ISMA UNIVESRSITY

INTERNATIONAL MARKETING
PLAN FOR BIOTIQUE ORGANIC
SKIN CARE PRODUCTS IN
UNITED STATES OF AMERICA

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EXECUTIVE SUMMARY

Biotique combines traditional Ayurvedic remedies with cutting-edge biotechnology.

Biotique products are made from plant, herb, and tree botanical extracts, as well as the
protein content of their roots, leaves, flowers, and fruits. They're entirely vegetarian,
environmentally friendly, and biodegradable. Dermatologist-tested, organically pure,
and preservative-free.

During the forecast period 2022-2027, the worldwide organic skincare products
market is expected to grow at an annual rate of 8.72 percent

In the current market scenario, American consumers are constantly seeking eco-
friendly, ethically labeled products, which are free from harsh chemicals. This is, in
turn, boosting the demand for plant-sourced skincare products.

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TABLE OF CONTENTS
1. Introduction..................................................................3
2. Company analysis........................................................4
3. Foreign market’s analysis............................................6
4. Marketing mix plan for the market entry...................10
5. Conclusion..................................................................16
6. References..................................................................17

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1. Introduction
The cosmetics industry's transition to "natural" and "organic" ingredients has
accelerated. The organic cosmetics sector has benefited from this. While younger
generations are more interested in "green" items, Future Market Insights (FMI)
believes the mega trend is just getting started. In the coming years, the beauty sector
will see an increase in the number of firms vying for organic certifications, both
established and newcomers alike. The market will continue to gain traction as
environmental concerns rise and a greater emphasis on sustainability is placed..
(Future Market Insights, 2021)

During the forecast period 2022-2027, the worldwide organic skincare products
market is expected to grow at an annual rate of 8.72 percent
Skincare is an important aspect of personal hygiene. It involves everything in the
makeup process, from repair to prevention. The cosmetics industry's advancements
and advances promise to give better goods with a healthy twist. For quite some time,
makeup with skincare advantages has been available on the market.(mordor
intelligence, 2021)

Another factor boosting the growth of the organic and natural skincare products
market is skin sensitivity. Another element boosting the market's growth is increased
awareness of the detrimental effects of chemicals and synthetic items. The majority of
consumers prefer to purchase products that are labeled as natural or organic. They
don't usually pay attention to the ingredients employed in the production of the goods.

Organic skincare products are those that are made with pesticide-free, organically
cultivated ingredients. Product type, distribution channel, and geography are all used
to segment the worldwide organic skincare products market. The market has been
divided into face care and body care organic products based on product type.
Cleansers, moisturizers/face creams, oils/serums, and other facial care make up the
facial care market. The market is divided into three categories: body lotions, body
wash, and other body care. The market is divided into supermarkets/hypermarkets,
specialty retail stores, online retail stores, and other distribution channels based on
distribution channel. ( mordor intelligence, 2021)
The organic skin care market in the United States is divided into two categories:
product type and distribution channel. The market has been divided into face care and
body care goods based on product type. Cleansers, moisturizers, oils/serums, face
masks and packs, and other facial care products make up the facial care market. Body
lotions, body wash, and other body care items make up the body care market. The
market is divided into supermarkets/hypermarkets, specialty retail stores, internet
retail stores, and other distribution channels based on distribution.
In the current market scenario, American consumers are constantly seeking eco-
friendly, ethically labeled products, which are free from harsh chemicals. This is, in
turn, boosting the demand for plant-sourced skincare products.

2. Company analysis

An evaluation and examination of a firm's financial health and prospects,

management or marketing activities, and strengths and shortcomings are all part of a

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company analysis. In order to gain strategic insight, a firm study must be
comprehensive. The company analysis provides information to streamline operations
and improve revenue potentials because it is a full study of a firm.

2.1 Company Business and Products Description

Bio Veda Action Research Co (biotique). is a renowned manufacturer and marketer of

high-end skin, hair, body, and makeup products in India.

Biotique combines traditional Ayurvedic remedies with cutting-edge biotechnology.

Biotique products are made from plant, herb, and tree botanical extracts, as well as the
protein content of their roots, leaves, flowers, and fruits. They're entirely vegetarian,
environmentally friendly, and biodegradable. Dermatologist-tested, organically pure,
and preservative-free.

