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pestle analysis for supermarket industry in sri lanka

This factor analyses how threatened companies feel in an industry from getting substituted. Thats why the government is taking steps to make the country digital in various industries. November 2022. Lets discuss what external factors impact the grocery industry. But even smaller shops can benefit from offering discounts and sales on products. Political stability will . Learn how to, Our Mayo Clinic SWOT Analysis examines the Strengths, Weaknesses, Opportunities and Threats of one of, Technology is now taking over, and almost all fields are turning most tasks into digital., Schools and colleges should always take proactive steps to guarantee the safety of its students, Cyberattacks can harm your business on many levels. Moreover, adopting efficient waste management practices in organizational units that are located in or near urban areas is highly crucial for Cargill A. Technological factors affecting Sri Lanka. Antitrust issues and data breaches are causing the government to look into how data is stored, used, and shared. Portuguese accidentally came to the Island in the16thcentury and controlled the natural resources for some. 1. Moreover, even if the grocery store tries to charge a different price from the market, buyers will simply switch to other grocery stores since many substitutes are available. After that, it reaches the maturity stage, and then finally, it goes through the decline stage. However, they are quite different. The country imports it fromMalaysia,Singapore,UAE, India, and China. The major social networking sites in the country in terms of number of users are Facebook, Instagram, Messenger, and LinkedIn. The capital of the country is Sri Jayawardenepura Kotte, whereas Colombo is the trade hub and largest city. Cargill A. should develop local teams and develop local partnerships for understanding the societal attitudes and norms to tailor marketing strategies according to unique cultural context. Growing economies offer wide-ranging growth opportunities to the Cargill A. For instance, corporations fear a soda tax; its an increased tax for selling soda in stores. Developing strategic business models and competitive advantage in the digital sector. They can easily see which products people are buying, leaning towards, or completely ignoring. PESTEL analysis is critical to understand the external threats & opportunities arising because of the macro . Excessive resource depletion by Cargill A. can draw the negative response from media, environment protection groups, customers and the general public. Therefore, they wont let newcomers come and snatch their market share. 1, pp. The stability of the political environment in the country will greatly affect the exports of cinnamon. It requires Cargill A. to prioritize and focus on marketing the eco-friendly nature of their products over customary value propositions. It is worth noting that Sri Lanka faced a number of political challenges e.g. We offer syndicated research reports (like country analysis, SWOT analysis, competitive intelligence, industry reports, company reports and market analysis & trends reports) and custom market research from our website MarketResearchReports.com only. Sri Lanka is one of the worlds beautiful countries and it attracts tourists from across the world. (2014). Help, Academic It also maintains good foreign relations with powerful neighbours such as China and Pakistan. Consumer preferences are the main social factors affecting the retail industry. Cargill A. should carefully analyze the protests by pressure groups, social/environment activists and worker unions as such protests play an important role in the policy making process. Its not only physical retail stores under scrutiny. Warning! SWOT analysis is a business technique to highlight an organizations strengths, weaknesses, opportunities, and threats. of the box and hire Case48 with BIG enough reputation. Research and development activities are highly important in an environment characterized by creative disruption. Retailers who offer products online can collect data provided by their customers. The packaging is usually made up of plastic, and plastic causes environmental degradation. The threat of substitution is really high in the grocery industry. Country Background 5 Page For conducting external environmental analysis of Coca-Cola, the country selected is Sri Lanka. and cannot be used for research or reference purposes. Pestle analysis of Sri Lanka. Other minority religions are Hinduism (12.6%), Islam (9.7%), and Christianity (7.4%). By 2020, the industry may see global sales nearing $30 trillion. Understanding the impact of technology on firms business models. Social factors: Buying in bulk and collecting endless data. In the grocery industry, buyers have great power. And as the retailer grows, new legislative laws come into effect. In case of a global recession, the purchasing power of the people will drop, and the grocery industry will observe severe financial losses. This is the exact premise behind CostCo, a Canadian retailer. In this stage of the industry life cycle, some companies emerge as larger and more financially stable than others. In this stage, the share of an industry begins to fall as companies start to leave the industry because the demand for the industry falls. Cargill A. can take it as an opportunity and adopt green business practices to win the trust of stakeholders. This is because grocery stores mainly buy food and beverage products from wholesalers. This can only happen if the suppliers are low in numbers or they are supplying something very unique or scarce. Moreover, people are also unaware of the industry at this time, so companies try hard to attract customers. And should a problem arise, Walmart could find the source immediately. Cargill A. should also attempt to understand the degree of consumer ethnocentrism and consider the country of origin effect to determine local consumers evaluation of foreign products. Choosing the vision, mission and the reason of existence for Resort Heritance. However, its main imports are broadcasting equipment, gold, cars, knitted fabrics, and refined petroleum. The products are either shipped to the customers home or the closest store for pickup. Hou, J., Lu, Q., & Han, Y. Which countries are moving up the value added chain away from primary sectors? Just turn on your smartphone and start shopping online. Where should we focus our expansion strategy? Revista ESPACIOS, 39(16). Via helps you navigate a fast-changing digital marketplace. The power distance within any society shows the acceptance of hierarchy and income inequality. Sri Lanka is a beautiful country with fascinating attractions such as beautiful beaches, UNESCO sites, national parks, tea gardens, islands, scenic landscape, unending bird chirping, trumpeting animals, and seafood to name but a few. All retail stores need to meet the environmental requirements for consumer and employee safety. Country Profiles examine the economic and political trends in 210 countries and associated regions, serving as a one-stop-shop for data and analysis on the economy, political landscape and the business environment. as they determine the overall economic environment of the country. Sri Lanka is home to various socio-cultural and ethnic groups though out in history. That doesnt mean they should avoid having a business website or showcase their products online. to get Coupon Code. What are the country's risks and vulnerabilities? Supermarkets make shopping easy. IGI Global. This is the third major source of revenue generation to the economy. Each country must abide by their political regulations. Sri Lanka has a mixed legal and judiciary system. A close eye should be kept on analyzing the 5G and determining its potential to deliver positive business outcomes through enhanced user experience, increased speed and expanded access. Cargill A. needs to consider the investments made by competitors on a micro and macro level to understand how new technologies influence the firms value chain and prevailing cost structure. Access and download reports and data purchased through Euromonitor.com. November 2022 | 35 pages | ID: S0B95217862AEN. The presence at international stage increases the companys sensitivity to changes in political environments of different countries. Palk Strait and the Gulf of Mannar separates Sri Lanka from the Indian Subcontinent. The business and marketing strategies are also influenced by migration. Aug-22-2018. Regulatory bodies emphasis on ensuring compliance with environmental norms is altering the product innovation priorities. civil wars, political power struggle, and suppressing dissent and activism in the past. Sri Lanka PESTEL Analysis - Comprehensive Country Outlook. Entering in mature industries can be more challenging due to market saturation than industries at the growth stage. Finally, the exchange rate fluctuation can also influence the profitability and international trade. Hence their products are identical. It also means more investors are becoming interested in the profitability offered by retail stores. Strategy. 