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Pest Analysis

774 words - 4 pages

PEST Analysis – Singapore
1. Political Factors
Singapore is well known for its political stability in the region and the country applies a modified model of the Westminster Parliamentary system. Each parliament can sit up to five years maximum. High degree of freedom is enhanced due to political type of right-wing authoritarianism however there are some restricts on political aspect. It is essential to understand the politics to assess the penetration on the Singapore market. According to KPMG Corporate tax rates table 2014, Singapore corporate tax has been stable at 17% since 2008. It stands out as the lowest figure compared to the rest of ASEAN countries which can be seen as an ...view middle of the document...

Also, Singapore was ranked 2nd as one of the most competitive economy in the world (World Economic Forum 2014) due to the considerable improvement in income and labour productivity, leading to high level of living standard of people. Moreover, the inflation rate remained stable at 2.4%, at the same time; the consumer optimistic level takes 90% of the population (CIA World Fact Book 2014). This indicates that Singaporeans experience high standard of living as well as upbeat lifestyle therefore they will be more willing to spend on shopping. However, due to exchange rate between Singapore Dollars towards Euro (1 SGD = 0, 63 Euro), importing products from Germany may be more expensive for businesses so that the price may be set higher than normal.
3. Social Factors
In Singapore, 80% of the country population are Mandarin (CIA World Factbook 2014), therefore they share a collectivism point of view and high context. However, Dm-drogerie Markt originally comes from Germany so the conflicts in culture are likely to occur. For instance, German people are more individualism, universalism and specific whereas Singaporeans are more collectivism, particularism and diffuse. This may affect the working style as well as the relationship at work amongst employees so sometimes efficiency and productivity cannot reach its highest level. However in terms of general business, professional relationship are built from performance or efficient negotiations, and not through verbal...

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