Biotique is a company that deals with Advanced Ayurveda in order to improve an

individual’s over all lifestyle. They have body and wellness products that are not only
used for cosmetic purposes but also for the overall wellness of an individual. The
company was started in the year 1992 by Vinita Jain.

Biotique has been at the forefront of the beauty and wellness sector for 25 years. The
brand was one of the first in India to promote organic products that encompass 100
percent natural ingredients. Products are made to the European Commission (EEC)
and Food and Drugs Administration (FDA) standards and incorporate the principles
of preventive medicine for everyday use. The products are designed, manufactured
and packed by qualified Ayurveda Doctors, Swiss Cosmetologists and
Dermatologists. All the Ayurvedic Doctors are practitioners in various fields of health
care and natural medicine.

Their packagings always have the statement ‘This is not a cosmetic product. It has
therapeutic properties.’ It also claims to be ‘Organically Pure & Preservative Free,
Dermatologically Tested for Safety, No Animal Testing.

Product description

 Biotique Soaps Bio Almond Oil & Bio Basil Parsley

Bio Basil & Parsley Revitalizing Soap: It is nourishing but is not moisturizing
enough. I still need a body lotion to go after. And it does not disturb the skin’s natural
pH balance.

Bio Almond Nourishing Body Soap: It nourishes and leaves skin soft and smooth. 

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Biotique Bio Morning Nectar Flawless Face Wash:

Biotique has a wide range of face washes, targeting different skin types and skin
concerns.
The face wash lathers moderately, cleans the skin from dirt and grime, leaving the
skin smooth and soft. It leaves a slippery residue upon washing, which is a trait of
some gel cleansers. That is also the reason why the skin doesn’t feel dry and is left
hydrated. Someone with dry skin types will like this feature.

Natural offering:

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Biotique products are made of 100% organically-pure, preservative-free ingredients
and renewable resources—cultivated, gathered, blended and manufactured in the
foothills of the Himalayas in India. Products are designed, manufactured and packed
by qualified Ayurveda Doctors, Swiss Cosmetologists and Dermatologists

2.2. International business experience and description

At present Biotique does not have any production units in any country other than in
India but it exports and ships to different countries at present they are exporting
Europe, Russia, Middle east and African countries. 55-60 percentage of their profit is
made from exports.

With a factory in Himachal Pradesh and R&D facility in Switzerland, Biotique

started an export unit retailing their Ayurvedic gems in the Swiss market, where they
were instantly embraced and successfully sold at price five to eight times higher than
the Indian standards.

 In the 24 years of its existence, Biotique has grown to establishing 15,000 points of
sale, 4,000 multi-brand outlets and exports to Spain, France, the Netherlands, Italy,
Malaysia, Nepal, Sri Lanka Belgium, Singapore apart from Switzerland. It clocks a
turnover of Rs 600 crore.

2.2  Entrance strategy for international market of United states of

America

The traditional means of market entry into the US market fall into three broad
categories: direct exports, indirect exports and partnerships/alliances.

Direct exports: Market and sell directly to the client

It has advantages because it can: give a higher return on your investment than selling
through an agent or distributor; allows you to set lower prices and be more
competitive; and gives you close contact with your customers. Biotique can sell its
products directly to its end users such as supermarkets pharmacies in this situation
biotique will be responsible for the shipment costs and product servicing. (CE
Intelligence, 2015)

However, there are disadvantages to direct exporting since biotique do not have the
services of a foreign intermediary, therefore biotique may need a longer time  to
become familiar with the market to its customers or clients may take longer to get to
know the product. Such familiarity is often important when doing business
internationally. (CE Intelligence, 2015).

Indirect exports
Biotique can market and sell to an intermediary such as a foreign distributor. The US
distributor is a merchant who purchases goods from an exporter (at a wholesale price)
and resells it for a profit. The foreign distributor generally provides support and
service for the product, thus relieving  the manufacturer of these responsibilities. The
distributor usually carries an inventory of products and a sufficient supply of

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additional product and also maintains adequate facilities and personnel for normal
servicing operations. Distributors typically handle a range of non-conflicting but
complementary products. However, end users do not usually buy from a distributor;
they typically buy from retailers.(CE Intelligence, 2015).