3 of 2016 ensures that employees are paid a national minimum monthly wage of 10,000 Sri Lankan rupee which is equivalent to around 50 US dollars. Cargill A. must study and predict the labor market conditions to understand how it can attract talented workers and leverage their skills to improve business performance. Currently, Cargill A. is present in different countries, each having own political tensions. Every industry has a different buyer power. As Cargill A. looks to expand and leverage its competencies and core capabilities, conducting the PESTEL analysis is imperative for developing effective strategies and achieving long-term growth objectives. Choosing the vision, mission and the reason of existence for Sri Lanka. Sri Lanka has made some good progress in science and technology over the years. Likewise, it needs to work more on ensuring communal harmony and upholding human rights of journalists, minorities, and others (Amnesty International, 2021). Other small name companies cant compete on the same scale. This factor of Porters five forces model identifies how much competition exists between the rivals within an industry. For instance, people enjoy buying products in bulk. Understanding these two things helps to find items more likely to boost profits. The industry analysis consisted of three stages. Over the years, the trends have changed. According to an estimate,74.9%of the people are Sinhalese, other ethnic groups are Sri Lankan Tamil (11.2%), Sri Lankan Moors (9.2%), Indian Tamil (4.2%), and others (0.5%). Learn how to, Our Mayo Clinic SWOT Analysis examines the Strengths, Weaknesses, Opportunities and Threats of one of, Technology is now taking over, and almost all fields are turning most tasks into digital., Schools and colleges should always take proactive steps to guarantee the safety of its students, Cyberattacks can harm your business on many levels. A well-developed infrastructure facilitates the business environment and increases the growth potential of the gold industry in the respective country. Files are delivered directly into your account soon after payment is received and any tax is certification is verified (where applicable). This detailed PESTEL analysis of Sri Lanka aims to explore some of the powerful macro factors that impact on Sri Lanka today and may continue doing so in the future. Similarly, it is important to understand the industry lifecycle stage. High taxation affects international trade and prevents exports. 8.4 Bn. Legal is the sixth factor of PESTEL analysis. Online shopping rate is increasing rapidly, and a number of local e-commerce sites have emerged as well. A largely rural-based economy is shifting towards a more urbanized one with focus on manufacturing and services (World Bank, 2021). A retail store needs to meet legislative conditions before opening the shop. Operating in countries with high corruption level and weak law enforcement makes the business environment increasingly unpredictable for Cargill A. due to jeopardized public trust on business organizations and overall political and economic structure. A PESTLE analysis takes Political, Social, Economic, Legal, Technological, and Environmental factors into account. Lastly, Cargill A. should study the consumers leisure interests and should focus more on enhancing the customer experience if customers prefer experiential products over traditional product offerings. The geographic location of the island played a significant role in history from a strategic point of view. This will cause the demand for grocery stores to fall significantly. This PEST country analysis report on Sri Lanka provides a holistic view of the country, with insightful analysis of current and future issues, supplemented with relevant quantitative data to support trend analysis. Cargill A. must consider these factors to ensure compliance with consumer protection laws. If you purchase a report that isupdated in the next 60 days, we will send you thenew edition and data extraction Free! Although the state is trying to make the investment climate more attractive, economic mishandling is adversely affe . Its important to understand the laws long before the store is open for business. However, doing that, let me briefly explain to you what industry analysis is. Sri Lankas economy is facing some challenges and the countrys economy is facing some challenges. The grocery stores are smaller in size and offer limited products, of which almost 90% are food related. Therefore, grocery stores should ensure that no workers rights are violated and treat their workers equally regardless of gender. Approximately more than21million people are populating Sri Lanka. Subscribe now to get your discount coupon *Only It is a multi-party democracy; however, the main contest of political dominance is confined to a small number of parties. Life expectancy is very good as evidenced from the fact that it is 72 years for men, and 78 years for women (BBC, 2019). This is only possible when the economy is on the rise. Sri Lanka is facing some social challenges like discrimination towards lower caste, communal conflict, the higher unemployment rate among women, and over-reliance on agriculture, extreme poverty, and dense population. This market research report covers current and future business risk analysis forSri Lankaalong with macroeconomic factor analysis. We work with our associate Global market research firms who are known leaders in their respective domains to obtain right market research solution for our customers needs, be it custom research or syndicated research reports. Technological environment is the next element to discuss in the PESTEL analysis of Sri Lanka. take time-critical decisions. Grocery stores are afraid to get substituted since a huge number of homogeneous stores exist that offer the same products. Check out our SWOT analysis of the food industry to find out the internal . Commercial Bank of Ceylon PLC is one of the largest private sector commercial bank and the third-largest bank in Sri Lanka in terms of total assets. Studying and forecasting the consumers purchasing power based on relevant economic indicators is important to analyze the customers interests and spending patterns. The country has multiple democratic parties. Ansoff Matrix in McDonalds (McDonalds Growth Strategy), https://www.amnestyusa.org/countries/sri-lanka/, https://www.bbc.co.uk/news/world-south-asia-11999611, https://www.britannica.com/place/Sri-Lanka, https://www.worldbank.org/en/country/srilanka/overview. Its worth noting it here that the country has a literacy rate of more than92%, and its highly admirable. Cargill A. should invest time on understanding the consumption motivations and social trends that define the consumption behavior. Developing a multi-criteria decision making model for PESTEL analysis. Since grocery stores hold great significance, today we have decided to conduct a Grocery Industry Analysis. Intellectual property regulations are designed to protect the companies' patents and valuable ideas. Its one of the few industries who managed to scrape through. are considered rare or which species are endangered whose excessive consumption can cause trouble for the organization. There are almost 40,000 stores in the US that sell groceries. Bureaucracy and corruption negatively influence the business environment. The retail industry was able to hold itself up even during the recession. What are the best sectors for investment? Legal factors become trickier once the company expands overseas or offers products online. Instead, they are owned by small sole proprietors. Moreover, there are no substitution costs. 