Market Field Study - International Essay

Submitted By whitgruver
Words: 611
Pages: 3

Part One: Market Field Study

When contemplating the option to expand internationally with SPHERE INC, the decision was straightforward because considering globalization and the demand to expand internationally, it is quite important. Financial criteria are the majority factors looked at when making this immense decision, but non-financial criteria play an important role also. When comparing contrasting markets on each continent, the results are relatively different. The countries and markets that we contemplated at SPHERE INC are Singapore, Denmark, South Africa, New Zealand, and Chile. Comparison of these countries and the United States revealed a difference in each individual market and country. The non-financial criteria that was analyzed in each country was the geographic setting, such as: location, climate, and topography. Population total, growth rates, birth rates, life expectancy, sex ratio, age ratios, nationality ratio, immigration rates, ethnic groups, official language, language dialects, and unemployment rates were all also analyzed. After evaluating each country, it becomes more transparent as to which country would be best for market expansion opportunities. The first market that SPHERE INC would be interested in expanding in is Singapore. With this country being known for being luxurious and very well kept, The Groove should take off once it hits this market. The Groove’s target market ranges from kids to teens to early adults. With the target market for The Groove in Singapore being 81.9% of the population, it should become a popular item within the percentage. Within the population total of Singapore, we can see that with the growth rates and birth rates considered within it, that this country has a good percentage of growth. This is important to SPHERE INC when deciding on a market to expand into because we need to branch out into a growing market, not on that is just steady or slowing down. With Singapore’s unemployment rate also being one of the lowest of the countries, it shows us that our business would most likely thrive there. New Zealand would be SPHERE INC’s second possible market to expand in. Due to non-financial criteria we can see that with the population given and the growth rates, they have one of the best percentage of growth with their population. Their unemployment rates and climate are…