World Has Become Much Conscious Advanced †Myassignmenthelp.Com

Question: Discuss About The World Has Become Much Conscious And Advanced? Answer: Introduction The current business world has become much conscious and advanced. The global managers tend to identity the most innovative way for securing the competitive edge. The changing demands of the customers have made the competition more challenging for the multiplex managers. It is thus essential to select the preferable strategies that can be beneficial in strengthening the competitive ground for the ground. However, it is also necessary to identify the potential challenges and opportunities for the business progress. The study would discuss the business expansion process undertaken by Ford, the renowned automobile company in Australia (Ford.com.au, 2017). The managers of Ford have decided to expand the business entity in Ho Chi Ming City, Vietnam for extending the competitive ground. The study would discuss the potential business challenges and opportunities faced by the managers for establishing the business in this city. The analysis of PEST factors would be relevant to identify the e xternal market influence on the company. Discussion The current business scenario is much influenced by the advanced technicalities. The emerging trends in the business industry are imposing challenges since the customers demands have been changing drastically. The multiplex managers need to identify the suitable location that can connect the tenders as per the business requirements (Gregory, 2015). Vietnam is a highly potential target market for the foreign business companies. Ford, being one of the leading companies in the automobile market in Australia, requires expanding the business in a potential business market. The growing economy of Vietnam is quite favourable for establishing the business by the managers of Ford. Currently, it has been observed that the managers of such multiplex businesses have been looking forward to establish the business in a place where the managers would be able to avail the significant opportunities. However, along with the potential opportunities, it is even essential to consider the recognizable cha llenges. The political factor has the considerable influence on the business functions. Vietnam is generally controlled under the communist party. However, the in-depth analysis of the current government rules highlights that the control of communist party over Vietnam is much limited (Chua, 2013). It is notable that the country has the receptive attitude towards developing the trade relationships with the international companies. The development of the trade relations is somewhat contradictory to the communist ethos. Nevertheless, the government is much concerned about developing the investment climate and business infrastructure in the country. On January 2007, Vietnam captured 150th position as the member of the World Trade Organisation. The stable political structure is quite favourable for the managers to establish the business in a peaceful way. In fact, the foreign companies are given benefitted by the government of Vietnam that is quite opportune for the business managers. It can be assumed that in current time, Vietnam has not faced any threat related to the po litical power. The President is the head of the State and he does not possess any administrative power. It is notable that the President possesses the nominal role of the commander of the armed forces. The President is also the chairperson of the Council on National Defense and Security (Mundial, 2013). The managers of Ford may even face some of the potential political challenges in Ho Chi Ming City, Vietnam. It is essential for the company to understand that in spite of these beneficial opportunities, the political limitations are also much significant in the country. There is the limitation in freedom of speech (Ryan, 2015). It is notable that the country includes a larger number of the police and military personnel. It is suggested that these militaries and police are appointed for reducing the local political issues. However, the political inferences are sometimes unfavourable for the business expansion aspects. It is needless to mention that the Vietnam has been experiencing the developing economy since last few decades. The rising economic structure is quite beneficial for the foreign investors. Vietnam has captured the 3rd position after China and India in average annual GDP growth since the beginning of this century. The income for per capita rose from almost $220 in the yea r of 1994 to $1,052 in the year of 2009 Vuong, Q. H., (Napier Tran, 2013). However, it is also noted that the impact of the global recession created hindrance in increasing the economy of Vietnam. The countrys economy is generally export-oriented. The government has recently upgraded the GDP rate and it has reached up to 6.7%. The exports business of Vietnam makes up almost 90% of the total GDP rate. In the year of 2006, the country recorded in the in inflation of 7.5% that went up to almost 8.1% in the year of 2000 (Benjamin, Brandt McCaig, 2017). On the other hand, during 2008, the consumer price inflation reached up to 23.1% and it happened due to the sudden increase in the food products. It is important to mention that the country welcomes the foreign investors and provides them the significant opportunity to establish the business in the emerging market. While expanding the business in Vietnam, the managers of Ford need to consider some of the economy related concerns. It is necessary to consider the weak currency, low disposal income, and high inflation rate in the country. In spite of the numerous opportunities provided to the foreign investors, these specific concerns are needed to be taken into considerations. These factors create the recognizable impact on the business investments. The development of the trade relations is somewhat contradictory to the communist ethos (Dang Pheng, 2015). Nevertheless, the government is much concerned about developing the investment climate and business infrastructure in the country. In addition to this, it is quite positive aspect for the managers of Ford that the priority focus of Vietnam towards the foreign investors is highly encouraging. The business has the significant scope to expand and establish the business in the city. The entire population of Vietnam is around 89.2 million. Almost 26% of the entire population belongs to the age group of 14. It is observed that almost 28% of the