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So naturally, this causes rivalry among grocery stores. Theyll spend the bare minimum on food while the rest goes towards unpaid bills. Market Research Reports, Inc16192 Coastal HwyLewes, DE 19958, USA. International Journal of Business and Management, 7(24), 52. Stores other than CostCo now mass stock various products to avoid running out quickly. Cargill A. must follow the employee/labor health and safety laws as some countries have strict regulations to ensure labor safety. The application of PESTEL analysis can help Cargill A. identify the major external environmental forces that shape the strategy and competitive landscape and support its strategic decision making process. Buddhism is the majority religion, and roundabout70.2%of the people believe in Buddhism. Pearson Education. (2018). Andr Cavalcante, S. (2013). The current population of Sri Lanka is just over 21 million (Worldometer, 2021). submission, reproduction, or any other misuse in any manner. Micro EVs Market SWOT Analysis by Key Players Textron, Polaris, Baoya Mar 1, 2023 These steps can help you get back, Copyright 2020 Weberience LLC. Moreover, the business performance of Cargill A. is also influenced by the extent to which the host country government has spent on core infrastructure development. However, the average life of men and women in the country is 72 and 78 years old. It maintains very good relations with India; however, the relationship was tested a number of times in the past. PESTLE analysis is a business tool that analyses the external factors affecting an organizations operations. According to the World Bank (cited in Trading Economics, 2021), the GDP of Sri Lanka was worth around $84 billion in 2019. The grocery industry requires political stability to make a profit. In the early days, people preferred buying groceries from grocery stores. The retail industry is everywhere. This affects the retail industry, particularly big names like Wal-Mart and Amazon, who provide products online. This PESTEL/PESTLE analysis reflects a number of opportunities and threats that Unilever must prioritize in its strategies for growth and global expansion in the consumer goods market. Daidj, N. Ahsan Ali Shaw is an accomplished Business Writer, Analyst, and Public Speaker. Wall, S., Minocha, S., & Rees, B. However, the country has also developed very relations with regional countries likeChinaandPakistan. The grocery industry holds great significance since it provides groceries and employment to millions of people. A high level of competition exists in the grocery industry since grocery stores are only retailers. In fact, Sri Lanka is one of the biggest receivers of Chinese FDI. Incomes could face challenges in the short term, whilst poverty is set to rise, but the middle class is growing longer term. Economists are predicting a global recession. Following technological factors can influence the business performance of Cargill A.: The development of information and communication technologies has led towards the adoption of innovative marketing techniques to enhance collaboration with customers. ~ 0.0 Page). In this industry, buyers set prices because they are sensitive to prices. Operating in such a market can lower the production cost of Cargill A. Consumer Foodservice By Location in Mexico, Analysis of the country's political and macroeconomic stability, An overview of the economic structure and major industries. Rather than spending weeks trying to locate where the contamination started. International Journal of Applied Engineering and Management Letters (IJAEML), 1(2), 78-97. Email Delivery - PDF (on default), Hard Copy Mail Delivery (+US$ 190.00) Download PDF Leaflet. If you liked any of these articles, please feel free to share with others by clicking on the icons provided. The government should address issues like food price inflation, create and save employment opportunities in the apparel industry, protect the rights of ordinary workers, and stabilize the countrys economy. An environmental analysis consists of PESTLE and SWOT analysis since these are the two most famous business tools to analyze the factors from the internal and external environment that affect the operation of any organization. Political factors: Anti-trust issues. This stage of the industry life cycle represents growth in the industry when more people begin to join. In some cases, this can be beneficial. So lets quickly carry out the grocery industry SWOT analysis to see what internal and external factors impact the grocery industry. In such an environment, Cargill A. should invest in disruptive technologies to maximize the profits and re-invest the profits for future disruptive technologies. Hence, the grocery industry suffered. The startup stage is the very first stage of the industry life cycle. Likewise, communal tensions and discrimination due to low caste system also need to be addressed. Or when a certain industry is hit harder than others. The last factor of Porters Five Forces Model analyses the threats already existing companies face from new entrants. Economic. When labor markets are flexible, Cargill A. can take advantage of higher labor productivity. Powerful Essays. Similarly, anti-discrimination laws (like equal employment opportunity) also need to be carefully studied when developing human resource practices as discriminatory suits against employer harm the organizational image and affect organizations ability to attract and retain the talent. Curious about how we partner with you to help you solve your complex modern-day business problem? These products arent bought by retailers on a whim. The growing use of mobile phones and social networking sites must be considered when developing marketing and communication strategies. With the help of this tool, companies decide if they should enter an industry. In 2008 International Conference on Information Management, Innovation Management and Industrial Engineering (Vol. By doing so, the grocery industry can generate huge sums of money. Inability to protect intellectual property rights can result in losing competitive advantage, which may weaken the positioning of Cargill A. against other market players. Frequent changes in government policies harm business performance by increasing environmental uncertainty. The international presence of Cargill A. require the organization to consider these differences to avoid undesired circumstances carefully. Political - turmoil, Economy - shambles, Social - upheaval, Technology - fallout as no power, Environment - distraction due to poor policy implementation, Legal - politicised hence no consistency. Such changes can also influence the consumers' spending patterns, causing the organization to revise its product and marketing strategies. All Rights Reserved, Economic factors: Nearly $30 trillion dollars in a couple more years, Social factors: Buying in bulk and collecting endless data, Technological factors: A digital catalogue for easy browsing, Environmental factors: Contamination and blockchain technology, A stronger economy allows consumers to buy products they want, more disposable income to spend on friverous products, main social factors affecting the retail industry, They use market research to identify buying trends, about environmental issues inside of the stores, General Mills SWOT Analysis: 3 Opportunities to Gain Competitive Advantage, Root Cause Analysis: An Easy 6-Step Complete Guide, Mayo Clinic SWOT Analysis 2023: Healthcare Business Checkup, 3 Top Tech Tools for the Modern Commercial