 Partnerships/alliances: 

A well-structured partnership can benefit both parties in the following ways: partner
can complement your capabilities and provide the expertise, insights and contacts that
may make the difference between success and failure. Each company focuses on what
it does and knows best. Both partners share the risk.
In a partnership, you can also pool ideas and resources to help keep pace with change
as well as approach several markets simultaneously. Your partner may provide
technology, capital or market access that you might not be able to afford on your own.
Strategic alliances can also be very profitable. One of the easiest ways to export is to
form an alliance with a company that has a product or service that complements your
own. Then you can save money by using the other company's distribution and
marketing expertise.(CE Intelligence, 2015)

3. Foreign market’s analysis

A firm must consider a variety of factors when evaluating alternative foreign markets,
including the current and potential sizes of the markets, the levels of competition it
will face, the legal and political environment in which the firm will operate, and
socio-cultural factors that may affect the firm's operations and performance.

3.1 General factor analysis

Businesses benefit from factor analysis because it can provide a wealth of information
about the market, competitors, and customers. Market research is used by businesses
to help them sell their products more successfully and efficiently. International market
research is critical for marketing plans for organizations going global..

General factors focused and determined for the entry strategy are considered with
political and legal factors, economic factors, social factors, culture factors,
environmental factors and international factors.

3.1.1 Political and legal factors

The United States of America is the world's second-largest democracy. The

president, who is chosen for a four-year term, is the country's leader. Elections in
the United States are generally regarded as fair and transparent. Even if there have
been recent obstacles, the country has a stable political climate. It also has a
significant impact on the political dynamics of many countries worldwide.
However, some of the United States' interventionist policies in various parts of the
world have drawn widespread condemnation.

The United States promotes and pushes for democracy around the world. The
United States portrays itself as an excellent destination for foreign direct
investment due to its stable political environment, advanced infrastructure, and

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 technology. As a result, for a long time, the country has been the first choice for
many international corporations seeking foreign direct investment. China, India,
Brazil, Turkey, Nigeria, South Africa, and a number of other countries have
emerged as contenders for foreign direct investment.(HowandWhat.net, 2021).

The Customs or Import duty: A tax charged on certain goods which are brought
into a country for Cosmetic set to United States is classified under Health &
Beauty(cdf categories) The HSCODE applied for Cosmetic set is 33-7-90-0-0.

Imports are rigorously monitored by FDA and US Customs and Border Protection
(CBP). Imported cosmetics are subject to CBP inspection at the point of entry.
Cosmetics from other countries that appear to be contaminated or misbranded may
be denied entrance into the US. They must be made compliant, destroyed, or re-
exported. The FDA's website keeps track of import refusals and updates it weekly.

When entering the nation, not all cosmetics are tested or sampled. FDA sends
Import Alerts to inform inspectors of trends in noncompliance in order to focus
inspection efforts more efficiently. Cosmetic-type products marketed with
therapeutic claims that are considered unapproved new drugs under the law,
cosmetics that are adulterated due to microbial contamination, failure to meet U.S.
requirements for color additives, and bulk shipments of high-risk bovine tissue
from BSE (bovine spongiform encephalopathy) countries are among the products
addressed in Import Alerts.(Center for Food Safety and Applied Nutrition, 2012)

However, examination of imported cosmetics is not limited to the types of

products specified in Import Alerts. Also, the fact that a product has not been
detained previously does not protect it from being detained in the future, if it
appears to be in violation of U.S. law.

While not all imported products are examined at the time of entry, those not
examined are still subject to all the legal requirements of the laws enforce.(Center
for Food Safety and Applied Nutrition, 2012)

 A cosmetic is considered mis branded if

 labeling is false or misleading
 label does not state the name and address of the manufacturer, packer, or
distributor
 the net quantity of contents
 the required information is not stated prominently, with conspicuousness and in
terms that it is read and understood by consumers under customary conditions of
purchase and use
 the container or its fill is misleading

Labeling may be considered misleading not only because a label statement is

deceptive but also because a material fact is not revealed on a label.

A fact may be material in light of a statement made on a label or because certain

consequences may result from the recommended use of a product.(Center for Food
Safety and Applied Nutrition, 2012).

