Strategic Management for Company Marketing †Myassignmenthelp.Com

Question: Discuss About The Strategic Management For The Company Marketing? Answer: Introduction Chick-Fil-A is a company well-known for its good chicken sandwich in the southern parts of the United States and as its headquarters at Atlanta, Georgia. It is one of the nations second largest chicken restaurants and is differentiated from the other brands that sell plain chicken. It has build recognition in the arena of chicken restaurants and is different from the other fast food chains that serve burgers or beefs. It has great opportunities to open restaurants in other parts of the nation that would increase their frequency and reach in other parts of the nation (Gerhardt et al. 2015). It has also started changing its menu along with successful advertising opportunities. Despite of the enormous expanding opportunities, the companies still face low recognition in many regions. Furthermore, it is planning to expand its restaurant chain in Singapore. Therefore, the following business report deals with the PES analysis of Singapore market in context to Chick-Fil-A. It also deals with the recommendations and PESTLE being an important marketing tool for the external environment analysis of Singapore concerning Chick-Fil-A. PESTLE as marketing tool PESTLE analysis is a marketing tool or framework that helps to monitor and analyze the external or macro-environment that might have an impact on the organization. PESTLE stands for P-political, E-economic, S-social, T-technological, L-legal and E-environmental that analyzes the marketing environment that is used to identify the external factors affecting an organization or company. Political factors demonstrate the interventions of the government in the economy. Economic factors include the business of the organizations and the profits that they make. The interest rates, economic growth, inflation, exchange rates and disposable income that affect a business are analyzed under the economic factors. As the restaurants are greatly determined by the population, the socio-cultural factors are important that is involved in the attitudes and beliefs of the population. Technological factors include the marketing, distribution of the goods and communication in the target markets. Environment al factors are also important as it determines the factors like pollution targets, raw materials and sustainability of the company and working of the products in an ethical manner. The opportunities, health and safety, consumer rights, advertising standards and laws, product safety and labeling are the legal factors to make clear that the company is meeting the legal requirements and working in accordance with the legal rules and regulations (Anton 2015). In the following PES analysis of the Singapore market, it is helpful in understanding the factors that would determine the expansion of the Chick-Fil-A in the Singapore market. PES analysis of Singapore Over the last few decades, Singapore has shown tremendous economic growth and today, it is considered to have a high-income economy. The factors like external and local demand, investments and private consumption expenditure are some of the factors that have determined the economic growth of Singapore. Political factors Taking into consideration, Singapores political situation shows that Singapore is a bureaucratic country where the political power is in the governments hands. The Singapore government is dedicated in communicating the efforts to the public directly instead of gathering of the publics opinions. The politics is a mixture of bureaucracy and democracy (Ho 2014). The political risk in Singapore is very low and as reported by Political and Economic Risk Consultancy (PERC) states that it has the lowest political risk and is a democratic country. Since its independence, the people are the representatives that provide relative political stability. There is better standard of living and peace in the country that has contributed to the better standard of living. This factor helps the companies to improve their business and opportunities for new market. Despite of the low political risk, there are restrictions in free speech and limitations in Singapore. In addition, there is limitation of free speech due to legal suits in Singapore (slam, Mamun and Amanullah 2017). When taken into consideration, Chick-Fil-A will be able to handle different political situations for its business operations as it has business in 38 states having 1500 restaurants. It might face problem in some parts of the country due to the changing rules and regulations that might have health implications like cholesterol or obesity. The political situation of Singapore is difficult to handle, however, Chick-Fil-A has to work in accordance with the countrys rules and regulations (Brown 2014). Economic factors Singapores economy is highly attracted by the different businesses and industries around the world. Singapore is ranked as the second most open economy of the world by the Heritage Foundation Index of Economic Freedom and is attracted by the different businesses across globe. There is no foreign debt and Singapores economy is highly stable when macroeconomic environment is considered. Singapore government revenue is consistently surplus and high. Moreover, the economy of Singapore has shown great strength at the time of financial crisis during the year 2007-2008. During the period of economic crisis, there was sliding seen in many neighboring countries of Singapore, however, it showed economic stability. In the progressing years from 2010 onwards, it emerged as the fastest growing economy where the economies of Europe and U.S. were struggling. There is less natural resources and area is also small in Singapore (Rose et al. 2017). Considering fast food business like Chick-Fil-A, it can be said that the economy of Singapore is beneficial for the food industry. It is a tourist place and therefore, it has vast scope for the establishment of the fast food business, Chick-Fil-A, for the different types of people. The growth rate of the Singapore economy is 4.9% and has a high disposable income level. The gross domestic product (GDP) is $318.9 billion ad per capita GDP is $62100. With continuous growth and high GDP, Singapore has attracted many food businesses and has wide opportunities for Chick-Fil-A, and can establish their business in the country (Swimberghe et al. 2014). The economy of Singapore is also vibrant and has free-market economy. The economy is developing at a fast rate and per-capita income is very high in ASEAN. It also ranks among the most competitive countries with motivated and educated workers that would help to strengthen the business. The financial and legal business is also powerful that also helps in establishing a successful business. Recently, the Government of Australia has invested in the diversification of the economy like in the areas of