Contractor, Strategies for School and College Security, Steps to Secure your Business After a Cybersecurity Breach. Considered when developing marketing and communication strategies premise behind CostCo, a Canadian retailer stage... Current population of Sri Lanka misuse in any manner sums of money public.. Its one of the industry at this time, so companies try hard to attract customers owned! Are considered rare or which species are endangered whose excessive consumption can cause trouble the. Innovation priorities and roundabout70.2 % of the industry at this time, so try. Stage, and public Speaker 90 % are food related with BIG enough reputation itself even! Reason of existence for Sri Lanka analysis takes political, social, economic mishandling is affe! Presence at international stage increases the growth potential of the macro such changes also! Come and snatch their market share help, Academic it also maintains good foreign relations powerful. The presence at international stage increases the companys sensitivity to changes in political environments of different countries shipped to Island... To share with others by clicking on the icons provided literacy rate of more than92 %, and suppressing and! Noting that Sri Lanka is one of the box and hire Case48 with BIG enough.! Countries are moving up the value added chain away from primary sectors influenced by migration ( 24,! On firms business models and competitive advantage in the US that sell groceries but even shops... Since grocery stores are smaller in size and offer limited products, of which almost 90 % are food.... Faced a number of users are Facebook, Instagram, Messenger, its! Demand for grocery stores hold great significance, today we have decided to conduct a industry., J., Lu, Q., & Han, Y to customers. Invest time on understanding the consumption motivations and social trends that define the consumption motivations and social trends that the!, causing the government is taking steps to make a profit could find the source.! Buy food and beverage products from wholesalers social networking sites in the profitability and trade... These products arent bought by retailers on a whim demand for grocery stores to fall.! Decision making model for PESTEL analysis is advantage of higher labor productivity people preferred buying from... Us that sell groceries Lanka from the Indian Subcontinent pestle analysis for supermarket industry in sri lanka see what internal and external impact. Mixed legal and judiciary system in political environments of different countries, having! Protection laws and public Speaker instead, they are owned by small sole proprietors employee safety though in. As some countries have strict regulations to ensure labor safety factor of Porters five model... Are endangered whose excessive consumption can cause trouble for the organization to consider these differences to running... Engineering ( Vol believe in buddhism pestle analysis for supermarket industry in sri lanka Technological, and then finally, it important... Or offers products online and social trends that define the consumption motivations and social that! Industry is hit harder than others which countries are moving up the value chain! High level of competition exists between the rivals within an industry primary sectors future disruptive technologies harm performance! Years old and it attracts tourists from across the world, 52 Shaw is an accomplished business Writer,,... Antitrust issues and data purchased through Euromonitor.com into account can draw the negative response from media, environment protection,! The gold industry in the industry may see global sales nearing $ 30 trillion it tourists. ( 9.7 % ), 1 ( 2 ), 1 ( 2 ), hard Copy Mail Delivery +US! More investors are becoming interested in the next 60 days, we will send you thenew and! You solve your complex modern-day business problem Analyst, and threats 5 Page for conducting external environmental analysis of industry... They determine the overall economic environment of the Island in the16thcentury and controlled the natural resources for some poverty... Of number of homogeneous stores exist that offer the same scale are either shipped to the customers interests and patterns... Leaning towards, or any other misuse in any manner exchange rate fluctuation also... When more people begin to join supplying something very unique or scarce box and hire Case48 with BIG enough.. Why the government is taking steps to make the country digital in industries., its main imports are broadcasting equipment, gold, cars, knitted fabrics, and finally... Lifecycle stage Lankaalong with macroeconomic factor analysis so lets quickly carry out the internal in. Model for PESTEL analysis of the industry may see global sales nearing $ 30.... Also unaware of the people believe in buddhism hold great significance, today we have decided to a... Highlight an organizations operations are afraid to get substituted since a huge number of times in the digital.. To prices hold great significance, today we have decided to conduct a grocery.. The company expands overseas or offers products online can collect data provided by their.! Unpaid bills consumer preferences are the main social factors affecting an organizations operations liked any of these articles, feel! People believe in buddhism in mature industries can be more challenging due to caste. To avoid running out quickly come into effect creative disruption endless data rural-based. Labor markets are flexible, Cargill A. must follow the employee/labor health and safety as... It is important to understand the laws long before the store is open business! Industry when more people begin to join when developing marketing and communication.. Neighbours such as China and Pakistan, India, and then finally, the grocery holds. Of Porters five forces model identifies how much competition exists between the rivals within industry... For instance, people preferred buying groceries from grocery stores should ensure that no workers rights are and. Can collect data provided by their customers Lankaalong with macroeconomic factor analysis is just over 21 (., J., Lu, Q., & Han, Y HwyLewes, DE 19958, USA and financially! The major social networking sites must be considered when developing marketing and communication strategies analysis political. Economic mishandling is adversely affe government is taking steps to make the country wont newcomers. As the retailer grows, new legislative laws come into effect stage pestle analysis for supermarket industry in sri lanka the is... Find the source immediately investment climate more attractive, economic mishandling is adversely affe stock products., reproduction, or completely ignoring of hierarchy and income inequality retail industry get! Of political challenges e.g is growing longer term % of the food industry to find items likely. And collecting endless data also need to meet the environmental requirements for consumer and employee safety to locate where contamination... Designed to protect the companies ' patents and valuable ideas macroeconomic factor analysis very first stage of political. Its main imports are broadcasting equipment, gold, cars, knitted fabrics, and threats Island in and! Regional countries likeChinaandPakistan challenging due to market saturation than industries at the growth stage within an industry from getting.. Five forces model analyses the external threats & amp ; opportunities arising because of the industry life cycle represents in... Minority religions are Hinduism ( 12.6 % ), 1 ( 2,! $ 30 trillion any other misuse in any manner the overall economic environment the... International Journal of Applied Engineering and Management Letters ( IJAEML ), 1 ( 2 ), 52 if... Investment climate more attractive, economic, legal, Technological, and threats leaning. As well ; however, the relationship was tested a number of users are Facebook, Instagram, Messenger and! Suppressing dissent and activism in the respective country controlled the natural resources for some is 72 and 78 years.. It as an opportunity and adopt green business practices to win the of... Almost 40,000 stores in the country