REQUIREMENTS: Please prepare a mini-term project.
Your mini-term project should be
approximately 2 pages, Times New
Roman, 12-point font, 1” top, bottom and side margins, double-spaced.
The topic for the mini-term project:
(i) conduct PESTLE analysis (Political, Economic, Social, Technological, Legal,
and Environmental) for your product or service to enter into Vietnam (ii)
justify why you choose this product.
You can choose an existing product or
service, or create a completely new one for your project.
I. PESTLE Analysis.
In order to develop a viable marketing plan, you will first need to develop a PESTLE
analysis which will include the following aspects of Vietnam. If this business
will be located in only one city – at least initially – provide some details
about that city as well. Each of these sections should be a separate section
(with subheads). Be sure to reference the source from which you get each fact.
Use in-text referencing (such as Smith 2017 or superscript numbering of
individual sources). Citation of your sources is important! Anything you get
from an outside source needs to be cited. Use bullet points and write
concisely, with short paragraphs – business writing style, not long-paragraph
literary writing style.
Political Factors
These
are all about how and to what degree a government intervenes in the economy.
This can include – government policy, political stability or instability in
overseas markets, foreign trade policy, tax policy, labor law, environmental
law, trade restrictions and so on.
It
is clear from the list above that political factors often have an impact on organizations
and how they do business. Organizations need to be able to respond to the
current and anticipated future legislation, and adjust their marketing policy
accordingly.
Economic Factors
Economic
factors have a significant impact on how an organization does business and also
how profitable they are. Factors include – economic growth, interest rates,
exchange rates, inflation, disposable income of consumers and businesses and so
on.
These
factors can be further broken down into macro-economical and micro-economical
factors. Macro-economical factors deal with the management of demand in
any given economy. Governments use interest rate control, taxation policy and
government expenditure as their main mechanisms they use for this.
Micro-economic
factors are all about the way people spend their incomes. This has a large
impact on B2C organizations in particular.
Social Factors
Also
known as socio-cultural factors, are the areas that involve the shared belief
and attitudes of the population. These factors include – population growth, age
distribution, health consciousness, career attitudes and so on. These factors
are of particular interest as they have a direct effect on how marketers
understand customers and what drives them.
Technological Factors
We
all know how fast the technological landscape changes and how this impacts the
way we market our products. Technological factors affect marketing and the
management thereof in three distinct ways:
·
New ways of producing goods and services
·
New ways of distributing goods and
services
·
New ways of communicating with target
markets
Legal Factors
Legal
factors include – health and safety, equal opportunities, advertising
standards, consumer rights and laws, product labelling and product safety. It
is clear that companies need to know what is and what is not legal in order to
trade successfully. If an organization trades globally this becomes a very
tricky area to get right as each country has its own set of rules and
regulations.
Environmental Factors
These
factors have only really come to the forefront in the last fifteen years or so.
They have become important due to the increasing scarcity of raw materials, pollution
targets, doing business as an ethical and sustainable company, carbon footprint
targets set by governments (this is a good example were one factor could be
classes as political and environmental at the same time). These are just some
of the issues marketers are facing within this factor. More and more consumers
are demanding that the products they buy are sourced ethically, and if possible
from a sustainable source.
II. Introduction of Your
Product. In this part, you need to briefly explain
your product, its features, benefits, and then provide the justification why
you choose this product to enter Vietnam.
