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Host country/ business climate

Discuss abouttheEnvironmental Factors in the United States of America.

Tiger Balm is a company that is serving the entire world with its unique formulation for the last 100 years. It is proven safe for any age such as the youths and the old. The company has solutions to any kinds of general pain in any part of body. It comes in two formats such as ointment and spray. It is highly innovative, which is why the company has one of its latest offerings for killing the mosquitoes. Singapore became the parent country for the product from there only the product reached to neighbouring countries such as China, Malaya, and Hong Kong (CORPORATION 2017). The company is set for its venturing into the United States of America. This is very important for the company then to analyze the external environment in the target country before they enter into the market. The following discussions would now focus on the business environment in America.

Host country/ business climate

The United States of America is the world’s most favourable place to small and big size business. The highly elevating GDP growth is a good indication for the new start-ups. The high population of the states and the unmatched diversity of the country make this a welcoming place to initiate a new business. They are innovative in nature. They have high skilled workforces, which can form the backbones to any potential business (Selectusa.gov 2017). They believe much in the Research & Development process. They spend a high investment on the R&D process. They have high infrastructures as well to support a progressive R&D in the country. A progressive thought of the country towards the technological advancement makes this a good place for a new business venturing (American Chemical Society 2017).

 SWOT analysis

Strengths

Weaknesses

·         Making partnership with local companies to enter new market is one of their key to success

·         Conversion rate is high, 8 out of 10 customers consider repurchase

·         Experienced business units

·         Skilled workforce

·         Several other competitors in the Asian and the global market such as Zandu Balm, Bengay and Deep Heat etc

·         Consumer behaviour is different in the United States of America

Opportunities

Threats

·         American customers are probably the best in the world

·         Analgesic industry is becoming wider with the increased number of sports these days

·         Future ever-changing customer’s needs is enhancing the competition in the market

·         Future generation require much more creativity than what exist

·         Challenge to maintain the successful journey for ever

·         Challenge to satisfy the global needs while staying relevant to the Asian customers

Figure 1: SWOT analysis of Tiger Balm

Strengths

According to the Executive Director Mr. A K Han, the unique strategy of the company is their ability to become localised that they do by integrating with local companies in the different parts of the Asian countries. The conversion rate for the company is also very high. Every 8 out of 10 people consider repurchase of its products. Indeed this very good asset would definitely boost their confidence while being in the United States. They are experienced business units. They have been into this industry for the last 100 years. The experience that they have would definitely assist them think global. This indeed is necessary while they are in the United States of America. Skilled workforces have always remained their strength. This is equally important for the company that they recruit skilled workforces for their United States unit. This would help them being highly creative, which is necessary to get a good response from the American customers (Yadavalli and Lakshman 2015).

SWOT analysis

Weaknesses

A high level of competition in the industry is a threat to the company in both the Asian and the global market. The Asian market has some other giants as well such as Zandu Balm. On a same note, it would have to establish its own place in front of some American market giants such as Bengay and Deep Heat (McQuay et al. 2012). Consumer behaviour plays a significant role in making a brand sellable (Solomon and Michael 2014). The American consumers are perhaps the best in the world. This would be a good chance for the company to cash on the provided opportunity provided if they are competitive enough.

Opportunities

In the contemporary world, business companies get attracted towards a particular market because of its certain potential aspects such as high population, favourable government rules, highly growing economy, supportive customer behaviour, low costs for labour etc. The United States of America is the strongest economy in the world (Spence, Michael, and Sandile 2012). The customers of the country are probably the best in the world. These two factors do simply create a very good platform for the Tiger balm Company in US.

Threats

The ever-changing customer’s needs are enhancing the competition in the market. In such circumstances, this would be a vital test for the Tiger Balm Company because there are places for the improvement in its creativity. Sustenance has perhaps become a widely discussed topic for the international business. The Tiger Balm Company has the same challenge ahead of them. They need to become more creative in order to attain the sustenance. They have another challenge ahead of them, which is to satisfy the needs of global customers while staying relevant to the needs of the Asian customers (Smu.edu.sg 2017).