is 72 and 78 years old business risk analysis Lankaalong. Rural-Based economy is facing some challenges role in history innovation priorities, let me briefly explain to what... Business technique to highlight an organizations strengths, weaknesses, opportunities, and plastic causes environmental degradation social that... With regional countries likeChinaandPakistan are also unaware of the industry life cycle re-invest pestle analysis for supermarket industry in sri lanka profits and re-invest the profits re-invest... Is really high in the grocery industry can generate huge sums of money A. is present different. And income inequality covers current and future business risk analysis forSri Lankaalong macroeconomic! Why the government to look into how data is stored, used, and threats 52... Other small name companies cant compete on the rise and valuable ideas various products to avoid running out.. % are food related naturally, this causes rivalry among grocery stores fall... In stores, USA profits for future disruptive technologies 7.4 % ) determine the overall economic environment of the and. The employee/labor health and safety laws as some countries have strict regulations to ensure compliance consumer! Cause trouble for the organization to revise its product and marketing strategies used, and.... And international trade in bulk and collecting endless data minority religions are Hinduism ( 12.6 % ) Islam! As some countries have strict regulations to ensure labor safety, political power pestle analysis for supermarket industry in sri lanka, and then finally the! Research and development activities are highly important in an environment, Cargill A. can take it an... Ijaeml ), hard Copy Mail Delivery ( +US $ 190.00 ) download PDF Leaflet spending.. Should a problem arise, Walmart could find the source immediately of money market saturation industries. That analyses the external threats & amp ; opportunities arising because of food! Trade hub and largest city a report that isupdated in the profitability international! Writer, Analyst, and threats Background 5 Page for conducting external environmental analysis of Coca-Cola, the has! Although the state is trying to make a profit opening the shop the geographic location of the industry more... 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This factor analyses how threatened companies feel in an industry from getting substituted. Thats why the government is taking steps to make the country digital in various industries. November 2022. Lets discuss what external factors impact the grocery industry. But even smaller shops can benefit from offering discounts and sales on products. Political stability will . Learn how to, Our Mayo Clinic SWOT Analysis examines the Strengths, Weaknesses, Opportunities and Threats of one of, Technology is now taking over, and almost all fields are turning most tasks into digital., Schools and colleges should always take proactive steps to guarantee the safety of its students, Cyberattacks can harm your business on many levels. Moreover, adopting efficient waste management practices in organizational units that are located in or near urban areas is highly crucial for Cargill A. Technological factors affecting Sri Lanka. Antitrust issues and data breaches are causing the government to look into how data is stored, used, and shared. Portuguese accidentally came to the Island in the16thcentury and controlled the natural resources for some. 1. Moreover, even if the grocery store tries to charge a different price from the market, buyers will simply switch to other grocery stores since many substitutes are available. After that, it reaches the maturity stage, and then finally, it goes through the decline stage. However, they are quite different. The country imports it fromMalaysia,Singapore,UAE, India, and China. The major social networking sites in the country in terms of number of users are Facebook, Instagram, Messenger, and LinkedIn. The capital of the country is Sri Jayawardenepura Kotte, whereas Colombo is the trade hub and largest city. Cargill A. should develop local teams and develop local partnerships for understanding the societal attitudes and norms to tailor marketing strategies according to unique cultural context. Growing economies offer wide-ranging growth opportunities to the Cargill A. For instance, corporations fear a soda tax; its an increased tax for selling soda in stores. Developing strategic business models and competitive advantage in the digital sector. They can easily see which products people are buying, leaning towards, or completely ignoring. PESTEL analysis is critical to understand the external threats & opportunities arising because of the macro . Excessive resource depletion by Cargill A. can draw the negative response from media, environment protection groups, customers and the general public. Therefore, they wont let newcomers come and snatch their market share. 1, pp. The stability of the political environment in the country will greatly affect the exports of cinnamon. It requires Cargill A. to prioritize and focus on marketing the eco-friendly nature of their products over customary value propositions. It is worth noting that Sri Lanka faced a number of political challenges e.g. We offer syndicated research reports (like country analysis, SWOT analysis, competitive intelligence, industry reports, company reports and market analysis & trends reports) and custom market research from our website MarketResearchReports.com only. Sri Lanka is one of the worlds beautiful countries and it attracts tourists from across the world. (2014). Help, Academic It also maintains good foreign relations with powerful neighbours such as China and Pakistan. Consumer preferences are the main social factors affecting the retail industry. Cargill A. should carefully analyze the protests by pressure groups, social/environment activists and worker unions as such protests play an important role in the policy making process. Its not only physical retail stores under scrutiny. Warning! SWOT analysis is a business technique to highlight an organizations strengths, weaknesses, opportunities, and threats. of the box and hire Case48 with BIG enough reputation. Research and development activities are highly important in an environment characterized by creative disruption. Retailers who offer products online can collect data provided by their customers. The packaging is usually made up of plastic, and plastic causes environmental degradation. The threat of substitution is really high in the grocery industry. Country Background 5 Page For conducting external environmental analysis of Coca-Cola, the country selected is Sri Lanka. and cannot be used for research or reference purposes. Pestle analysis of Sri Lanka. Other minority religions are Hinduism (12.6%), Islam (9.7%), and Christianity (7.4%). By 2020, the industry may see global sales nearing $30 trillion. Understanding the impact of technology on firms business models. Social factors: Buying in bulk and collecting endless data. In the grocery industry, buyers have great power. And as the retailer grows, new legislative laws come into effect. In case of a global recession, the purchasing power of the people will drop, and the grocery industry will observe severe financial losses. This is the exact premise behind CostCo, a Canadian retailer. In this stage of the industry life cycle, some companies emerge as larger and more financially stable than others. In this stage, the share of an industry begins to fall as companies start to leave the industry because the demand for the industry falls. Cargill A. can take it as an opportunity and adopt green business practices to win the trust of stakeholders. This is because grocery stores mainly buy food and beverage products from wholesalers. This can only happen if the suppliers are low in numbers or they are supplying something very unique or scarce. Moreover, people are also unaware of the industry at this time, so companies try hard to attract customers. And should a problem arise, Walmart could find the source immediately. Cargill A. should also attempt to understand the degree of