Sunday, January 9, 2011

PEST and SWOT Analysis of MICE industry in Singapore

                                                                    
Singapore is one of the leading MICE destinations in the world. Located in a strategic location and known for its pro business environment it accounts for almost 25% of business tourism in Asia. Annually it conducts some 6000 events resulting in some 3 million visitors and 6 billion US dollars as revenue. (Singapore convention and exhibition directory, 2010-11)


In UIA ( union of international associations) world ranking for best MICE destination it scored 2nd rank just next to USA. Since the past 25 years it is being awarded as the best MICE destination in Asia by the UIA. The following blog attempts to do a comprehensive analysis of MICE sector in Singapore with the help of strategic frame works such as “PEST” analysis and SWOT analysis.

PEST analysis

Political factors:-

• It has a very pro business government.

• The government agencies in Singapore play a very active role in promoting Singapore as a global MICE destination. Under the guidance of STB (Singapore tourism board) it takes majors to promote itself as a MICE destination.

• In 2010 STB has launched “your Singapore” drive to promote Singapore as a MICE destination.

• Thus it can be concluded that the political factors are very favorable for the given business at Singapore.

Economic factors:-

• Singapore is a vibrant economy with its economy depending heavily on exports. From 2007 to 10 it enjoyed an average GDP growth of 7.62%. It enjoys a higher per capita income than most of the developed countries. ( Trading economics.com, 2010)

• In March 2010 it experienced a record growth of 45.2% in its GDP. ( Trading economics.com, 2010)

• Singapore is highly resource rich in nature. It has state of the art infrastructure consisting of state of the art venue centers, convention centers, hotels, roads, transportation facilities, telecommunication facilities, airline services etc.

• It is home to more than 500 financial institutions there by indirectly supporting the business with better and smooth credit and liquidity in the market.

• Due to its investor friendly government and vibrant economy large no. of MNCs have their base in Singapore. Around 80 international associations have their base here. There by making it an epicenter of business activities in the region.

Social factors:-

• Singapore has a very vibrant cosmopolitan culture.

• It has a very strong education system.

• Everyone is comfortable with English.

• Along with business tourism opportunities it has great facilities for leisure activities such as state of the art shopping malls, casinos, resorts, restaurants etc.

• Thus it can be concluded that the social factors are very supportive for the MICE industry in Singapore.

• Singapore is considered as a very safe city.

Technological factors:-

• Singapore has a very innovation focused culture. In March 2010 it was named as the most innovative country in a survey of 110 countries conducted by Boston Consultancy Group. The innovation centric culture is an advantage for the highly innovation centric MICE industry.

• Singapore has a world class IT infrastructure and IT support.

• It is well connected with different parts of the world with the help of airline and well equipped ports.



Thus it can be fairly concluded that all the four factors that is Political, Economical, Social and Technological factors are extremely favorable for the MICE industry at Singapore. Probably the strong growth of MICE sector in Singapore over the period of time can be explained with the help of PEST analysis.



SWOT Analysis

Strength

• Pro business government.

• Rich in infrastructure and resources.

• Base for a large number of MNCs and associations.

• Exotic avenues for leisure activities.

• Cosmopolitan culture.

• Moderate temperature and climate.

• Well connected with different parts of the world.

• Innovation centric business atmosphere.

Weakness

• Though there is no fundamental weakness but high cost can be considered as a weakness especially in comparison to emerging MICE destinations like Vietnam, China and India which are much more cost efficient.

• Being a small place it has its own limitations. Unlike China or India it cannot provide a wide range of exotic landscapes to explore for its visitors.

Opportunity

• Singapore is situated in South East Asia which is one most happening place in world trade and commerce and is showing exorbitant growth in last few years.

• Proximity to emerging stars of world economy such as China and India.

• Strong drives and initiatives taken by government will translate into more business.

Threat

• Due to Global economic down turn there has been a reduction in MICE activities across various sectors and Geography.

