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Potential Market for Best Buy - Assignment Example

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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 that would meet the goals of the organization; thus, "top managers usually plan one to three years in advance simply thinking about the environment and making plans for coping with it" ( Robert, 1985)…
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Potential Market for Best Buy
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Download file to see previous pages 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 reco...
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 estimates 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).
Currently, Chile has signed 57 agreements (not all of them full free trade agreements), which includes that with the European Union, Mercosur, China, India, South Korea, and Mexico (http://www.theodora.com). "Over the past five years, foreign direct investment inflows have quadrupled to some $17 billion in 2008, but FDI dropped to about $7 billion in 2009 in the face of diminished investment throughout the world" (http://www.theodora.com).
Chile is indeed a wonderful place to venture into investment as the government is ...Download file to see next pagesRead More
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