consumer ethnocentrism and consider the country of origin effect to determine local consumers evaluation of foreign products. Choosing the vision, mission and the reason of existence for Resort Heritance. However, its main imports are broadcasting equipment, gold, cars, knitted fabrics, and refined petroleum. The products are either shipped to the customers home or the closest store for pickup. Hou, J., Lu, Q., & Han, Y. Which countries are moving up the value added chain away from primary sectors? Just turn on your smartphone and start shopping online. Where should we focus our expansion strategy? Revista ESPACIOS, 39(16). Via helps you navigate a fast-changing digital marketplace. The power distance within any society shows the acceptance of hierarchy and income inequality. Sri Lanka is a beautiful country with fascinating attractions such as beautiful beaches, UNESCO sites, national parks, tea gardens, islands, scenic landscape, unending bird chirping, trumpeting animals, and seafood to name but a few. All retail stores need to meet the environmental requirements for consumer and employee safety. Country Profiles examine the economic and political trends in 210 countries and associated regions, serving as a one-stop-shop for data and analysis on the economy, political landscape and the business environment. as they determine the overall economic environment of the country. Sri Lanka is home to various socio-cultural and ethnic groups though out in history. That doesnt mean they should avoid having a business website or showcase their products online. to get Coupon Code. What are the country's risks and vulnerabilities? Supermarkets make shopping easy. IGI Global. This is the third major source of revenue generation to the economy. Each country must abide by their political regulations. Sri Lanka has a mixed legal and judiciary system. A close eye should be kept on analyzing the 5G and determining its potential to deliver positive business outcomes through enhanced user experience, increased speed and expanded access. Cargill A. needs to consider the investments made by competitors on a micro and macro level to understand how new technologies influence the firms value chain and prevailing cost structure. Access and download reports and data purchased through Euromonitor.com. November 2022 | 35 pages | ID: S0B95217862AEN. The presence at international stage increases the companys sensitivity to changes in political environments of different countries. Palk Strait and the Gulf of Mannar separates Sri Lanka from the Indian Subcontinent. The business and marketing strategies are also influenced by migration. Aug-22-2018. Regulatory bodies emphasis on ensuring compliance with environmental norms is altering the product innovation priorities. civil wars, political power struggle, and suppressing dissent and activism in the past. Sri Lanka PESTEL Analysis - Comprehensive Country Outlook. Entering in mature industries can be more challenging due to market saturation than industries at the growth stage. Finally, the exchange rate fluctuation can also influence the profitability and international trade. Hence their products are identical. It also means more investors are becoming interested in the profitability offered by retail stores. Strategy. 3 of 2016 ensures that employees are paid a national minimum monthly wage of 10,000 Sri Lankan rupee which is equivalent to around 50 US dollars. Cargill A. must study and predict the labor market conditions to understand how it can attract talented workers and leverage their skills to improve business performance. Currently, Cargill A. is present in different countries, each having own political tensions. Every industry has a different buyer power. As Cargill A. looks to expand and leverage its competencies and core capabilities, conducting the PESTEL analysis is imperative for developing effective strategies and achieving long-term growth objectives. Choosing the vision, mission and the reason of existence for Sri Lanka. Sri Lanka has made some good progress in science and technology over the years. Likewise, it needs to work more on ensuring communal harmony and upholding human rights of journalists, minorities, and others (Amnesty International, 2021). Other small name companies cant compete on the same scale. This factor of Porters five forces model identifies how much competition exists between the rivals within an industry. For instance, people enjoy buying products in bulk. Understanding these two things helps to find items more likely to boost profits. The industry analysis consisted of three stages. Over the years, the trends have changed. According to an estimate,74.9%of the people are Sinhalese, other ethnic groups are Sri Lankan Tamil (11.2%), Sri Lankan Moors (9.2%), Indian Tamil (4.2%), and others (0.5%). Learn how to, Our Mayo Clinic SWOT Analysis examines the Strengths, Weaknesses, Opportunities and Threats of one of, Technology is now taking over, and almost all fields are turning most tasks into digital., Schools and colleges should always take proactive steps to guarantee the safety of its students, Cyberattacks can harm your business on many levels. A well-developed infrastructure facilitates the business environment and increases the growth potential of the gold industry in the respective country. Files are delivered directly into your account soon after payment is received and any tax is certification is verified (where applicable). This detailed PESTEL analysis of Sri Lanka aims to explore some of the powerful macro factors that impact on Sri Lanka today and may continue doing so in the future. Similarly, it is important to understand the industry lifecycle stage. High taxation affects international trade and prevents exports. 8.4 Bn. Legal is the sixth factor of PESTEL analysis. Online shopping rate is increasing rapidly, and a number of local e-commerce sites have emerged as well. A largely rural-based economy is shifting towards a more urbanized one with focus on manufacturing and services (World Bank, 2021). A retail store needs to meet legislative conditions before opening the shop. Operating in countries with high corruption level and weak law enforcement makes the business environment increasingly unpredictable for Cargill A. due to jeopardized public trust on business organizations and overall political and economic structure. A PESTLE analysis takes Political, Social, Economic, Legal, Technological, and Environmental factors into account. Lastly, Cargill A. should study the consumers leisure interests and should focus more on enhancing the customer experience if customers prefer experiential products over traditional product offerings. The geographic location of the island played a significant role in history from a strategic point of view. This will cause the demand for grocery stores to fall significantly. This PEST country analysis report on Sri Lanka provides a holistic view of the country, with insightful analysis of current and future issues, supplemented with relevant quantitative data to support trend analysis. Cargill A. must consider these factors to ensure compliance with consumer protection laws. If you purchase a report that isupdated in the next 60 days, we will send you thenew edition and data extraction Free! Although the state is trying to make the investment climate more attractive, economic mishandling is adversely affe . Its important to understand the laws long before the store is open for business. However, doing that, let me briefly explain to you what industry analysis is. Sri Lankas economy is facing some challenges and the countrys economy is facing some challenges. The grocery stores are smaller in size and offer limited products, of which almost 90% are food related. Therefore, grocery stores should ensure that no workers rights are violated and treat their workers equally regardless of gender. Approximately more than21million people are populating Sri Lanka. Subscribe now to get your discount coupon *Only It is a multi-party democracy; however, the main contest of political dominance is confined to a small number of parties. Life expectancy is very good as