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3.1.2 Economic factors
The United States is the world's largest economy, ahead of China. After a decade of
growth, the country’s GDP growth rate turned negative in the aftermath of the
COVID-19 pandemic, exacerbated by rising inequalities and obsolete infrastructure,
which are slowing down potential GDP growth. However, output contraction in 2020
was less severe than other large advanced economies and the country recovered
quickly from the shock, returning to pre-pandemic GDP levels in Q2/2021 already.
The American Rescue Plan underpinned private consumption, contributing to overall
GDP growth of 6% over the year, despite supply-side bottlenecks and the ongoing
pandemic dragging partially the economic activity. The current account deficit
widened in the last couple of years but is projected to remain steady in terms of GDP
over the forecast horizon. Investment and household consumption are projected to be
the main growth drivers in 2022, with the IMF forecasting a robust GDP growth of
5.2% before slowing to 2.2% in 2023. (santander, 2021)
Concerning public finances, the fiscal measures implemented to contain the effects of
the COVID-19-induced crisis weighed heavily on the government budget, resulting in
a deficit of 8.8% of GDP in 2021. Despite some additional spending planned in the
new infrastructure bill, the deficit is expected to gradually decrease to 8.3% in 2022
and then again to 7.1% in 2023 (IMF), also thanks to the phasing out of pandemic-
related measures and resumed economic activity. The government’s debt-to-GDP
ratio, already on an upward trend in recent years, increased consistently to finance
spending conceded to support households and businesses, reaching 133.3% in 2021
(from a pre-pandemic level of 108.5%). The U.S., however, enjoys unmatched
financing flexibility, being the issuer of the US dollar, the world's main reserve
currency. The IMF forecasts the debt burden to decline to 130.7% this year before
picking up marginally in 2023 (131.1%). Headline inflation rose sharply over 2021
jumping to 4.3% amid strong base effects, high energy prices, and supply constraints.
Although there are signs of wage pressure in several market segments, inflation is
expected to move back towards the FED target of 2% over the forecast horizon (to
2.7% in 2023 following a rate of 3.5% this year), amid the relaxation of supply chain
constraints and an adjustment in global energy prices. (santander, 2021)
3.1.3 Social factors

The USA is the third most populous country in the world with a total population of
approximately 332 million (Worldometer, 2021). It sees one birth in every 8 seconds,
and one death in every 11 seconds. It has a big aging population which can cause
problems, particularly in the supply of labour. However, it is not in the top 20 list of
aging population in the world.

The USA is a very diverse country. By 2020 almost 1 in 3 Americans were expected
to have African, Asian, Latino, or Native American ancestry. The education system
is one of the best in the world; so is the health care system. However, health care is
not usually free and certainly not cheap for many people. Likewise, police violence,
crime, and infant mortality rate are some other issues of grave concerns.

People are generally health conscious; however, fast food culture has contributed to
obesity and other illnesses in the country. A majority of the population has a liberal
mindset; however, the country witnessed racial tensions recently which reminded

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many of the troubled times the country went through by the end of the Second World
War.

Socio economic mobility in the USA increased from 1950 to 1980; however,
according to some studies, there has been a decline since 1980. Socioeconomic
mobility refers to the upward or downward movement of people from one social
class or economic level to another. (HowandWhat.net, 2021).

3.1.4. Cultural factors

Figure 1 Hofstede cultural comparison of India and USA

Colors: USA, India

Hofstede‘s Theory provides an insight into the reasons why managerial behaviour
differs between India and US. Owing to high Power Distance (77), Indian managers
remain somewhat distant from the ground reality, creating an aura of the top level
management for the operative level. Due to this a barrier to effective communication
arises. Indians are very sensitive to the rank/position of people, and such awareness
shapes their behaviour towards it. They are used to a system of hierarchy in the
workplace as senior colleagues are obeyed and respected. Discussion is almost always
led by the most senior person. Supervisors are expected to monitor individual work
and take the responsibility of meeting the deadlines. USA scores a low 40, which
reflects in approachability of American managers, making lower and upper levels of
organisational hierarchy more connected and in sync with the overall organizational
goals. Students are typically quite comfortable with finding their own path rather than
following rigid guidelines and they may speak-up spontaneously in class or even
criticize the teacher

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3.1.5 Environmental factors
The USA has an extremely diverse geography, climate, and wildlife. This diversity
coupled with other factors such as breath-taking natural attractions, charming little
towns, and vibrant cities has been a driving force to draw millions of tourists to the
country. 79.26 million international visitors came to the U.S. in 2019 (Lock, 2021).
Canada, Mexico, United Kingdom, Japan, Brazil, & China are the top six countries
sending tourists to the USA.
However, the USA faces some of the toughest weather conditions in the world. The
country has sustained over 220 weather and climate disasters since 1980. In 2017
alone, there were 15 weather and climate disasters with losses exceeding $1 billion
each. Apart from financial damages, these disasters also cause disruption to everyday
life in the most technologically developed country in the world.

