Essay Sample on Taiwan & Iceland: Attractive Business Destinations

Introduction

As discussed in previous sections, Taiwan acts as a reliable link to most parts of the world, especially Asia. Other factors that favor business in the country include a dependable labor force, a stellar international ranking in trade performance, state of the art infrastructure, and a fair and protective legal atmosphere. The country is a hub of innovation and has stable intellectual property protection policies. Similarly, Iceland has shown to be attractive because of its low corporate tax and competitive government incentives (I. B. P. U., 2015). Singapore has a favorable climate, a fair tax system, and strong support for new intranational startups (I. B. P. U., 2013). This paper shows why Taiwan beats Singapore and Iceland as the preferred investment destination for Wawa Inc.

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The first reason is that Taiwan is the world's biggest consumer of fresh produce. Because Wawa's core business revolves around fresh produce, Taiwan would be preferable. Furthermore, Taiwan's government has fully opened up the convenience store industry for international participation (Wild & Wild, 2015). On the other hand, Singapore has tough regulations that may be hard to meet, is vulnerable to volcanicity, and the government prefers to promote exports business than local retailers. (Intl B. P. U., 2013). Also, Taiwan has ready raw materials than the other countries because most of its land is under cultivation (Infoplease). Singapore focuses on technology and agriculture is not supported enough (Intl B. P. U., 2013). Also, Taiwan has a higher number of researchers per working group that Singapore (Infoplease).

Comparing to Iceland, Taiwan's population is large, and the Taiwanese are more friendly and welcoming to foreigners (Infoplease). Icelanders are not very homely and do not like to feely interact with strangers (Intl B. P. U., 2015). According to Infoplease, Taiwan is the 13th easiest country in the world to do business in, while Iceland fall behind at number 21. Another advantage is start opening shop in Taiwan is cheap. The rent and costs are low compared to Iceland. Lastly, the divergent ideologies of the parties to Iceland's coalition government have made the political environment unpredictable (Intl B. P. U., 2015). Taiwan had a successful election in 2020 (Infoplease), and the peace is attractive for business.

Production and Promotion Strategies

Wawa will need deep diagnostics of the competition, the intended store distribution, and the customers to plan and execute a strategy that will set them apart in the market. It is important also to understand that in modern history, the world runs on trends. So, the company will keenly study trends in consumer behavior and needs, and exploit any opportunities therein. For example, a market research may show that the Taiwanese are increasingly getting interested in having food on the go (Wild & Wild, 2015). They must thus include that provision in their service charter. Such concept drivers must be continuously sought and implemented whenever a change in trends happens.

The next state would include understanding the differences in customer intentions and what makes them visit the store, then stock those products no matter their profit margins. If most customers come to buy cigarettes, Wawa must stock cigarettes to keep a high foot traffic. This understanding will also help in deciding on the best branding to take and where to place the stores. With its strong understanding of most markets, will find it easy to select the best brand differentiation drivers for these evaluations (Lovelock & Patterson, 2014). Considering the health and wellness demand trends in the country, the family structures, and the probable love for quality and prestige, the marketing strategy can then be executed to start business.

Conclusion

The above insights will enable the company to reach proper branding decisions and give the stores an attractive look and feel. They will also align these concepts with their production patterns to only stock products and services that are suitable and add value to the brand. Product Ultimately, store accessibility and product pricing must be optimized to remain competitive (Lovelock & Patterson, 2014). If the above strategy is strictly followed and diversions explained and understood, Wawa can smoothly start operation in Taiwan.

References

International, B. P. U. (2013). Singapore: Doing business and investing in singapore guide. Place of publication not identified: Intl Business Pubns Usa. (Intl B. P. U., 2013).

International, B. P. U. (2015). Doing business and investing in iceland: Strategic, practical information, regulations, contacts. Place of publication not identified: Intl Business Pubns Usa.

Lovelock, C., & Patterson, P. (2014). Services Marketing. Pearson Australia Pty Ltd.

Taiwan Overview. (n.d.). Retrieved from (Infoplease) https://www.infoplease.com/encyclopedia/places/asia/taiwan/taiwan

Wild, J., & Wild, K. (2015). International Business: The Challenges of Globalization (8th ed.). Pearson.