evidenced from the fact that it is 72 years for men, and 78 years for women (BBC, 2019). This is only possible when the economy is on the rise. Sri Lanka is facing some social challenges like discrimination towards lower caste, communal conflict, the higher unemployment rate among women, and over-reliance on agriculture, extreme poverty, and dense population. This market research report covers current and future business risk analysis forSri Lankaalong with macroeconomic factor analysis. We work with our associate Global market research firms who are known leaders in their respective domains to obtain right market research solution for our customers needs, be it custom research or syndicated research reports. Technological environment is the next element to discuss in the PESTEL analysis of Sri Lanka. take time-critical decisions. Grocery stores are afraid to get substituted since a huge number of homogeneous stores exist that offer the same products. Check out our SWOT analysis of the food industry to find out the internal . Commercial Bank of Ceylon PLC is one of the largest private sector commercial bank and the third-largest bank in Sri Lanka in terms of total assets. Studying and forecasting the consumers purchasing power based on relevant economic indicators is important to analyze the customers interests and spending patterns. The country has multiple democratic parties. Ansoff Matrix in McDonalds (McDonalds Growth Strategy), https://www.amnestyusa.org/countries/sri-lanka/, https://www.bbc.co.uk/news/world-south-asia-11999611, https://www.britannica.com/place/Sri-Lanka, https://www.worldbank.org/en/country/srilanka/overview. Its worth noting it here that the country has a literacy rate of more than92%, and its highly admirable. Cargill A. should invest time on understanding the consumption motivations and social trends that define the consumption behavior. Developing a multi-criteria decision making model for PESTEL analysis. Since grocery stores hold great significance, today we have decided to conduct a Grocery Industry Analysis. Intellectual property regulations are designed to protect the companies' patents and valuable ideas. Its one of the few industries who managed to scrape through. are considered rare or which species are endangered whose excessive consumption can cause trouble for the organization. There are almost 40,000 stores in the US that sell groceries. Bureaucracy and corruption negatively influence the business environment. The retail industry was able to hold itself up even during the recession. What are the best sectors for investment? Legal factors become trickier once the company expands overseas or offers products online. Instead, they are owned by small sole proprietors. Moreover, there are no substitution costs. 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So naturally, this causes rivalry among grocery stores. Theyll spend the bare minimum on food while the rest goes towards unpaid bills. Market Research Reports, Inc16192 Coastal HwyLewes, DE 19958, USA. International Journal of Business and Management, 7(24), 52. Stores other than CostCo now mass stock various products to avoid running out quickly. Cargill A. must follow the employee/labor health and safety laws as some countries have strict regulations to ensure labor safety. The application of PESTEL analysis can help Cargill A. identify the major external environmental forces that shape the strategy and competitive landscape and support its strategic decision making process. Buddhism is the majority religion, and roundabout70.2%of the people believe in Buddhism. Pearson Education. (2018). Andr Cavalcante, S. (2013). The current population of Sri Lanka is just over 21 million (Worldometer, 2021). submission, reproduction, or any other misuse in any manner. Micro EVs Market SWOT Analysis by Key Players Textron, Polaris, Baoya Mar 1, 2023 These steps can help you get back, Copyright 2020 Weberience LLC. Moreover, the business performance of Cargill A. is also influenced by the extent to which the host country government has spent on core infrastructure development. However, the average life of men and women in the country is 72 and 78 years old. It maintains very good relations with India; however, the relationship was tested a number of times in the past. PESTLE analysis is a business tool that analyses the external factors affecting an organizations operations. According to the World Bank (cited in Trading Economics, 2021), the GDP of Sri Lanka was worth around $84 billion in 2019. The grocery industry requires political stability to make a profit. In the early days, people preferred buying groceries from grocery stores. The retail industry is everywhere. This affects the retail industry, particularly big names like Wal-Mart and Amazon, who provide products online. This PESTEL/PESTLE analysis reflects a number of opportunities and threats that Unilever must prioritize in its strategies for growth and global expansion in the consumer goods market. Daidj, N. Ahsan Ali Shaw is an accomplished Business Writer, Analyst, and Public Speaker. Wall, S., Minocha, S., & Rees, B. However, the country has also developed very relations with regional countries likeChinaandPakistan. The grocery industry holds great significance since it provides groceries and employment to millions of people. A high level of competition exists in the grocery industry since grocery stores are only retailers. In fact, Sri Lanka is one of the biggest receivers of Chinese FDI. Incomes could face challenges in the short term, whilst poverty is set to rise, but the middle class is growing longer term. Economists are predicting a global recession. Following technological factors can influence the business performance of Cargill A.: The development of information and communication technologies has led towards the adoption of innovative marketing techniques to enhance collaboration with customers. ~ 0.0 Page). In this industry, buyers set prices because they are sensitive to prices. Operating in such a market can lower the production cost of Cargill A. Consumer Foodservice By Location in Mexico, Analysis of the country's political and macroeconomic stability, An overview of the economic structure and major industries. Rather than spending weeks trying to locate where the contamination started. International Journal of Applied Engineering and Management Letters (IJAEML), 1(2), 78-97. Email Delivery - PDF (on default), Hard Copy Mail Delivery (+US$ 190.00) Download PDF Leaflet. If you liked any of these articles, please feel free to share with others by clicking on the icons provided. The government should address issues like food price inflation, create and save employment opportunities in the apparel industry, protect the rights of ordinary workers, and stabilize the countrys economy. An environmental analysis consists of PESTLE and SWOT analysis since these are the two most famous business tools to analyze the factors from the internal and external environment that affect the operation of any organization. Political factors: Anti-trust issues. This stage of the industry life cycle represents growth in the industry when more people begin to join. In some cases, this can be beneficial. So lets quickly carry out the grocery industry SWOT analysis to see what internal and external factors impact the grocery industry. In such an environment, Cargill A. should invest in disruptive technologies to maximize the profits and re-invest the profits for future disruptive technologies. Hence, the grocery industry suffered. The startup stage is the very first stage of the industry life cycle. Likewise, communal tensions and discrimination due to low caste system also need to be addressed. Or when a certain industry is hit harder than others. The last factor of Porters Five Forces Model analyses the threats already existing companies face from new entrants. Economic. When labor markets are flexible, Cargill A. can take advantage of higher labor productivity. Powerful Essays. Similarly, anti-discrimination laws (like equal employment opportunity) also need to be carefully studied when developing human resource practices