3.1.6 International factors

Because of its size and inter connectedness, developments in the US economy are
bound to have important effects around the world. The US has the world’s single
largest economy, accounting for almost a quarter of global GDP (at market exchange
rates), one-fifth of global FDI, and more than a third of stock market capitalization. It
is the most important export destination for one-fifth of countries around the world.
The US dollar is the most widely used currency in global trade and financial
transactions, and changes in US monetary policy and investor sentiment play a major
role in driving global financing conditions.

Analysis of potential competitors in USA

The global organic skincare products market is a highly competitive market and
comprises regional and international competitors such as The Hain Celestial Group
(Avalon Natural Products Inc.), L'Oréal SA, Johnson & Johnson, and others. The
major strategies adopted by the companies in the market are new product launches,
agreements/partnerships, expansions, mergers, and acquisitions. The merger and
acquisition strategy is increasingly being undertaken by companies to utilize their
respective key strengths, such as intense R&D activities, distribution network, the
development of new products, to enhance the portfolio, and capture the untapped
markets and drive the organic skincare products market further.

4. Marketing mix plan for the market entry

In the following chapter we will be discussing about marketing mix plan for biotique
and the strategies for the company to enter USA market will be designed and

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discussed this chapter also includes target market, product strategy, price strategy,
distribution and promotion.

4.1. Target market

Skin care is considered to be one of the most important segments within the organic
and natural personal care industry. Over half of male and female consumers preferred
to purchase skin care products that were classed as natural or organic. Almost 70
percent of U.S. consumers aged 18 to 29 stated that they preferred natural and organic
skin care products, in comparison this figure stood at 60 percent for consumers falling
within the 30 to 59 age group.

Younger consumers

As of May 2017, more than 50 percent of consumers in the United States, aged 18 to
29, purchased [almost] only or mainly organic skin care products. When purchasing
organic beauty and personal care products, quality was chosen as the most important
criteria by younger consumers. so the target market can be younger customers aging
from 18-29.

Figure:2

4.2 Product strategy:

Figure 3 shows that there is a significant growth in the usage of natural cosmetic
products in USA Clean Beauty is a Skin Care Revolution
Natural extracts, the leader of contemporary cosmeceutical formulations, are gaining
attention among consumers and resulted in a clean beauty revolution in the country.
There has been significant growth for organic beauty and personal products among
the consumer across the country in the past few years, due to increasing awareness of
benefits associated with beauty and personal care products made from botanical
extracts over its counterparts. The organic beauty products perfectly align with the on-
going sustainable and clean-labeled trend among the consumers. This has enforced the
domestic and global manufacturers to launch new products and focus on R&D. As a

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result, the organic and natural beauty personal care industry has become an essential
part of the cosmetic and health sector in recent years.

A recent survey conducted in the United States has revealed that approximately 85%
of United States consumers prefer vitamin C-based organic and plant-based
ingredients in their facial skincare including cleansers, exfoliators, and scrubs.
Organic cleansers leverage the power of most potent vegetable and fruit extracts,
herbs, and clays, in order to intensely cleanse, repair, and nourish the skin without
using harsh chemicals. Natural cleansers are proving to be just as effective and some
even work better than the traditional chemical or synthetic skincare counterparts.
These products are specifically launched for dry, sensitive, acne-prone, aging, oily, or
normal skin. Companies are now coming up with an organic face wash for each type
of skin concern, which in turn boosting the sales of facial care products including
cleansers in the market studied. Biotique combines traditional Ayurvedic remedies
with cutting-edge biotechnology. Biotique products are made from plant, herb, and
tree botanical extracts, as well as the protein content of their roots, leaves, flowers,
and fruits. They're entirely vegetarian, environmentally friendly, and biodegradable.
Dermatologist-tested, organically pure, and preservative-free. This quality can help
the company to thrive in the American cosmetic industry.

Figure 3:

Figure 4:

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4.3 Price strategy
Pricing decision is very important aspect before entering into any new market pricing
is often influenced by production cost and demand for the product. While deciding the
price one should always consider about the economic factors of the targeted country
In India biotique products range from 1 dollar to 30 dollars depending upon the
product the price is quite reasonable so even in USA the prices can be low until the
product gets good reach, this is called penetration strategy even with the shipping
costs the company will not face any loses due to currency value difference. Biotiue
has the chance to increase the price once it got a good reach in USA market.

