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Chile - Potential Market for Best Buy - Case Study Example

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This paper "Chile - Potential Market for Best Buy" focuses on the fact that the importance of strategic planning cannot be overlooked especially when a retailer such as Best Buy decides to capture foreign markets. It becomes necessary for the strategic planning group to prepare a short-term plan. …
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Chile - Potential Market for Best Buy
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According to the Central Intelligence Agency, Chile has an estimated population of 16,601,707, which ranks it 60th when compared to the other countries in the world (2009). Located along the Southwestern coast of South America, Chile has a total area of 756,102 sq km and shares common borders with Argentina, Bolivia, and Peru (Central Intelligence Agency, 2009).
The economic situation in Chile is promising, in part because Chile's government has developed policies which encourage the use of the country as an "investment platform" for multinational organizations wishing to operate in South America (Global Edge Chile, 2010). Chile also has a Foreign Investment Law which provides foreign investors with the same benefits as Chilean businesses. Registration is straightforward and foreign investors are able to repatriate their profits and capital through the official foreign exchange market (Global Edge Chile, 2010).
Chile is characterized by a market economy, therefore, has a high level of foreign trade with export accounting for 40% of the GDP most which are commodities (http://www.theodora.com). It has a reputation for a strong financial institution and sound policy making it the strongest bond rating in South America (http://www.theodora.com).
It has recorded a total GDP of $240.3 billion in 2007, $248 billion in 2008 and $244.3 billion in 2009 (http://www.theodora.com). The decline is mostly attributed to the recession. These figures show a positive growth rate in 2008 but a negative one in 2009. To be specific, it is estimated that GDP grew by 3.2% in 2008, although less than the 4.7% growth in 2007 and a negative rate of -1.5% in 2009 (http://www.theodora.com). Other relevant figures are: unemployment rate increased from 7.75% in 2008 to 10% in 2009, inflation rate declined from 8.7% in 2008 to 1. 7% in 2009 and exchange rate of Chilean peso per dollar also weakened from 509.02 in 2008 to 569.37 in 2009 (http://www.theodora.com).
Although the 2009 figures show signs of recession, the economy is expected to be on the course of exiting recession on a gradual basis (Antonio de la Jara).
Chile's Stand on Trade and Foreign Direct Investment
"Chile deepened its longstanding commitment to trade liberalization with the signing of a free trade agreement with the US, which took effect on 1 January 2004. Chile claims to have more bilateral or regional trade agreements than any other country" (http://www.theodora.com).   ...Download file to see next pagesRead More
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