Marketing environment is in relation to the marketing organization, its internal environment, microenvironment, and macro-environment. In the macro- environment, we identified several forces at play – political, economic, sociocultural, technological and legal (commonly referred to as the PESTL model). 1.1 Political Factors
Announced by BBC News, Singapore is ranked at the top as the “Easiest Country to Start a Business” and “World’s Top 20 Most Globalized Nations". One of the main reasons is because of Singapore’s strategic location is at the heart of ASEAN (Association of South East Asian Nations). This enables the business to be access up to 8 billion people within a seven-hour flight radius. Other than that Singapore has signed a free trade agreement with many of the world leading economies including USA, Australia, Europe, India and New Zealand. Such agreements help to improve market access. This has helped Singapore to build a network of strategic links to different parts of the world. Singapore economy is based on free enterprise, with no restrictions on foreign ownership of business. The country has relatively low corporate tax rate as compare to other leading economies in the world. Other taxes like GST (Goods and Services Tax) are kept at 7% and are usually absorbed by the sellers. The FERRERO ROCHER as a foreign enterprise from Italy, it can enjoy the low corporate tax and fair competition in Singapore. Thus, customers are easily to find this chocolate at any super marketing in Singapore with fair price. 1.2 Economic Factors
The global economy
The Global Competitiveness Report 2012–2013 referred to the global economy faces a number of significant and interrelated challenges, especially in the most advanced economies. The persisting financial difficulties in the periphery of the Euro zone have led to a long lasting and unresolved sovereign debt crisis that has now reached the boiling point. The...