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pest analysis singapure

pest analysis singapure

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Published by Mukesh Rana

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Published by: Mukesh Rana on Jan 06, 2013
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04/13/2015

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PEST and SWOT Analysis of MICE industry in Singapore
Singapore is one of the leading MICE destinations in the world. Located in a strategic location andknown for its pro business environment it accounts for almost 25% of business tourism in Asia. Annuallyit conducts some 6000 events resulting in some 3 million visitors and 6 billion US dollars asrevenue.
(Singapore convention and exhibition directory, 2010-11)
 In UIA ( union of international associations) world ranking for best MICE destination it scored 2nd rankjust next to USA. Since the past 25 years it is being awarded as the best MICE destination in Asia by theUIA. The following blog attempts to do a comprehensive analysis of MICE sector in Singapore with thehelp of strategic frame works such as
“PEST” analysis and SWOT
analysis.
PEST analysis
 
Political factors
:-
• It has a very pro business government.
 
• The government agencies in Singapore play a very active role
in promoting Singapore as a global MICEdestination. Under the guidance of STB (Singapore tourism board) it takes majors to promote itself as aMICE destination.
• In 2010 STB has launched “
your Singapore
” drive to promote Singapore as a MICE destination
.
• Thus it can be concluded that the political factors are very favorable for the given business at
Singapore.
Economic factors
:-
• Singapore is a vibrant economy with its economy depending heavily on exports. From 2007 to 10 it
enjoyed an average GDP growth of 
7.62%
. It enjoys a higher per capita income than most of thedeveloped countries.
( Trading economics.com, 2010)
• In March 2010 it experienced a record growth of 
 
45.2%
in its GDP.
( Trading economics.com, 2010)
 
• Singapore is highly resource
rich in nature. It has state of the art infrastructure consisting of state of the art venue centers, convention centers, hotels, roads, transportation facilities, telecommunicationfacilities, airline services etc.
• It is home to more than 500 financial
institutions there by indirectly supporting the business with
 
better and smooth credit and liquidity in the market.
• Due to its investor friendly government and vibrant economy large no. of MNCs have their base in
Singapore. Around
80 international associations
have their base here. There by making it an epicenterof business activities in the region.
Social factors
:-
• Singapore has a very vibrant cosmopolitan culture.
 
• It has a very strong education system.
 
• Everyone is comfortable with English.
 
• Along with business tourism opportunities it has great facilities for leisure activities such as state of 
the art shopping malls, casinos, resorts, restaurants etc.
• Thus it can be concluded that the social factors are very supportive for the MICE in
dustry inSingapore.
• Singapore is considered as a very safe city.
 
Technological factors
:-
• Singapore has a very innovation focused culture. In March 2010 it was named as the most innovative
country in a survey of 110 countries conducted by
Boston Consultancy Group
. The innovation centricculture is an advantage for the highly innovation centric MICE industry.
• Singapore has a world class IT infrastructure and IT support.
 
• It is well connected with different parts of the world with the help of 
airline and well equippedports.Thus it can be fairly concluded that all the four factors that is Political, Economical, Social andTechnological factors are extremely favorable for the MICE industry at Singapore. Probably the stronggrowth of MICE sector in Singapore over the period of time can be explained with the help of 
PESTanalysis
.
SWOT Analysis
 
Strength
 
• Pro business government.
 
• Rich in infrastructure and resources.
 
• Base for a large number of MNCs and associations.
 
• Exotic avenues
for leisure activities.
• Cosmopolitan culture.
 
 
 
• Moderate temperature and climate.
 
• Well connected with different parts of the world.
 
• Innovation centric business atmosphere.
 
Weakness
 
• Though there is no fundamental weakness but high cost can be
considered as a weakness especially incomparison to emerging MICE destinations like Vietnam, China and India which are much more costefficient.
• Being a small place it has its own limitations. Unlike China or India it cannot provide a wide range of 
exotic landscapes to explore for its visitors.
Opportunity
 
• Singapore is situated in South East Asia which is one most happening place in world trade and
commerce and is showing exorbitant growth in last few years.
• Proximity to emerging stars of world
economy such as China and India.
• Strong drives and initiatives taken by government will translate into more business.
 Threat
• Due to Global economic down turn there has been a reduction in MICE activities across various sectors
and Geography.
• Virt
ual meetings done with the help of teleconferencing are replacing real time meetings. The basicreason for this emerging trend is cost reduction. This can be a future threat to MICE industry inSingapore.
• China is also moving very fast in capturing a la
rger share of world business tourism. It is predictedthat by 2020 china will be having 8.6% of world Business tourism. Not only China has stronginfrastructure of international standards but also its services are economical. This will surely havesome impact on the MICE business of Singapore. (
Dongugan news, 2006
)
• Other emerging locations like India, UAE, and Vietnam can give tough fight to Singapore.
 
Product Description
 The Singapore Retail Report has been researched at source and features Business Monitor International (BMI)'sindependent assessment and forecasts for the retail sector. The report examines key drivers of retail sales growthand future prospects, including consumer spending and private sector investment.

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