Marketing communication Essay Example | Topics and Well Written Essays - 2000 words

Marketing communication - Essay ExampleHigher gross domestic product, elevated spendable income of people and technical advancement impart booster to motivate the comp whatsoever to do product diversification. The unquestionable luxury go overes will provide the positive contribution by the innovative creation and identification of bell ringer audience. The luxury watches have the strength to influence customer ambition and purchasing behavior due to hypnotic product design, effective marketing and distribution strategy. capital of capital of Singapore is known for the high consumption rate province of luxury products. Supportive competitive market and implementation of supreme product positioning strategy will help the conjunction to meet with the future objectives. These factors will motivate Azimuth Watch Company to memorialise in the luxury watch industry. Therefore, Azimuth has the opportunities and the required responsibility to introduce luxury watches in coiffure 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 expletive analysis can be formulated. PEST Analysis The PEST analysis use to analyze the macro environmental forces that impact the strategic planning of Azimuth. This analysis will identify the cable 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 policy-making, economical, sociological and technological factors. Political Factors Singapore is known for his leading high-quality governance globally. The region is considered as the political stable and reconciled policy-making state of matter. The political risk regarding investing in luxury watch industry in Singapore is very paltry. Singapore is also considered as the third least corrupt countries in Asia, due to the countrys 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 some other economies (Worldbank, 2013). The global economic crisis had a negative impact on thriftiness. After 2008 Singapores 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 conce rn is that population growth has increased in last 10 years. More than 90% of pith 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 countrys GDP is outstanding. Government of Singapore is focusing on R&D for more IT investment. Singapore government has a goal named