Individualistic culture

America scores high on individualism on Hofstede cultural dimension. The country scores 91, which means that it has high numbers of people that believes on their own credibility (Bergiel et al. 2012). They do not rely on a group or their family.

Universalism vs. Particularism

The United States of America is a Universalist country that does not have bias behaviour for any specific group. It rather has more concerns for what is right or wrong (Bergiel et al. 2012).

Neutral vs. Emotional

America is a Neutralist country, which has low values to deep friendship relationships. However, it is rather more approachable as the country’s people are not shy of initiating communications with some strangers. They do so for some reason such as for business purpose (Bergiel et al. 2012). 

Strengths

Specific vs. Diffuse

The United States of America is of Specific cultures, which has high place for others in public. They have strong separating feelings for their private and public relationships. They are very specific to both the groups (Bergiel et al. 2012).

Achievement vs. Ascription

The United States of America is of Achievement culture that believes in what has so far been achieved. The group believes in attaining the goal rather than looking at the surrounding circumstances (Bergiel et al. 2012).

Socio-cultural factors

The country is facing the problem of ageing population that might enhance the labour shortage and tax rates in the future ahead. The healthcare and the education system are within the top nations in the world. Majority of people are open-minded; however, the rising racism feeling is a serious concern (Buckingham, David, and Rebekah 2013).

Technological factors

They have highly advanced technological platform. The country has high values to the investments made on the Research & the Development process. Their innovative ideas are widely evident in some of their technological advancements such as biotechnology, nanotechnology and environmental technology (Taylor and Timothy 2014).

Environmental factors

America is the second largest contributor of CO2 in the world. Acid rain is another issue in America, which is caused by high air pollution in the country. Acid rain is dangerous to trees, animals and even to buildings. The western part of the country has scarce of fresh water. The particular region also experiences drought, which is affects the agriculture process (Seneviratne et al. 2012).  

Economic factors

It is the world’s largest economy. Consumers are major contributors to this fact. The country has high susceptibilities to some natural calamities such as Katrina, which disrupts the natural resources badly. To maintain the economy development the US government has introduced TARP (Troubled Asset Relief Program), which performed well to stabilize the economy during hardships in the past (Lebergott and Stanley 2015).

Political factors

It is a strong democratic country. Elections in the country are very fair and transparent. However, the country has faced vast criticism for its interventionist policies that they used for war on terror (Graber, Doris and Johanna 2014).

Legal factors

The American government laws are very flexible with the requirement of employees. In some parts of the country, breaks are not limited. Job hours are not limited as well. In addition to this, employees are not ensured with compulsory vacations given to them. Employers have the rights to cancel their vacations (Fourcade, Marion and Rakesh 2013).  

Weaknesses

Ethical factors

There are high ethical transgressions at the workplaces. However, experts do believe that ethical considerations are ignored at the time of economic struggles. It indeed expands in its restrictions at the time when there is no economic pressure. Workplace bullying does exist widely at the workplace. Ethical violation against customers and the co-workers is wrong in the United States of America (Mahoney and Jack 2013).

Demographics factors

America has highly diverse ratio of racial & ethnic works because of immigrants that are coming to the country. The demographic changes in the country are influencing the political elections majorly. Millennials are influencing the business of most sectors such as the Smartphone and the Cosmetic industry. Women’s roles have become wider in the leadership and the labour force (Cohn et al. 2017).

The U.S. federal government has several services and programs for the companies that operate in the country. They are involved in common workforce development. They also help new investors develop their business operations in the country. Companies operating in the United States of America receive tax deductions because they operate in the country (Selectusa.gov 2017).

References

American Chemical Society. 2017. A Competitive U.S. Business Climate: Innovation, Chemistry, and Jobs - American Chemical Society. [online] Available at: https://www.acs.org/content/acs/en/policy/publicpolicies/innovation/usbusinessclimate.html [Accessed 20 Jun. 2017].

Bergiel, Erich B., Blaise J. Bergiel, and John W. Upson. "Revisiting Hofstede's Dimensions: Examining the Cultural Convergence of the United States and Japan." American Journal of Management 12, no. 1 (2012): 69.