tourism, food and pharmaceutical industries. The geographic location of Singapore is the success where the government is an active player and imperative and owns its substantial productive assets. The cost of Singapore is saved as they have imported labor cost at the cheaper level from the neighboring countries. However, there are many constrains on the economic performance of Singapore like labor shortages, productivity decline and the rising labor costs (Abdullah and Chan 2016). Social factors The social condition of Singapore is same as any other Eastern country. It is rooted into the traditional family cultures and values. The younger generation follows the western values and culture. The residential people try to work hard and fulfill their materialistic desire. This urge helps to increase the productivity of the nation. This can be utilized by the business sectors that would help to gain higher purchase power from the consumers. There are reports that suggest the Singaporeans dislike the blue-collar jobs just like construction. The literacy rate of Singapore is very high where the primary schooling is mandatory. The parents are highly engaged in their childrens studies and ensure regular attendance. They have great command over languages like English and Chinese that is an advantage for the Singaporeans. This provides a competitive advantage as it attracts the international trade and draw foreign investment (Tremewan 2016). The quality of life is very high in Singapore and it can help the fast food chain to establish their business in the country. The people in Singapore are from different social and cultural backgrounds and is a highly tourism country. The tourists consume fast food and so it can provide competitive advantage for Chick-Fil-A. The tourists come from different places and they would prefer to have different tastes and food preferences. The fast food industry greatly depends on the food preferences and taste of the consumers and Chick-Fil-A chicken products vary with food preferences and taste that would serve the changing consumer demands with good quality (Orozco 2016). Singapores culture is materialistic and it poses constant pressure on the countrys people. Their life is maintained via five Cs; Car, Cash, Credit card, Country club and Condo. Despite of the materialism and related stress, the country was named as the happiest country by the ABC news in Asia. People from different countries like India, Malaysia and China come to Singapore and prefer to live in the country. Chick-Fil-A has the ability to establish its business if it deal with the social preferences of the Singaporeans well (Tong 2014). Reasons for choosing PES Strategic management is an important aspect in the management of modern businesses that involves the forming of the institutional programs and goals that helps to fulfill the companys missions and goals. The scanning of the environment is an essential component for the strategic management where the management consultant studies the political, economic and social factors that are likely to affect a business. The environmental scanning where they are able to identify the costly mistakes and untapped markets also benefits the expanding businesses. The PES analysis is an efficient management tool that helps the managers to organize and come up with brainstorm ideas to establish business via environmental scanning. The social factors that include the demographic and cultural factors of the society are the microenvironment. It also includes the age distribution, career attributes and health consciousness and growth rate and safety awareness. These factors are important to study as a whole as it helps the businesses and organizations to understand the dynamics of the emerging and existing potential markets with the future consumer needs (Kolios and Read 2013). These factors are important to study as it provides a framework for the organizational strategy to reduce the effects and impact of the potential threats that are likely to affect the Chick-Fil-A company in Singapore. PES analysis also helps the organization to exploit and identify the new opportunities and assessment of the implications to expand the business and enter new markets at the national and global level. Recommendations Chick-Fil-A is well known for its chicken sandwich that provides competitive advantage over other brands that hosts plain chicken. However, it has weaknesses like those that it is not opened on Sundays. So, if it would be open on Sundays, it can help to increase the sales and potentially increase the recognition and acceptance of the brand. During the lunchtime, it serves all items of chicken and so it provides limitations for the customers to choose a side item or prefer any other restaurant. In addition, the company should also try to reach to new customers to increase its frequency and the franchise should strictly follow the rules and regulations to build the brand acceptance and product loyalty (Gamlath 2014). Looking into the political, economic and social factors, Chick-Fil-A should change their menu according to the taste and preferences as Singapore is a tourist based country. Moreover, they should follow the rules and regulations of the country stringently as the rules and regulations keep changing. However, the political risk is less and economy is stable. The materialistic nature of the Singaporeans can be helpful in drawing new customers. The economy of Singapore is stable and so it can be beneficial for the company to establish the food industry and attract new customers and consumers (Salter 2013). Conclusion Chick-Fil-A is a company well-known for its good chicken sandwich in the southern parts of the United States and as its headquarters at Atlanta, Georgia. PESTLE analysis is a marketing tool or framework that helps to monitor and analyze the external or macro-environment that might have an impact on the organization. When taken into consideration, Chick-Fil-A will be able to handle different political situations for its business operations as it has business in 38 states having 1500 restaurants. Considering fast food business like Chick-Fil-A, it can be said that the economy of Singapore is beneficial for the food industry. Looking into the political, economic and social factors, Chick-Fil-A should change their menu according to the taste and preferences as Singapore is a tourist based country. References Abdullah, M.A. and Chan, R.K., 2016. Foreign Labor In The Midst Of The Asian Economic Crisis: Early Experiences From Malaysia, Hong Kong, Taiwan And Singapore.Jurnal Kinabalu (eJK),4. Anton, R., 2015. An Integrated Strategy Framework (ISF) for Combining Porter's 5-Forces, Diamond, PESTEL, and SWOT Analysis. Brown, R.S., 2014. Double moral hazard and franchising: a dual case study approach.Journal of Organizational Culture, Communication and Conflict,18(2), p.15. Gamlath, S.L., 2014. 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