entire population is from the urbanized areas (Dung, 2016). The life expectancy of the Vietnamese is 71.94 years. The traditional culture influences the population by teaching Confucianism. Family is highly prioritized in the social life of Vietnam (Gillespie, 2013). It is notable that the persuasion of the western cultures and influence of the globalizations as well as the consumerisms are impacting on the youth population. The consumer demands and prices of the material goods are increasing drastically. Moreover, the increase in the leisure activities and local travel is also foreseen in the society life of Vietnam. Vietnamese is considered as the major language for the people living there whereas English is preferred as the second language (McCaig Pavcnik, 2014). The culture of the football league is quite demanding amo ng the people in Vietnam. During the marketing process, the managers of Ford can avail this opportunity and promote their business by sponsoring in these football leagues. One of the positive aspects of the social life of Vietnam is the demand of Education. Education is the most important factors for the Vietnamese. It is suggested that the educational attainment contributes in developing the social status. In spite of being a poor country, Vietnam recorded the remarkable achievements in the educational field (Hai Watanabe, 2014). The managers of Ford need to consider the social and cultural dynamics of the country prior to expand the business. The people in Vietnam consider the importance of family life. Therefore, it is necessary to maintain the work life balance since Vietnamese do not like to disrupt their family life. They prefer to maintain the business etiquette, which should be made through the local representative that acts as the translator or interpreter. Vietnam signifies considerable progress in the technological development as well. It is estimated that almost 2.0% of the Vietnamese household have the computers with the availability of the broadband facilities (Khorana, Mishra Kerr, 2014). This situation is quite better than the situation that was previously there back in 2005. It is notable that the rapid uptake is determined as a partial consequence of the low prices of the connections. The Ministry of Information and Communication reported that in the year of 2009, there was around 22.8 million internet users were available in the country (Kontgis et al., 2014). However, with time, the country has been achieved the seventh largest internet using country in the world. Therefore, it can be presumed that the managers of Ford have the significant opportunity to promote the business through the online media. The online business services would be much preferable and demanding to these upgraded citizens. The increasing consumer intere sts in technologies and technical gadgets can be beneficial for the company to introduce the technically improved cars and automobile features. In last 5 years, the IT software and hardware markets have grown up to 13-15% every year. Ford has the greater scope of introducing these automobile services to the customers who are acceptable towards such advanced technologies. As per the information technological agreement, Vietnam would start implementing tax cuts as the part of commitment since it is now a member of World Trade Organisation (Olivotto Gianoli, 2016). Therefore, it can be implied that in spite of the adaptive nature towards the new technologies, the county lacks the adequate knowledge. Therefore, it is quite dependent on external expertise. The remarkable growth in the technological field provides the commendable opportunities to the new company with a technological product. The managers of Ford have the significant opportunity to gain the competitive advantage by introducing the advanced technologies and related goods or services. The above discussion provides the clear idea that the managers of Ford have the clear scope of expanding the business in the Ho Chi Ming City of Vietnam. However, the limitations in the political factors are needed to be taken into considerations. The growth in the economic structure can be beneficial for the company if the managers become capable of structuring the business functions according to the preferences (Smith Darko, 2014). The opportunities provided to the foreign companies by the Vietnamese government have been attracting many global companies. Therefore, the global competition is significantly increasing. It becomes much challenging for the managers of Ford. It is essential to strategically structure the business functionalities to remain competitive. Even when there are the huge opportunities to the technological development, the business requires introducing some of the innovative technologies to add value to the consumer products. It would be beneficial for the compa ny to ensure business growth by attracting more customers towards the automobile cars or services. Conclusion Vietnamese government welcomes the foreign investors and companies to establish the entity in the cities. The major focus of the government is to transform the urbanized scenario of the country by developing the foreign businesses. The supports from the political parties are also much significant. However, on the other hand, the political involvement sometimes creates the significant opportunities for the multiplex managers. It is noticeable that the economical growth of the country is quite favorable for the managers of Ford in terms of expanding the business. The poor currency structure although can create hindrance in structuring the business operational costs. On the other hand, the educational achievements are much commendable that helps the managers to make people more aware of the usage of the automobile products. The consumer demands and prices of the material goods are increasing drastically. Moreover, the increase in the leisure activities and local travel is also foreseen in the society life of Vietnam. The knowledge gathered from the managers would clarify the ideas regarding the car manufacturing services. It would be beneficial in generating more responses among the potential customers. The high acceptability of the technological equipment and technical process is favorable for the business. However, the limitations are also needed to be taken into considerations. It is notable that the country has the receptive attitude towards developing the trade relationships with the international companies. 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