Prepare an international marketing environment analysis report for Essay

Prepare an international marketing environment analysis report for Australia - Essay Example The benefits of adoption of technology are reduced costs, new products and higher quality. Australia has a strong financial regulations and institutions which makes the business environment healthy. Introduction Australia is a country which comprises of the mainland of Australian continent, Tasmanian Island and smaller islands. It is sixth-largest country in the world by total area. It is a developed country and also one of the wealthiest of countries in the world. It is presently the world’s 12th largest economy. Australia has achieved second-highest human development index globally. It has achieved good performance in many vital statistics like health, quality of life, protection of civil liberties, economic freedom and political rights. Australia has a high urbanized population. In terms of trade Australia has given major emphasis on exporting manufactured goods. For more than 50 years, Australia has been facing a large current account deficit. For more than 15 years their GDP has grown by over 3.6% which is satisfactory as compared to other OECD average of 2.5%. During financial downturn in 2008-2009, Australia was the only advanced economy which had not been affected. But being a global economy Australia faced the effect because their trades with other countries got affected. It was during 2012 to early 2013, Australia faced major recession in some non-mining states. Inflation rate in Australia has been under control averaging about 2-3%. The major sector which contributes to the GDP is tourism, education, economy, financial services. They contribute about 70% of GDP to Australia’s economy. Australia’s major export includes agricultural products, like wool, wheat, minerals etc. International marketing environment in Australia The important factors of International marketing environment of Australia are as follows: Political environment Australia is a liberal-capitalistic democracy. Through government interference, they can decide the a mount of importation taxes to be imposed to protect the domestic economy. They can also create an environmental protection laws to protect the natural heritage of the country. It will automatically affect the Australian economy, since it will affect the amount of trade which takes place and also the exchange rates faced by it. With the global financial meltdown the Australian economy slowed down. The Australian economy is expected to grow due to its demand for raw materials from China. Since Australia exports vastly in iron ore and other agricultural products, the recession had comparatively less effect on them. Economic Environment Australia is lies between Antarctica and Asia. It has Indian Ocean to the west, Arafura, Timor and Coral Seas to the north, The Tasman Sea and the Southern Ocean to its south and finally Pacific Ocean to its east. This shows that Australia is at a strategic advantage in terms of exports and imports. But much of the country is dry, low and flat. Due to th is harsh physical environment people live close to the fertile coastal areas. Everyone wants to own home, and hence the nation has a high number of home ownership rates (Mulligan, 1996, p. 453). Hence the real