Boyle, Peter J., and E. Scott Lathrop. "The value of private label brands to US consumers: an objective and subjective assessment." Journal of Retailing and Consumer Services 20, no. 1 (2013): 80-86.

Buckingham, David, and Rebekah Willett. Digital generations: Children, young people, and the new media. Routledge, 2013.

Cohn, D., Caumont, A., Cohn, D. and Caumont, A. 2017. 10 demographic trends that are shaping the U.S. and the world. [online] Pew Research Center. Available at: https://www.pewresearch.org/fact-tank/2016/03/31/10-demographic-trends-that-are-shaping-the-u-s-and-the-world/ [Accessed 22 Jun. 2017].

CORPORATION, H. 2017. Tiger Balm. [online] Tigerbalm.com. Available at: https://www.tigerbalm.com/sg/pages/about [Accessed 22 Jun. 2017].

Fourcade, Marion, and Rakesh Khurana. "From social control to financial economics: The linked ecologies of economics and business in twentieth century America." Theory and Society 42, no. 2 (2013): 121-159.

Frieden, Jeffry. Banking on the world: the politics of American international finance. Routledge, 2015.

Graber, Doris A., and Johanna Dunaway. Mass media and American politics. Cq Press, 2014.

Jorgenson, Dale, Frank M. Gollop, and Barbara Fraumeni. Productivity and US economic growth. Vol. 169. Elsevier, 2016.

Katzenstein, Peter J. A world of regions: Asia and Europe in the American imperium. Cornell University Press, 2015.

Lebergott, Stanley. The American Economy: Income, Wealth and Want. Princeton University Press, 2015.

Mahoney, Jack. Teaching business ethics in the UK, Europe and the USA: A comparative study. Bloomsbury Publishing, 2013.

Marable, Manning, and Kristen Clarke, eds. Seeking higher ground: The Hurricane Katrina crisis, race, and public policy reader. Springer, 2016.

McQuay, Henry J., Sheena Derry, Christopher Eccleston, Phillip J. Wiffen, and Andrew R. Moore. "Evidence for analgesic effect in acute pain–50 years on." Pain 153, no. 7 (2012): 1364-1367.

Pearce, John A. "Why domestic outsourcing is leading America's reemergence in global manufacturing." Business Horizons 57, no. 1 (2014): 27-36.

Selectusa.gov. 2017. Invest in the United States | SelectUSA.gov | SelectUSA.gov. [online] Available at: https://www.selectusa.gov/welcome [Accessed 20 Jun. 2017].

Selectusa.gov. 2017. Programs and Incentives | SelectUSA.gov. [online] Available at: https://www.selectusa.gov/programs-and-incentives [Accessed 22 Jun. 2017].

Seneviratne, Sonia I., Neville Nicholls, David Easterling, Clare M. Goodess, Shinjiro Kanae, James Kossin, Yali Luo et al. "Changes in climate extremes and their impacts on the natural physical environment." Managing the risks of extreme events and disasters to advance climate change adaptation (2012): 109-230.

Smu.edu.sg. 2017. Cite a Website - Cite This For Me. [online] Available at: https://www.smu.edu.sg/perspectives/2016/05/25/tiger-balm-roaring-back-success [Accessed 24 Jun. 2017].

Solomon, Michael R. Consumer behavior: Buying, having, and being. Vol. 10. Engelwood Cliffs, NJ: Prentice Hall, 2014.

Spence, Michael, and Sandile Hlatshwayo. "The evolving structure of the American economy and the employment challenge." Comparative Economic Studies 54, no. 4 (2012): 703-738.

Taylor, Timothy D. Strange sounds: Music, technology and culture. Routledge, 2014.

Webel, Baird. "Troubled Asset Relief Program (TARP): Implementation and Status." Congressional Research Service 27 (2013).

Yadavalli, Lakshman Kumar. "Brand success evaluation in selected pharmaceutical therapeutic groups and impact of e commerce on pharmaceutical products success." (2015).

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