Pretend you are an international business consultant to HoneyBiz, an Australian
ID: 1137731 • Letter: P
Question
Pretend you are an international business consultant to HoneyBiz, an Australian company based in Queensland which specialises in the production and export of honey. You will analyse the market potential for their products in South Korea and France.
Complete the following with references:
For each country, write a snapshot of the economy, strengths and challenges, major economic indicators such as % change in GDP, unemployment and inflation trends, social/demographic data such as population and GDP per capita, etc. Include visual graphs and tables if possible.
1. Economic Environement of South Korea | Economic overview, strenghs and challenges, economic indicators, unemployment and inflation trends, GDP per capita etc. (and it's relation for market potential for honey)
2. Economic Environement of France | Economic overview, strenghs and challenges, economic indicators, unemployment and inflation trends, GDP per capita etc. (and it's relation for market potential for honey)
3. Comparison paragraph of the two economic environment (and it's relation for market potential for honey)
Explanation / Answer
1. Economic Environment of South Korea : South Korea is a highly developed economy with a GDP per capita of $29,891. It has grown manifolds and has shown high development in the recent past.
Strengths :
Challenges
Low rate of unemployment of 3.7% and thus standard of living is high and a potential market for honey.
Low rate of inflation of 1.9% and thus less challenge for business.
GDP per capita is high of $39434 which indicates a strong economy.
2. Economic Environment of France
Economy of France is the 6th largest economy of the world and 3rd largest economy in Europe. With 28 out of 500 Fortune 500 companies, France stands at 5th position.
Strengths
Challenges
High unemployment of 9.4% and low standard of living and low demand
Low rate of inflation of 1.2% and thus less challenge for business
High GDP per capita of $35309 and thus strong economy.
As per the economic indicators, South Korea is a better country to do business as the country is ranked 4th in terms of doing business. Moreover the country is quite flexible and open for business with other countries.It is easy to get the government approvals there and due to strong economic indicators like High GDP and low inflations also makes it suitable for doing business.
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