Higher GDP, high disposable income of people and technological advancement will help to motivate the company to do product diversification. The authentic luxury watches will provide the positive contribution by the innovative creation and identification of target audience. The luxury watches have the strength to influence customer ambition and purchasing behavior due to attractive product design, effective marketing and distribution strategy. Singapore is known for the high consumption rate country of luxury products. Supportive competitive market and implementation of supreme product positioning strategy will help the company to meet with the future objectives. These factors will motivate Azimuth Watch Company to enter in the luxury watch industry. Therefore, Azimuth has the opportunities and the required responsibility to introduce luxury watches in order to encourage sustainable consumption. External Environmental Scan The external environment scan will help to analyze the impact of external environmental factors on luxury watch industry. In order to do the analysis PEST analysis can be formulated. PEST Analysis The PEST analysis used to analyze the macro environmental forces that impact the strategic planning of Azimuth. This analysis will identify the business environment in Singapore for Azimuth. In order to maximize the business opportunities and reduce the external threats, PEST analysis is implemented in this study. The PEST analysis consists of four factors such as political, economical, sociological and technological factors. Political Factors `Singapore is known for his leading high-quality governance globally. The country is considered as the political stable and consistent policy-making country. The political risk regarding investing in luxury watch industry in Singapore is very low. Singapore is also considered as the third least corrupt countries in Asia, due to the country’s efficient government. The legislative power of Singapore lies jointly with the government and parliament. Therefore it is feasible that the political stability of country should influence Azimuth Watch Company to enter in the luxury watch industry. Economical Factors Singapore is one of the strongest economies in world. The GDP of Singapore is 239.7 billion US $ and the GNI per capita is 42,930 US $. The GDP value of Singapore indicates that the economic output and the disposable income of people are much higher than other economies (Worldbank, 2013). The global economic crisis had a negative impact on economy. After 2008 Singapore’s economy again contracted. Now-a-days Singapore is one of the global economical giant. The high disposable income, higher GDP and low risk will influence Azimuth to do business practices. Sociological Factors Singapore has the population of 5067700 and the major concern is that; population growth has increased in last 10 years. More than 90% of total population has high income distribution in Singapore. The people of Singapore tend to consume the luxury products than any other countries. There is a huge potential customer base for luxury watch company and the culture of country supports people to buy luxury products in order to show-off their self-esteem and high personalities. Technological Factors Singapore is a highly technological developed country. The contribution of technology in country’s GDP is outstanding. Government of Singapore is focusing on R&D for more IT investment. Singapore government has a goal named
Marketing Communication Executive summery The study provides a clear background and rationale for the luxury watch industry in Singapore. Azimuth is a popular Singapore based watch company established in 2004 with an impressive mission and broad vision. The company’s value lies in customer satisfaction…
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