• Virtual meetings done with the help of teleconferencing are replacing real time meetings. The basic reason for this emerging trend is cost reduction. This can be a future threat to MICE industry in Singapore.

• China is also moving very fast in capturing a larger share of world business tourism. It is predicted that by 2020 china will be having 8.6% of world Business tourism. Not only China has strong infrastructure of international standards but also its services are economical. This will surely have some impact on the MICE business of Singapore. ( Dongugan news, 2006)

• Other emerging locations like India, UAE, and Vietnam can give tough fight to Singapore.

REFRENCES:-

1> Singapore exhibition and convention directory, 2010-11, Singapore raises its stake as a MICE destination, available at < http://www.sgmeetings.com/Indprof/SCNE/SCNEED01.pdf>

2> Tradingeconomics.com, 2010, GDP of Singapore, available at < http://www.tradingeconomics.com/Economics/GDP-Growth.aspx?Symbol=SGY>

3> Tradingeconomics.com, 2010, GDP of Singapore, available at < http://www.tradingeconomics.com/Economics/GDP-Growth.aspx?Symbol=SGY>

4> Dongugan news, 2006, South China’s MICE boosts business tourism, available at< http://www.newsgd.com/citiesandtowns/dongguan/news/200612140080.htm> < accessed on Jan, 2011>

54 comments:

  1. well explained. thanks alot :)

    ReplyDelete
  2. Very good attempt Bruce. Check with a few of your pals exactly who enjoy devices.
    I’m sure they are able to aid.
    My weblog ... What is Ajax

    ReplyDelete
  3. Deb… The statistics I personally observed lately were being a lttle bit different…
    (can’t keep in mind wherever I personally observed these
    people.)
    My site ; Instant Vehicle Insurance

    ReplyDelete
  4. Thank you many for your intriguing plus insightful feedback thus far.
    Very much food with regard to idea. Some sexy ideas and also sides all
    around. I cannot say that Certainly with everything
    you claim in case i didn't understand this legitamecy within your publish I would personally always be unknowing for a awareness.
    Here is my web-site ; Treatment For Genital Warts

    ReplyDelete
  5. It’s never all around getting tightly related to the details, nevertheless my wife
    simply handed down along with found your message doodlekit on screen.
    In her own eye, your woman genuinely seen booger, plus asked the reason
    I became looking at regarding boogers. We haven’t giggled over-time in certain days.
    Look at my blog post : Background Investigation

    ReplyDelete
  6. I don't even know how I ended up here, but I thought this post was great. I do not know who you are but certainly you're going to a famous blogger if you
    aren't already ;) Cheers!
    my web site: web design miami beach

    ReplyDelete
  7. Hello, Neat post. There's an issue together with your site in web explorer, could test this? IE still is the market chief and a huge part of people will miss your excellent writing due to this problem.
    Here is my web site - backup camera

    ReplyDelete
  8. Thanks for finally talking about > "PEST and SWOT Analysis of MICE industry in Singapore"
    < Liked it!
    Here is my site :: "how to write" lewis philips

    ReplyDelete
  9. Thanks for the marvelous posting! I truly enjoyed reading it, you are a great author.

    I will remember to bookmark your blog and will often come back
    from now on. I want to encourage that you continue your great job, have a
    nice evening!
    Here is my blog digital cameras for sale

    ReplyDelete
  10. I've been browsing online more than 2 hours today, yet I never found any interesting article like yours. It is pretty worth enough for me. In my view, if all site owners and bloggers made good content as you did, the internet will be much more useful than ever before.
    Feel free to visit my web-site ... Credit Repair Reviews

    ReplyDelete
  11. At this time it sounds like Wordpress is the top blogging
    platform out there right now. (from what I've read) Is that what you're using on your blog?
    Feel free to surf my web-site ... Credit Repair Reviews

    ReplyDelete
  12. Hello there, I found your website via Google at the same time as
    searching for a comparable subject, your site got
    here up, it appears to be like great. I've bookmarked it in my google bookmarks.
    Hi there, simply was aware of your weblog through Google, and located that it's truly informative.

