New Product Introduction into Vietnam Market: PESTLE Analysis

MINI-TERM PROJECT MKT 3301
REQUIREMENTS: Please prepare a mini-term project.
Your mini-term project should be approximately 2 pages, Times New Roman, 12-point font, 1” top, bottom, and side margins, double-spaced.
The topic for the mini-term project: (i) conducts PESTLE analysis (Political, Economic, Social, Technological, Legal, and Environmental) for your product or service to enter into Vietnam (ii) justify why you choose this product.
You can choose an existing product or service, or create a completely new one for your project.
I. PESTLE Analysis. In order to develop a viable marketing plan, you will first need to develop a PESTLE analysis which will include the following aspects of Vietnam. If this business will be located in only one city – at least initially – provide some details about that city as well. Each of these sections should be a separate section (with subheads). Be sure to reference the source from which you get each fact. Use in-text referencing (such as Smith 2017 or superscript numbering of individual sources). Citation of your sources is important! Anything you get from an outside source needs to be cited. Use bullet points and write concisely, with short paragraphs – business writing style, not the long-paragraph literary writing style.
Political Factors
These are all about how and to what degree a government intervenes in the economy. This can include – government policy, political stability or instability in overseas markets, foreign trade policy, tax policy, labor law, environmental law, trade restrictions, and so on.
It is clear from the list above that political factors often have an impact on organizations and how they do business. Organizations need to be able to respond to the current and anticipated future legislation and adjust their marketing policy accordingly.
Economic Factors
Economic factors have a significant impact on how an organization does business and also how profitable they are. Factors include – economic growth, interest rates, exchange rates, inflation, disposable income of consumers and businesses, and so on.
These factors can be further broken down into macro-economical and micro-economical factors. Macro-economical factors deal with the management of demand in any given economy. Governments use interest rate control, taxation policy, and government expenditure as the main mechanisms they use for this.
Micro-economic factors are all about the way people spend their incomes. This has a large impact on B2C organizations in particular.
Social Factors
Also known as socio-cultural factors, are the areas that involve the shared belief and attitudes of the population. These factors include – population growth, age distribution, health consciousness, career attitudes and so on. These factors are of particular interest as they have a direct effect on how marketers understand customers and what drives them.
Technological Factors
We all know how fast the technological landscape changes and how this impacts the way we market our products. Technological factors affect marketing and the management thereof in three distinct ways:
• New ways of producing goods and services
• New ways of distributing goods and services
• New ways of communicating with target markets
Legal Factors
Legal factors include - health and safety, equal opportunities, advertising standards, consumer rights and laws, product labeling, and product safety. It is clear that companies need to know what is and what is not legal in order to trade successfully. If an organization trades globally this becomes a very tricky area to get right as each country has its own set of rules and regulations.
Environmental Factors
These factors have only really come to the forefront in the last fifteen years or so. They have become important due to the increasing scarcity of raw materials, pollution targets, doing business as an ethical and sustainable company, carbon footprint targets set by governments (this is a good example where one factor could be classed as political and environmental at the same time). These are just some of the issues marketers are facing within this factor. More and more consumers are demanding that the products they buy are sourced ethically, and if possible from a sustainable source.
II. Introduction of Your Product. In this part, you need to briefly explain your product, its features, benefits, and then provide the justification why you choose this product to enter Vietnam.