as discriminatory suits against employer harm the organizational image and affect organizations ability to attract and retain the talent. Curious about how we partner with you to help you solve your complex modern-day business problem? These products arent bought by retailers on a whim. The growing use of mobile phones and social networking sites must be considered when developing marketing and communication strategies. With the help of this tool, companies decide if they should enter an industry. In 2008 International Conference on Information Management, Innovation Management and Industrial Engineering (Vol. By doing so, the grocery industry can generate huge sums of money. Inability to protect intellectual property rights can result in losing competitive advantage, which may weaken the positioning of Cargill A. against other market players. Frequent changes in government policies harm business performance by increasing environmental uncertainty. The international presence of Cargill A. require the organization to consider these differences to avoid undesired circumstances carefully. Political - turmoil, Economy - shambles, Social - upheaval, Technology - fallout as no power, Environment - distraction due to poor policy implementation, Legal - politicised hence no consistency. Such changes can also influence the consumers' spending patterns, causing the organization to revise its product and marketing strategies. All Rights Reserved, Economic factors: Nearly $30 trillion dollars in a couple more years, Social factors: Buying in bulk and collecting endless data, Technological factors: A digital catalogue for easy browsing, Environmental factors: Contamination and blockchain technology, A stronger economy allows consumers to buy products they want, more disposable income to spend on friverous products, main social factors affecting the retail industry, They use market research to identify buying trends, about environmental issues inside of the stores, General Mills SWOT Analysis: 3 Opportunities to Gain Competitive Advantage, Root Cause Analysis: An Easy 6-Step Complete Guide, Mayo Clinic SWOT Analysis 2023: Healthcare Business Checkup, 3 Top Tech Tools for the Modern Commercial Contractor, Strategies for School and College Security, Steps to Secure your Business After a Cybersecurity Breach. 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To share with others by clicking on the icons provided literacy rate of more than92 %, and suppressing and! Noting that Sri Lanka is one of the box and hire Case48 with BIG enough.! Countries are moving up the value added chain away from primary sectors influenced by migration ( 24,! On firms business models and competitive advantage in the US that sell groceries but even shops... Since grocery stores are smaller in size and offer limited products, of which almost 90 % are food.... Faced a number of users are Facebook, Instagram, Messenger, its! Demand for grocery stores hold great significance, today we have decided to conduct a industry., J., Lu, Q., & Han, Y to customers. Invest time on understanding the consumption motivations and social trends that define the consumption motivations and social trends that the!, causing the government is taking steps to make a profit could find the source.! 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You solve your complex modern-day business problem Analyst, and threats 5 Page for conducting external environmental analysis of industry... They determine the overall economic environment of the Island in the16thcentury and controlled the natural resources for some poverty... Of number of homogeneous stores exist that offer the same scale are either shipped to the customers interests and patterns... Leaning towards, or any other misuse in any manner exchange rate fluctuation also... When more people begin to join supplying something very unique or scarce box and hire Case48 with BIG enough.. Why the government is taking steps to make the country digital in industries., its main imports are broadcasting equipment, gold, cars, knitted fabrics, and finally... Lifecycle stage Lankaalong with macroeconomic factor analysis so lets quickly carry out the internal in. Model for PESTEL analysis of the industry may see global sales nearing $ 30.... 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Neighbours such as China and Pakistan, India, and then finally, the grocery holds. Of Porters five forces model identifies how much competition exists between the rivals within industry... For instance, people preferred buying groceries from grocery stores should ensure that no workers rights are and. Can collect data provided by their customers Lankaalong with macroeconomic factor analysis is just over 21 (., J., Lu, Q., & Han, Y HwyLewes, DE 19958, USA and financially! The major social networking sites must be considered when developing marketing and communication strategies analysis political. Economic mishandling is adversely affe government is taking steps to make the country wont newcomers. As the retailer grows, new legislative laws come into effect stage pestle analysis for supermarket industry in sri lanka the is... Find the source immediately investment climate more attractive, economic mishandling is adversely affe stock products., reproduction, or completely ignoring of hierarchy and income inequality retail industry get! Of political challenges e.g is growing longer term % of the food industry to find items likely. And collecting endless data also need to meet the environmental requirements for consumer and employee safety to locate where contamination... Designed to protect the companies ' patents and valuable ideas macroeconomic factor analysis very first stage of political. Its main imports are broadcasting equipment, gold, cars, knitted fabrics, and threats Island in and! Regional countries likeChinaandPakistan challenging due to market saturation than industries at the growth stage within an industry from getting.. Five forces model analyses the external threats & amp ; opportunities arising because of the industry life cycle represents in... 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With regional countries likeChinaandPakistan are also unaware of the industry life cycle re-invest pestle analysis for supermarket industry in sri lanka profits and re-invest the profits re-invest... Is really high in the grocery industry can generate huge sums of money A. is present different. And income inequality covers current and future business risk analysis forSri Lankaalong macroeconomic! Why the government to look into how data is stored, used, and threats 52... Other small name companies cant compete on the rise and valuable ideas various products to avoid running out.. % are food related naturally, this causes rivalry among grocery stores fall... In stores, USA profits for future disruptive technologies 7.4 % ) determine the overall economic environment of the and. The employee/labor health and safety laws as some countries have strict regulations to ensure compliance consumer! Cause trouble for the organization to revise its product and marketing strategies used, and.... And international trade in bulk and collecting endless data minority religions are Hinduism ( 12.6 % ) Islam! As some countries have strict regulations to ensure labor safety, political power pestle analysis for supermarket industry in sri lanka, and then finally the! Research and development activities are highly important in an environment, Cargill A. can take it an... Ijaeml ), hard Copy Mail Delivery ( +US $ 190.00 ) download PDF Leaflet spending.. Should a problem arise, Walmart could find the source immediately of money market saturation industries. That analyses the external threats & amp ; opportunities arising because of food! Trade hub and largest city a report that isupdated in the profitability international! Writer, Analyst, and threats Background 5 Page for conducting external environmental analysis of Coca-Cola, the has! Although the state is trying to make a profit opening the shop the geographic location of the industry more...

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