock-downs all over the world has shook the company from its grounds. What are its strengths and drawbacks, actual or potential?, Centre Parcs are one of the UKs leading family, self-catering holiday destinations. IvyPanda. Country PESTEL Analysis Industry Regional Data Coverage. Or the major threat plaguing the minds of the government and security . Environmental responsibility is vested. Singapore PESTLE Analysis demonstrates how various factors influence the country. All work is written to order. Political Factors:1.1 However, businesses should be aware of the following political risks:2 2. For example, the Local Enterprise Electronic Commerce Programme allows local enterprises that are embarking on e-commerce initiatives to enjoy a grant of up to 50% of the total project cost, subject to a maximum of S$20,000. According to an estimate, 89% of her people consider that workforce diversity promotes innovation and productivity. This approach made the country an attractive destination (Yulek 83). The reason behind declining the economy was high wages and slumping demand for oil and electronic products and the economic woes of Malaysia, which made Singaporean products less competitive on the world market. If you are the copyright owner of this paper and no longer wish to have your work published on IvyPanda. These companies produce consumer products, electronics, cosmetics, and medical equipment (King 102). Cases of police abuse are generally investigated by the government and reported in the media. Year 2007 was strong economic growth for the global economy. Other constraints on Singapores economic performance are labor shortages, rising labor costs, and the declines of productivity-although in by the second and third quarter of 2002, gains in productivity were averaging 6.1% compared to decreases averaging 7.75% in the last half of 2001. "International Business in Singapore: PEST Analysis." They believe that one bad apple doesnt represent the whole community. Today, we'll discuss the swot analysis of Singapore. Contents1 1. June 20, 2020. https://ivypanda.com/essays/international-business-in-singapore-pest-analysis/. The Parliamentary Elections Act was amended, curbing the use of the Internet for political campaigning and banning the publication of opinion polls during elections. (2020, June 20). The government uses appropriate monetary and fiscal policies in order to attract more foreign investors. The country has also been importing different products from Japan and Malaysia (King 48). The nation hardly have about has 0.1 cubic miles of water. Asda's customers not only benefit from cheaper prices but also receive an unmatchable mix of fresh food, grocery, clothing, home, and leisure and entertainment goods. Largest share in the economy was the electronic manufacturing industry. The country has several political parties that dictate different polices and laws (Wong and Goh 12). Singapore's technological readiness is strong, the physical infrastructure has grown with technology, and the government has a strong logistics backbone to support businesses and others. represent the position of Edraw Software. GDP in market Price of Singapore in 2007 was $161,348.8 million (US Dollars) and a growth of 7.5% after a growth of 7.9% in 2006. Cybersecurity and terrorist threat are imminent dangers to the country. 1. International Business in Singapore: PEST Analysis. Legal factors. Women comprise 42% of the labor force and are well represented in the professions. Define the purpose of PESTLE analysis and spell out some of the main constituents of each factor., Shopping has become a leisure pursuit for many middle class and affluent Chinese consumers. Conclusion. PESTLE Analysis of Oppo analyses the brand on its business tactics. Tang promptly fled the country, saying he feared for his safety as the government froze his assets and imposed travel restrictions on his family. It is necessary for marketing before any strategy or tactical plan can be implemented. We will write a custom Essay on International Business in Singapore: PEST Analysis specifically for you. What is a pestle study? There are two main factors; first basis factors include natural resources, climate, location, unskilled and semiskilled labour and debt capital. Japan captured the country during WWII in 1942 and came back under British rule after Japans surrender in 1945. To export a reference to this article please select a referencing stye below: If you are the original writer of this essay and no longer wish to have your work published on UKEssays.com then please: Our academic writing and marking services can help you! Pestle analysis draft. The ratio stands at 407.9 percent (Yulek 72). Environment factors. PESTLE. The government should provide more subsidies to the businesses. It became a part of life for later generations. If you need assistance with writing your essay, our professional essay writing service is here to help! The final determinant of a nations competitiveness reflects the context in which firms are created, organized and managed. The nation also exports different organic chemicals and plastics. The government directs and targets the economy through laws, regulations and incentives, and participates in business ventures through Singapores unique hybrid, the government-linked company (GLC). Print. This fact explains why the nation has friendly taxation systems and absence of trade barriers (King 64). Currently the EDB works toward Singapores vision of its future as a developed country through the promotion of business. Singapore's technological readiness is strong, the physical infrastructure has grown with technology, and the government has a strong logistics backbone to support businesses and others. IvyPanda, 20 June 2020, ivypanda.com/essays/international-business-in-singapore-pest-analysis/. So Tescos performance is influenced by the political factors. Many Singaporean people lost their jobs during the economic crisis; their purchasing power has fallen dramatically. PEST Analysis consists of Political, Economic, Social - Culture and Technological. In conclusion, Singapores economy has been growing steadily due to its involvement in international trade activities. Instructor: Hays. Shell PESTLE Analysis Project Report | Limitations - BohatALA Apr 19, 2021The company has managed to attain a share of 3 % in the global gas The political risk in Singapore is quite low. The countrys strategic location supports its entrept trade activities. *You can also browse our support articles here >. If we want to analyse the political factors which impact upon the company we need to make a general view of the situation in the country. It made many people realized that the government didnt know what was happening to the people. Let's see how each of these factors impacts the country. Economic factors:3 3. Singapore weathered the crisis and without a contraction in 1999 its growth had recovered to 5.4%. Singapores sensitivity to the external economic environment, with trade running 300% of GDP, is extreme. As air act which maintain air quality was adopted in 1971 and amended in 1975 and 1980 by the clean air regulations. After 1980s Singapore started to diversify its economy to make it capable to provide manufacturing, financial, and communications facilities for multinational firms. Singapore has established effective trade agreements with different nations. information, company profile, business model,. This concept was first introduced in 1967 as PEST analysis by Francis Aguilar. Water Pollution Control and Drainage Act made in 1975 and the Trade Effluent Regulations of 1976, which control water quality. Disclaimer: This is an example of a student written essay.Click here for sample essays written by our professional writers. Your privacy is extremely important to us. Therefore, it creates a reliable and . 