4.4 Place distribution channels specified for targeted country

The United States Cosmetics Market is segmented into online and offline
channels.The offline segment is further categorized into supermarkets/hypermarkets,
exclusive retail stores, beauty parlors/salon, multi branded and retail stores.

The US market is witnessing high growth in online retail with e-commerce sites like
Amazon undergoing increase in sales by 20 percent in 2020.
Though the distribution methods are evolving, traditional chains still play the largest
role in the US. Aside from superstores like Walmart and Target, the biggest vertical-
specific players are Ulta and Sephora.

Figure 5: most popular destinations for cosmetic shopping USA

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4.5 Promotion strategy specified targeted country and market

The health and beauty sector is a billion-dollar industry: in the United States alone,
the retail sales of beauty and personal care products amounted to almost 100 billion
U.S. dollars in 2020. The same can be said about the beauty advertising industry.
According to market estimates, beauty and personal luxury advertising spending is set
to reach 7.5 billion U.S. dollars in 2021 and further grow by 200 million within the
following year. The cosmetics and toiletries segment is one of the leading advertising
categories worldwide, accounting for close to six percent of the total global ad spend.
It is expected that this category will grow by around 10 percent in 2021. While
television is still the predominant advertising medium for the beauty category, digital
is not far behind, growing in power as more and more consumers flock to online
shopping sites and use the internet for product research, leading advertisers to follow
suit.(Guttmann, 2021).

In the United States, consumers are trying new products and are interacting with
brands in new ways, which has been made possible due to the emergence of beauty
vloggers, who share YouTube tutorials and Instagram stories about their favorite face
creams, lipsticks, mascara, compact powder, etc. Many cosmetic companies have
begun to abandon conventional ads and prefer hiring big faces and influencers for
promoting their brands to target customers. Therefore, the United States Cosmetics
Market has experienced a boom in the demand for cosmetic products in the historical
period

5. Conclusion
After the detailed analysis of the Indian company biotique can enter into the USA
market as it has a quality products which are purely made of herbal products and there
is a high demand for the organic products in USA market. Due to its heterogeneous
ethnic nature USA market always proven to be a potential market for new business

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6. References

1. mordor intelligence, mordor intelligence. (2021). Organic Skin Care Products

Market: 2022 - 27: Industry size, analysis - mordor intelligence. Organic Skin Care
Products Market | 2022 - 27 | Industry Size, Analysis - Mordor Intelligence. Retrieved
May 2022, from https://www.mordorintelligence.com/industry-reports/organic-skin-
care-market
2. CE Intelligence, C. E. (2015). US - Market Entry Strategies. CE Intelligence.
Retrieved May 2022, from
https://www.ceintelligence.com/content_manager/contentPages/view/us-market-
entry-strategies#:~:text=The%20traditional%20means
3. Center for Food Safety and Applied Nutrition. (2012). Cosmetics importers. U.S.
Food and Drug Administration. Retrieved May 2022, from
https://www.fda.gov/cosmetics/cosmetics-international-activities/cosmetics-importers
4. Center for Food Safety and Applied Nutrition. (2012). Cosmetics labeling guide.
U.S. Food and Drug Administration. Retrieved May 2022, from
https://www.fda.gov/cosmetics/cosmetics-labeling-regulations/cosmetics-labeling-
guide#clga

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5. Future Market Insights, F. M. I. (2021). Organic cosmetics market. Future Market
Insights. Retrieved May 2022, from
https://www.futuremarketinsights.com/reports/organic-cosmetics-market
6. Guttmann, A. (2021). Topic: Beauty and cosmetics advertising in the U.S.2021.
Statista. Retrieved May 2022, from https://www.statista.com/topics/8105/beauty-and-
cosmetics-advertising-in-the-us/
7. HowandWhat.net. (2021, March 15). Pestel analysis of the USA (USA country
profile). howandwhat. Retrieved May 2022, from https://howandwhat.net/pestel-
analysis-usa/
8. santander. (2021). United States: Economic and political outline. Economic and
political outline United States - Santandertrade.com. Retrieved May 2022, from
https://santandertrade.com/en/portal/analyse-markets/united-states/economic-
political-outline

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