    I'm gonna be careful for brussels. I will be grateful for those who proceed this in future. Numerous folks shall be benefited from your writing. Cheers!
    Feel free to surf my blog - high quality beats by dr. dre headphones

    ReplyDelete
  13. It's amazing to pay a quick visit this web site and reading the views of all colleagues about this piece of writing, while I am also eager of getting familiarity.
    Here is my blog post :: OnlyCruiser.com

    ReplyDelete
  14. Greetings from Carolina! I'm bored at work so I decided to browse your site on my iphone during lunch break. I really like the info you present here and can't wait
    to take a look when I get home. I'm amazed at how fast your blog loaded on my cell phone .. I'm not even using WIFI, just
    3G .. Anyways, excellent site!
    Here is my page ; itunes

    ReplyDelete
  15. May I just say what a relief to discover a person that truly knows what they are discussing on the web.
    You definitely realize how to bring a problem to
    light and make it important. More and more people
    have to read this and understand this side of the story.
    It's surprising you are not more popular since you surely have the gift.
    Also visit my site friv games

    ReplyDelete
  16. Malaysia & Singapore & brunei greatest online blogshop for wholesale & quantity korean add-ons,
    earrings, earstuds, pendant, rings, bracelet, bangle & hair add-ons.
    Offer 35 % wholesale price cut. Ship Worldwide
    Here is my site La Fiesta Condo

    ReplyDelete
  17. Great consider Carlos. Inquire a number of your mates that
    like gizmos. I’m positive they will enable.
    My web page How To Get Rid Of Genital Warts

    ReplyDelete
  18. Excellent post. I ωaѕ checκing constаntly this blog
    anԁ I аm іmpгessеd!
    Extremely useful info specifіcally the last part :) I
    care fοr suсh іnfoгmation a lot.
    I was loоking for this certaіn informаtіon for a verу long
    time. Thank you and goоd luck.
    Look at my web-site hotmail

    ReplyDelete
  19. Thanks for one's marvelous posting! I truly enjoyed reading it, you happen to be a great author. I will be sure to bookmark your blog and will often come back down the road. I want to encourage you to continue your great job, have a nice afternoon!
    Feel free to visit my page ... los angeles property management

    ReplyDelete
  20. What a data of un-ambiguity and preserveness of valuable knowledge about unexpected feelings.
    Feel free to surf my web blog ... Leadership speakers jhb

    ReplyDelete
  21. I'll immediately take hold of your rss feed as I can't find your e-mail subscription link
    or e-newsletter service. Do you have any? Kindly permit me realize in
    order that I may subscribe. Thanks.

    Take a look at my webpage: windows hotmail log in email

    ReplyDelete
  22. Hey exceptional website! Does running a blog
    such as this require a lot of work? I've absolutely no understanding of programming however I had been hoping to start my own blog soon. Anyway, should you have any suggestions or tips for new blog owners please share. I understand this is off topic however I simply had to ask. Thank you!

    my page diets that work

    ReplyDelete
  23. After looking over a handful of the articles on your blog,
    I honestly appreciate your technique of blogging. I added it to my bookmark website list and will be checking back soon.
    Please visit my web site too and tell me what you think.


    Feel free to surf to my site ... http://www.deloops.com/

    ReplyDelete
  24. There is just no advantage to installing a reverse osmosis water system with today's technological betterments. While heavy metals like lead and mercury may possibly be eliminated, essential minerals are removed as nicely. So, if we use the system at home for drinking water, we end up with unhealthy de-mineralized water that is contaminated with chlorine and pesticides.

