Introduction
An integrated portable projector integrated into a thumb drive is a great innovation that will target the business people and the education sector. This product can also be used by the mass market for entertainment purposes such as watching videos. Below is a PESTEL analysis on Singapore where the product will be marketed (Dess, Tom Lumpkin, and Alan 22).
Singapore is a country located in southern Asia. Singapore is a peaceful country with political stability. Singapore is also known for its low crime rates. The low crime rates statistics makes Singapore a viable place to do business. Therefore, selling the integrated portable projector in Singapore will not be threatened by insecurity or political instability. Political stability of Singapore will give the business of selling the integrated portable to flourish (Dess, Tom Lumpkin, and Alan 22).
The crime index released in 1014 reveals that the crime in Singapore is at 18.83% and a safety index of 81.82% (Analoui, and Azhdar 56). This trend shows that even the buyers of the product will feel safe when purchasing and using the product. The security available in Singapore makes it possible to buy electronics without the fear of losing them to criminals. As a result of this, customers will consider purchasing the integrated portable projector a great investment (Analoui, and Azhdar 57)
For the legal side, the government of Singapore has set up several organizations that help businesses to operate in a successful way (Luthans, and Jonathan 102). For example, there is a ministry of trade and industry that develops policies to develop enterprise and innovation in Singapore (Waller 56). The ministry of trade and innovation works towards enhancing growth of the economy and expanding trade. The ministry also works towards developing industries, and building a favorable pro-enterprise environment (Waller 56).
On curbing crime, the Singapore police force has a positive public image which makes them approachable in case of theft or fraud (Frost 50). This mechanism will make it possible to report a crime in case it happens. These criminals will also be apprehended through the law. There is also the corruption investigation bureau that curbs corruption in the private and public sector (Van der Wagen, and Brenda 548).
Economic situation in Singapore
The Singapore economy has been found to be vibrant in growth. There also exists a free-market in Singapore (Chapman 780). The per-capita income is also very high. The business has also been developing at a very high rate as a result of the corruption-free environment. There is also an educated and motivated workforce, and also an established legal and financial business framework (Chapman 780).
Singapore has also attained a GDP of S$257,419 million. These digits indicate that there is favorable market value. There was a 2.3% market increase in 2008 as compared to the previous years. There has also been a GDP growth of 45.2% in 2010 (Gunn and Wil 210). The international enterprise under the ministry of trade and industry is working towards improving Singapore’s external economic performance. International enterprise facilitates export of goods and services and also promotes offshore trade. There is also a developed tourism sector that contributes to up to $20 billion (Ha, and Ken Coghill 110). This development also facilitates economic growth in Singapore, thus facilitating the growth in the business sector (Gunn and Wil 210).
The social-cultural situation in Singapore
Singapore is a city that holds on to the traditional household culture. This vibrant metropolitan culture is common amongst the older folk. The younger people have adopted the western culture and values. There is also a strong education system. The people in Singapore are also comfortable with communicating in English. The people of Singapore conduct leisure activities that include shopping, hanging out at resorts and restaurants among others (Rugman, and Simon 61).
The people of Singapore also have a materialistic culture, and do not like losing it to other people. This culture makes them work very hard to maintain a high social status. This hard work contributes to the productivity in the business sector (Polevikova 03). There is also high purchasing power from the customers. When looking forward to marketing the integrated portable projector, this is a factor to consider. This high purchasing power indicates that the integrated portable projector will sell well in the market. This high purchasing power also indicates that customers will be available (Kaplan and David 800).
Singapore is also made up of different races including the Chinese, the Malays, and the Indians. In terms of educated, there is a strong culture of educating children, and it is a crime for a parent not to take his or her children to school. Moreover, people can comfortably converse in English and other languages like Chinese among the Chinese folk (Wong, and Elaine 45). The ability to communicate in Chinese has attracted investors from China, Taiwan, and Hong Kong. The literacy levels in Singapore are at 96% with secondary school education at 89% (Tobin, and Susan 800). The high literacy levels will facilitate market for the integrated portable projector since it indicates the presence of talent and high intellect. Parents will be willing to purchase the integrated portable projector for their children who are in school. The education sector is also wide enough to provide a big market for the product (Tobin and Susan 800).
