Welcome to TutorsOnSpot.Com!

World's No. 1 Assignment Writing Market

Post Your Homework

Proposals

Post your homework and get free proposals here!

Post Your Homework

Stuck in your homework and missing deadline?

Get Urgent Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework Writing

100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support

Get Free 2 Pages Post Your Requirements And Get Free Help

Essay on business Plan

Category: Economics Paper Type: Essay Writing Reference: CHICAGO Words: 700

The Saudi Arabian economy is diversifying which is attracting many investors globally and locally. Many startups are coming with business ideas to add to the economic ecosystem of the country. Our product is a unique product in the Saudi Arabian market. It is body suite for workers made with non-Newtonian substance which shape shifts if it receives a blow protecting the worker from any harm. This product ensures international standards of safety and is a great product to market in Saudi Arabia.

We will be analyzing our business plan according to PESTAL (Political, Economic, Social, Technological, Environment and Legal) factors to provide an insight about the business and its dealing in the macro environmental factors as stated. Also Porter’s five forced model to analyze its operation in the industry to get the strategy plan for the business. The table below describes PESTEL for the company.

Political
Saudi Arabia is ruled by the monarchy but they have many friendly regulations when it comes to business. The crown prince Muhammad bin Salman is supporting entrepreneurship and is motivating people to do business. The kingdom is divided into 13 provinces which are administered by the provincial council. The council is responsible for development of the projects and state budget recommendations.

Technological
Saudi Arabia is open to technology and is rapidly developing itself in the arena. Saudi Arabia has recently shifted to Electronic health care record systems and using ICT tools for hajj operations. They have heavily invested in technology and innovation which makes it an attractive place to market our product. The use of internet has experienced growth of 3750 percent since its inception in the Saudi market.

Economic

Saudi Arabia is one of the richest nations in the world due to oil reserves. With the diversification of economy it is strengthening itself. Saudi Arabia is capitalist economy and infrastructure development will make our product relevant in the marker. FDI opportunities in Saudi Arabia make it an attractive place to invest and do business. The GDP of Saudi Arabia is growing and it is attractive for the investors.

Environmental
There is an environmental regulated body sees if the business is in compliance with the safety standards and there is no adverse effect of any project. Safety and health are priorities.

Social
Saudi Arabia is a major player in the Islamic bloc worldwide. Their development goals are consistent with Islamic values and their cultural heritage. There is variation in social classes exist due to wealth accumulation. Many workers come from different countries to work. Major bonding of one another due to kinship and religion. There is cultural diversity due to people coming from different countries.

Legal
New businesses are encouraged by the legal system by the local people. There are employment and immigration laws for the companies providing certain ratio of locals being employed compulsory.

Threat of New entry on business Plan
There is no competition currently but there will a high degree competition and there be entry threat as the economy supports new business.

Threat of substitute on business Plan
There are not many products that act as substitute or alternate to the product we are offering.

Industry Rivalry on business Plan
There is no such competition as of now but is likely to develop with time. First mover advantage is with our business.

Supplier power on business Plan
As it is a relatively new product there are number of suppliers for it so there is less power with the supplier and they would not like to lose their client.

Buyer power on business Plan
Buyers do not have such options in the market. We can exploit the need through strategic pricing and marketing.

References on business Plan

PESTLE Analysis of Saudi Arabia 2016 - Research and Markets. (2016, July 25). Retrieved from Business Wire (A Berkshire Hathaway Company): https://www.businesswire.com/news/home/20160725005591/en/PESTLE-Analysis-Saudi-Arabia-2016---Research