1. PESTLE is a business tool used to study the macro-environmental factors. The economy of Singapore has encountered numerous challenges. Pollution from the nations oil industry is also a significant problem, and its cities produce about 0.9 million tons of solid waste per year. Different firms in the Electronics Industry also support the countrys export turnover. The above industries continue to support Singapores international trade. Make an Offer. The global airline industry is really enormous and plays an important role in global trades. After independence, the nation encountered numerous obstacles such as poverty, poor infrastructure, and unemployment. Singapore encountered a major crisis in 1999. In the recent past, Singapore has promoted new economic activities. A moderate easing will occur in 2024 to accommodate lower inflation and growth. Library Resources for PESTLE Analysis; Get Help . However, the banking industry of Singapore is one of the leading players globally. The countys FDI is over 60 billion USD. Singapore Airlines is one of the strongest airline brands globally but headwinds in the external . Such products account for over 60 percent of Singapores manufacturing output (Yulek 38). If you compare it with other countries, then her unemployment rate is meagre. A PESTEL/PESTLE Analysis of Nike Inc. enumerates notable opportunities for international growth and brand image improvement, considering the firm's remote or macro-environment. To better understand the macro-environment of Starbucks in Singapore, a PESTEL analysis will be conducted. Singapore has lost 20 to 30% of its original mangrove area. Singapore also boasts of one of the freest economies. However, the dot.com bust in 2001 to the economys first yearly contraction since 1985, of 2%. PESTLE Analysis A PESTLE analysis considers how various factors affect the marketplace and is used by companies and other organizations as a basis for strategic decision making and marketing, among other things. In order to strike a balance between the protection of rights for copyright owners and increased public access to intellectual property, Singapore has ensured that its intellectual and copyright laws are harmonised with underlying principles in global IPR laws. Looking for a flexible role? Its both an opportunity and threat at the same time to the people and businesses. The Singapore Miracle, Myth and Reality. The Evidence Act was amended in 1997 to allow the use of electronic records as evidence in the courts. The countrys population comprises of individuals between 16 and 60 years of age. As a city-country, Singapore is focusing on its economic development. In June 1997, GDP growth rate dropped due to revert of the Chinese rule by Hong Kong triggering the Asian financial crisis. The Singaporean government has launched mega projects like establishing an Airport terminal, buildings, and the expansion of sewerage. Approximately5,703,600people are populating the country. In the 1950s, the economy of Singapore was supported by its strategic location. The country has specific norms and cultural practices. According to MarketLine, financial intermediation, real estate and business activities contributed 28.7% to the country's gross value added (GVA) in 2021, followed by mining, manufacturing and utilities (22.6%) and wholesale, retail and hotels (20.1%). Early emphasis was placed on promoting investment in manufacturing. Recovery of GDP 2002 was not much rapid due to continue low export demand as the growth of the country was positive 2.2% in that year. The government gives grants to different companies and entrepreneurs in order to achieve the best goals. Social Factors. For instance, Singapore is a leading producer of pharmaceuticals and medical equipment. In 2001, two plant species, six mammal species, and nine bird species were considered to be in danger of extinction. Lower Unemployment Rate. Singapore supports its industries using different technologies. The top 5 companies that are covered in this article are. PESTEL analysis of Singapore. The PEST Analysis presented below can be used to determine the nature of Singapore's international business activities within the past one decade. They are directed by the Ministry of Community Development, which is often assisted by various voluntary organizations, most of them affiliated with the Singapore Council of Social Service. To create a transparent legal environment conducive to the growth of service providers, the ETA specifies that service providers will not be subject to criminal or civil liability for such third- party material. 20 June. This PESTLE country analysis report on Singapore provides a holistic view of the country, with insightful analysis of current and future issues, supplemented with relevant quantitative data to support trend analysis. The country has also been producing different minerals such as rubber. PESTLE Analysis of SingTel One of the best tools is the PESTLE analysis through which it can be utilised by the analysers of the markets for monitoring and analysing the environment macro factors that impacts as well as influences the organisation (Helmold, 2019). Synopsis - Understand the political system in Singapore through analysis of key figures in the country and governance indicators. The industrial sector contributes 24.5% to GDP, in which the manufacturing contributes 18.3% to GDP. Nevertheless, the nation firmly abides by the laws about vilification and . This situation has attracted many investors. In 1979, the government abandoned its earlier policy of stimulating low-wage industries and adopted a policy of encouraging capital-intensive and technologically sophisticated industries. Need a custom Essay sample written from scratch by However, The Joint Commission does not stipulate which team member initiates any section of the checklist except for site marking; The Joint Commission, Can you comment why Pi2 pulsations were observed only by stations at lower latitude rather than in the auroral oval?, INTRODUCTION Assessment is the process by which a learners skills and knowledge are reviewed in order to evaluate what they have learnt or in the case of NVQs how they are performing against the competencies they are required to demonstrate.