Technology
Technology has helped in improving the lifestyle of the people of Singapore. The information and technology infrastructure has made foreign and local businesses to develop successfully. There is also internet connection of up to 70% of all households (Hill, and Arun 700). There is high demand for information and technology infrastructure in the financial, business, and household sectors. This demand indicates more market for the integrated portable projector. There is also the transformation of the government to the electronic government system. The introduction of integrated portable projectors will make it easy to run government activities. The need to improve on the technology in Singapore will increase the demand for the product (Ghosh 211).
Technology has also improved the way the mass market operates. There are advancements in the entertainment industry. Therefore, the integrated portable projector can be used in video watching. The entertainment industry will be another target market for the products (Kearney, and Foreign Policy 75).
Environment
The environment if Singapore if friendly to allow business to continue without disruption by extreme weather conditions (Phau, and Garick 63). The favorable weather also allows for the development of the tourism sector. Singapore has a business friendly environment that allows businesses to grow at a very fast rate. Singapore has high levels of transparency and reliability in business. This good business environment is facilitated by a stable political situation, effective judicial systems, and strong domestic institutions. Singapore has also been recognized as the country with the best business environment in Asia pacific and Worldwide (Lewis, and Gates 50).
Conclusion
In order to determine how well the integrated portable projector will sell in Singapore, it is important to analyze all the PESTEL factors of Singapore. Conducting a PESTEL analysis facilitates knowing the factors that facilitate the development of a business and also know the characteristics of the target market. According to the PESTEL analysis, Singapore is a good place to sell the integrated portable projector with the target market being the business persons and students in school (Ranganathan, and Jasbir 130).
Works cited
Analoui, Farhad, and Azhdar Karami. Strategic management in small and medium enterprises. Cengage Learning EMEA, 2003: 55-76.
Chapman, Robert J. Simple tools and techniques for enterprise risk management. John Wiley & Sons, 2006: 765-800.
Dess, Gregory G., G. Tom Lumpkin, and Alan B. Eisner. Strategic management: text and cases. Richard d Irwin, 2006: 22-45.
Frost, Frederick A. "The use of strategic tools by small and medium‐sized enterprises: an Australasian study." Strategic Change 12.1 (2003): 49-62.
Ghosh, B. C., et al. "The key success factors, distinctive capabilities, and strategic thrusts of top SMEs in Singapore." Journal of Business Research 51.3 (2001): 209-221.
Gunn, Rod, and Wil Williams. "Strategic tools: an empirical investigation into strategy in practice in the UK." Strategic Change 16.5 (2007): 201-216.
Ha, Huong, and Ken Coghill. "E-Government in Singapore—A Swot and Pest Analysis." Asia-Pacific Social Science Review 6.2 (2006): 103-130.
Hill, Charles WL, and Arun Kumar Jain. International business: Competing in the global marketplace. Vol. 6. New York, NY: McGraw-Hill/Irwin, 2007: 657-700.
Kaplan, Robert S., and David P. Norton. The strategy-focused organization: How balanced scorecard companies thrive in the new business environment. Harvard Business Press, 2001: 789-900.
Kearney, A. T., and Foreign Policy. "Globalisation Index." Foreign Policy 6 (2006): 74-81.
Lewis, Richard D., and M. Gates. Leading Across Cultures. Nicholas Brealey, 2005: 45-67.
Luthans, Fred, and Jonathan Doh. International management: Culture, strategy, and behavior. 2009: 102-115.
Phau, Ian, and Garick Kea. "Attitudes of university students toward business ethics: a cross-national investigation of Australia, Singapore and Hong Kong." Journal of Business Ethics 72.1 (2007): 61-75.
Polevikova, Maria. "Business Environment in Singapore." (2013): 56-87.
Ranganathan, C., and Jasbir S. Dhaliwal. "A survey of business process reengineering practices in Singapore." Information & Management 39.2 (2001): 125-134.
Rugman, Alan M., and Simon Collinson. International business. Pearson Education, 2009: 60-90.
Tobin, Jennifer, and Susan Rose-Ackerman. "Foreign direct investment and the business environment in developing countries: The impact of bilateral investment treaties." (2003): 789-1097.
Van der Wagen, Lynn, and Brenda R. Carlos. Event management: For tourism, cultural, business, and sporting events. Prentice Hall, 2005: 456-786.
Waller, Derek L. Operations management: a supply chain approach. Cengage Learning EMEA, 2003: 56-88.
Wong, Kuan Yew, and Elaine Aspinwall. "Characterizing knowledge management in the small business environment." Journal of Knowledge management 8.3 (2004): 44-61.