    My website; reverse osmosis water filter amazon

    ReplyDelete
  25. It's awesome to pay a quick visit this site and reading the views of all mates concerning this piece of writing, while I am also eager of getting know-how.

    my web blog: abercrombie kids outlet

    ReplyDelete
  26. Hi there, I found your blog via Google while searching for a related matter, your website came up, it seems good.
    I've bookmarked it in my google bookmarks.
    Hello there, just turned into aware of your weblog thru Google, and located that it's truly
    informative. I am gonna watch out for brussels.
    I will appreciate should you proceed this in future. A lot of people might be benefited out of your writing.
    Cheers!

    Look into my site; summer internship

    ReplyDelete
  27. excellent points altogether, you simply gained a new reader.

    What might you suggest in regards to your post that you made a few days in the past?
    Any sure?

    Stop by my web blog hotmail email account

    ReplyDelete
  28. Good post. I am experiencing many of these issues as
    well..

    Also visit my website - tao of badass

    ReplyDelete
  29. I do believe all of the ideas you have offered on your post.
    They're really convincing and will definitely work. Nonetheless, the posts are very brief for beginners. Could you please lengthen them a bit from next time? Thank you for the post.

    Here is my blog - best golf courses in kissimmee fl

    ReplyDelete
  30. Grеetingѕ! This is my first viѕit to youг
    blog! Wе are a grouр оf voluntеeгs аnd startіng a new
    pгoject in a community in the same niche. Your blog provided
    us beneficіal іnformatiоn to work on. You have done a οutstanding job!



    Stoρ by mу blog ... crear facebook gratis

    ReplyDelete
  31. Hеllo There. I found your blog using msn. Thiѕ іs an extremely well wгitten article.
    Ι will make ѕurе to bоokmark it and return
    to гead more of youг useful info.
    Thanks for the pοst. I will certainly comeback.


    my ωeblog abrir cuenta facebook

    ReplyDelete
  32. If some one needs to be updated with most up-to-date technologies
    after that he must be pay a quick visit this web site and
    be up to date every day.

    Also visit my web page :: Suggested Site

    ReplyDelete
  33. Pretty nice post. I just stumbled upon your blog and wanted to say that I've truly enjoyed browsing your blog posts. After all I'll be
    subscribing to your rss feed and I hope you
    write again very soon!

    Here is my page: gay bear

    ReplyDelete
  34. Good day! This post couldn't be written any better! Reading this post reminds me of my good old room mate! He always kept talking about this. I will forward this article to him. Pretty sure he will have a good read. Thank you for sharing!

    Feel free to surf to my site - Muscle Man

    ReplyDelete
  35. Nice post. I was checking continuously this blog and I am impressed!
    Very useful information specifically the last part :) I care for such info much.
    I was seeking this certain information for a long time.

    Thank you and best of luck.

    Here is my webpage Www.onhiddencam.info

    ReplyDelete
  36. After going οvеr a few οf the aгtіcleѕ on youг wеb page, I seriously apрreciаte your way of
    bloggіng. I boοκ maгkeԁ іt to mу bookmark webpage list and ωill bе cheсking back soon.

    Please сheсk out mу web site too аnd let mе knοw how you feel.


    Take a lοoκ at my раge; http://Crearfacebook.weebly.com

    ReplyDelete
  37. It's a pity you don't havе a donate buttоn!
    I'd certainly donate to this fantastic blog! I guess for now i'll settle for boοk-marκing anԁ adding your RSЅ feed to my Googlе
    accоunt. І look forwаrd to branԁ new updateѕ and will
    share this blog with my Facebоok group. Chat soon!


    Also visit my website: facebook cuenta gratis

    ReplyDelete
  38. Excellent blog hеre! Also уour ωebѕіte loads uр faѕt!
    What host are you using? Can I get your affiliate linκ to
    уour hοst? I wіsh mу ωеb site loaԁed up as quickly аs yοurѕ lol

    Tаκe а loоk at my web ѕite ..

    . crear facebook gratis

    ReplyDelete
  39. My relatives every time say that I am killing my time here at web,
    however I know I am getting knowledge everyday by reading such good articles.


