Pestle Analysis
Political/Legal * Singapore is an enterprise friendly country. Several organisations are set up by the Singapore government to help businesses runs in a very systematic way. * Ministry of Trade and Industry (MTI) provide the vision of make Singapore a leading global city of talent, enterprise and innovation. * SPRING Singapore (Standards, Productivity, and Innovation Boards) helps for growing innovative companies and fostering and encouraging a competitive SME sector. * Lemon Law will not only benefit consumers and retailers but also boost Singapore’s retail industry in the long run. * Singapore is a country where enforcement units are very efficient and with very low corruption rate. (arun 2011)
Economic * Singapore is known as vibrant free market economy. Its economy depending heavily on export. Also, it enjoys a higher per capita income than most of the developed countries (Kashyap 2011). * High inflationary pressures on Singapore will affect the consumers buying power. This pressure is cause by the financial crisis since 2008 onwards (arun 2011). * The unemployment rate in Singapore was last reported at 2 percent in the second quarter of 2012 (Trading Economics 2012). * Historically, The Singapore interest rate averaged 1.69 Percent (Trading Economics 2012). Increment of interest rate will affect the consumer’s spending power.
Social Cultural * Singapore is an eastern country, which still follows the traditional families values. However, the younger generation has started to change their belief and started to adapt to the western culture and values. * The increase in disposable income, housing boom, and aggressive retail promotions, create an increase in consumer spending power especially on seasonal sales (guide me Singapore 2012). * Consumers prefer to buy the best quality products at lower price which Charles and Keith can provide this service.
Demographic profile 1. The population in Singapore
Economic * Singapore is known as vibrant free market economy. Its economy depending heavily on export. Also, it enjoys a higher per capita income than most of the developed countries (Kashyap 2011). * High inflationary pressures on Singapore will affect the consumers buying power. This pressure is cause by the financial crisis since 2008 onwards (arun 2011). * The unemployment rate in Singapore was last reported at 2 percent in the second quarter of 2012 (Trading Economics 2012). * Historically, The Singapore interest rate averaged 1.69 Percent (Trading Economics 2012). Increment of interest rate will affect the consumer’s spending power.
Social Cultural * Singapore is an eastern country, which still follows the traditional families values. However, the younger generation has started to change their belief and started to adapt to the western culture and values. * The increase in disposable income, housing boom, and aggressive retail promotions, create an increase in consumer spending power especially on seasonal sales (guide me Singapore 2012). * Consumers prefer to buy the best quality products at lower price which Charles and Keith can provide this service.
Demographic profile 1. The population in Singapore
Bibliography: * arun, Pandey. PEST Analysis Singapore. Scrind Inc. 2011. http://www.scribd.com/doc/57814135/Pest-Analysis-of-Singapore (accessed 2012). * Kashyap, Paritosh. Management Guru. 2011. http://themanagmentguru.blogspot.sg/2011/01/pest-and-swot-analysis-of-mice-industry.html (accessed October 28, 2012). * Trading Economics. 2012. http://www.tradingeconomics.com/singapore/unemployment-rate (accessed October 28, 2012). * Ministry of Manpower. Ministry of Manpower Department. 2011. http://www.mom.gov.sg/Publications/mrsd_singapore_workforce_2011.pdf (accessed October 28, 2012). * guide me Singapore. 2012. http://www.guidemesingapore.com/relocation/introduction/quality-of-life-in-singapore (accessed october 28, 2012).