9 pages/≈2475 words
Business & Marketing
International Marketing (Research Paper Sample)
The task entailed an analysis of Singapore in the field of International Marketingsource..
i. IntroductionSingapore is a sovereign nation found in Southeast Asia. The nation is an island country boasting of a number of ports that are influential to the running of the Singapore economy. Over time, the country has continuously undergone urbanization but also holds a significant area of land under original vegetation. In fact, the conservation regulations in Singapore offer strict rules against destruction of such important national treasures. Nonetheless, a huge area of the country's land has been expanded by land reclamation exercises on the ocean bed.Among the world's significant commercial hubs, Singapore lies dominantly in that category, thanks to its busy ports and one of the most powerful financial centers. The amount of money flow in the region is simply outstanding. Through the globalized and diversified economy, the country relies on trade operations within and around its borders. As such, its citizens are comprised of extremely enterprising individuals. The industry that is paid much concern in Singapore is manufacturing as represented in the gross domestic product reports. In the world statistics, Singapore is the third highest per capita income in the form of purchasing power. However, the same region suffers one of the highest income inequalities with the gap between the rich and the poor ever increasing. One would predict that the disparities are likely to brew a dangerous confrontation, as well as negative repercussions on the broader national perspective. Major segments in the economy that are internationally recognized with exceptional performance are hospitality, healthcare facilities, education as well as business. The country, however, suffers from a suppressed press freedom because of an underdeveloped democracy. The political structures in place are not robust enough for the status of the country; as such, this factor acts as a major hindrance to the maximal exploitation of the opportunities within and around the borders. With that, the country offers a strategic advantage to any viable business project, further supported by the low tax rates charged in the area.Our specific question seeks to explore Singapore in respect of the hospitality industry. In the light of this question, it intends to highlight the competitiveness of the sector in relation to other industries with special focus on food and beverages. In this quest of analyzing the specific area of the economy, different arguments will be relayed clearly to develop a persuasive orientation as regards to the subject question. Nonetheless, strong counter arguments to discourage certain practices will also be availed in order to ensure this topic is thoroughly tackled in all the possible aspects. Eventually, the viability of the food and beverages sector in Singapore will be explained based on the findings stated in the previous discussion.As such, the national food cuisines seem an interesting venture in the food and beverages industry given the fact that the product has both a cultural appeal as well as an economic influence. Using the Asian culture as a yardstick, preparation of traditional Arabic foods is sure to prove a viable venture in terms of business. Although a majority of Arab dishes comprised of dates, rice, wheat, yogurt and meat products, the globalized economy has influenced a transition to a broader variety of food items. A lot of this influence can be attributed to the increased interactions among people from different cultures and ethnicities. Nevertheless, the traditional cuisines continue to hold a significant degree of control in the food and beverages sector. Emphasis on such cuisines is based on meat, dairy products, herbs and spices, beverages, grains, legumes, fruits and vegetables, nuts s well as dressings and sauces.Given the fact that most Arabs are Muslims, pork products are strictly prohibited and have no possible market in the region. It is a taboo prohibited against in the Islamic law. Its influence has even spread to non-Muslims in the area. As such, preferable products are mainly chicken and lamb products. A smaller proportion of the population feed on camel and goat.A high emphasis on yogurt products, especially labneh is experienced in Singapore and its consumption rates are sufficiently high. For a significant length of time, the behavior has been common among the citizens of the region.It is internationally recognized that Arab countries are vast in the knowledge and indulgence of herbs and spices. Although the types vary from one region to another, some of the common spices enjoyed by the citizens of Singapore are turmeric, cumin, garlic, cinnamon and sesame. Most of the traditional dishes in the region are composed of either one or several of the spices. The practice has been incorporated into the culture of the people. Thus, it is regarded highly in the lifestyles of the people.Vegetables such as cucumbers, courgette, olives and fruits are favored by the Arabic cuisine largely. This is based on the significant use of the items in as minor dietaries in major hotels. Matter of fact, most of the items serves as desserts in top hotels. Dates act as a staple diet in the Arab countries and Singapore is no exception, where it is usually eaten with coffee. Scientific research has revealed of the health benefits associated to the fruits further advocating for the consumption of the product.Hot beverages are preferred to cold ones, with coffee topping the list in terms of consumption in the region. As such, coffee business receives at tremendous boost out of operating in the region with coffee shops being favorite joints among the affluent. Tea is also served in the same region with the commodity being a competitive preference among the residents of the region.Dressings and sauces are also characteristic of the Arab cuisine with the most common dressing s comprising of lemon juice, lebaneh, olive oil, garlic, as well as sesame paste.ii. Target market and positioningFor quite a significant length of time since independence, Singapore has been on the trend of exponential growth in all the industries present in its economies. Its strategic location in the Asian continent has continued to be a critical success factor that has yielded significant growth and sustainability. In fact, the country is noted as one of the lead supporters of global markets based on success stories on the prosperity of such kinds of business. A market analysis of Singapore in the broad macro economic sense will reveal that the country provides one of the most favorable, least corrupt business environments. Furthermore, research indicates that the country is a major foreign direct investment outflow financier with clearly outlined market policies. The country leads the Southeastern region in terms of food consumption levels on per capita basis. With data from research indicating that, the country is among the largest importers of food products, especially agricultural materials.Internally the country is mainly composed of middle-income earners whose desire for fine living presents an opportunity to be satisfied by the food and beverages sector. This segment of the conusmers aggressively dictates the consumption trends in the region, as they are not inhibited by the ability to spend money. A significant number of chefs have even been observed setting up classy restaurants to take advantage of this arising market niche. As such, any food related business ventures in the near future is bound expect sufficiently rewarding profits on paying close attention to the desires and interests of the mentioned segment in the economy. Demographic statistics reveal that the middle-income earners that are associated with such spending behaviors range from around 28 years old to almost 40 years old. The gender of the individuals that are accustomed to the trends is mainly the male as their level of spontaneity and desire for lavish lifestyle outweighs that of their female counterparts. Nevertheless, a significant proportion of females have been noticed catching up the trends characterized by rather high cost shopping expeditions, as well as domestic tourism within the borders of the country. Therefore, with the general middle-income earners as the target population of the food and beverages industry, consideration of the latest trends that appeal the current generation of individuals is set to prove viable for the implementation of the project (Terpstra, 1985). As such, it may be important to carry out surveys with the middle income earners as the targets in order to figure out the preferences that may be adopted in the setting of hospitability and increase sales revenues for instance. An assessment of possible substitutes from competing business may help in the development of unique products that cannot be imitated (Jolivot, 2008). Such analysis would be conducted on the competitors in terms of their operations and their output. A thorough evaluation will reveal opportunities and business niche that could be maximally exploited for profit. Strategies for managing the competitive advantage after establishment are also important. It determines the continual profit making ability of the business in the future. Such strategies would require deeper analysis to highlight the possible changes in the customer preferences, political influence, economic power, legal circumstances among other factors that may influence the operations of the business. Therefore, it is important the business is strategically positioned within the food and beverages industry to not only benefit from the advantages accruing but also insulate itself from the possible dangers that may arise from participation in the industry. Before critical decisions can be made on such matters, however, the information obtained is supposed to be substantial to warrant the critical decision-making process.iii. Marketing mixProd...
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