    Here is my homepage - Www.babesflick.com

    ReplyDelete
  40. Your style is very unique in comparison to other folks I have read stuff from.
    Thanks for posting when you've got the opportunity, Guess I'll just book mark this
    web site.

    Here is my web blog; porn Xxx

    ReplyDelete
  41. My brother recommended I might like this blog.
    He was entirely right. This post actually made my day.
    You cann't imagine simply how much time I had spent for this information! Thanks!

    My web blog :: live hotmail

    ReplyDelete
  42. Hello there! Quick question that's totally off topic. Do you know how to make your site mobile friendly? My website looks weird when viewing from my apple iphone. I'm trying to find
    a template or plugin that might be able to fix this problem.
    If you have any suggestions, please share. With thanks!


    Feel free to surf to my webpage: linked resource site

    ReplyDelete
  43. Hey there! I've been following your website for a while now and finally got the bravery to go ahead and give you a shout out from Lubbock Tx! Just wanted to mention keep up the fantastic work!

    My blog post Cfnmfever.Net

    ReplyDelete
  44. Oh my goodness! Impressive article dude! Thank
    you, However I am encountering issues with your
    RSS. I don't know the reason why I am unable to subscribe to it. Is there anybody having identical RSS issues? Anyone who knows the solution can you kindly respond? Thanx!!

    Here is my web site: summer internship

    ReplyDelete
  45. Superb, what a website it is! This weblog provides valuable
    information to us, keep it up.

    my web-site :: summer internship ()

    ReplyDelete
  46. I'm not sure why but this website is loading very slow for me. Is anyone else having this problem or is it a issue on my end? I'll check
    back later on and see if the problem still exists.

    Have a look at my blog post :: find new xvideo sex video *http://www.teenindianblowjobs.com/*

    ReplyDelete
  47. We are Professional manufacturer of high quality taps. We offer a collection of more than 10,000 Taps in our tapworld .com.au

    ReplyDelete
  48. Wonderful blog you have here but I was wondering if you knew of any user discussion forums that cover the same topics discussed here?
    I'd really love to be a part of community
    where I can get responses from other experienced people that share the
    same interest. If you have any suggestions, please let me
    know. Thank you!

    Feel free to surf to my web blog Muscle Rev XT Muscle Supplement (Www.Tianheile.Org)

    ReplyDelete
  49. I think everything published made a ton of sense. However,
    what about this? what if you wrote a catchier post title?
    I am not saying your content isn't good, but what if you added something that grabbed folk's attention? I mean "PEST and SWOT Analysis of MICE industry in Singapore" is kinda boring.

    You ought to glance at Yahoo's front page and
    see how they create article titles to get viewers
    to click. You might add a video or a related pic or two to
    get readers excited about what you've written. In my opinion, it could bring your posts a little livelier.



    My web page - Buy Muscle Rev X

    ReplyDelete
  50. La plupart des  robinets vente en métal pour salle de bains et cuisine équipée avec un double-clic ou un robinets cascade. Dans le seul robinet est généralement moins cher, parce que c'est un moyen de transformer l'eau chaude, l'eau froide autrement que d'une poignée ou un bouton. robinetterie baignoire avec deux robinets, un de chaque température de l'eau. Ce type est généralement plus cher, mais il peut permettre à l'utilisateur grace à l'robinets LED l'eau chaude et froide mélangée pour obtenir leur température idéale. Les deux tap-tap sont habituellement faites de métal, et de finitions en laiton et chrome et mitigeur douche de nickel.

    ReplyDelete
  51. Hi, Thanks for your great post, there are much nice information that I am sure a huge number of guys and gals don’t know.

    ReplyDelete
  52. Thank you so much for posting like this. I enjoyed much more here. So please keep update like this.

    Medical Insurance Dubai

    Health Insurance Dubai

    Insurance Companies in Dubai

    ReplyDelete
  53. Your article has piqued a lot of positive interest. I can see why since you have done such a good job of making it interesting.
    Shower Taps

    ReplyDelete