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Mexico's National Elections are set to take place on 1 July 2018. Elections may lead to a change of government or regional policies, as a party who wins can seek to enact new legislation. Currently, no major political party has named its presidential nominee, except for MORENA (Obrador is the defector candidate in the party). It is also not possible to identify political parties with a view to international business. Mexico is ranked the 95th most corrupt country in the world, but the newly elected government will do its utmost to combat corruption and organized crime. When crime and corruption get eradicated, our organization is most likely to get a conducive environment and might prosper. Any pending legislations could affect our organization both positively and negatively. For example, if foreign businesses are highly taxed to promote the local business, it would be a negative effect on our organization. Mexico is open to most foreign business except for petroleum, hydrocarbons, transport and many others that are reserved for Mexican nationals, and there is no trend towards deregulation of a small appliance manufacturer. Additionally, no political factors are likely to change (ITA, 2017).

Economic Factors to Consider

Mexico’s economy is the 12th largest in the world with a GDP of more than $2.2 trillion  as of 2015 (Amedeo, 2017), which shows that it is growing steadily. Mexico’s Peso has been stable against the US dollar. According to OECD (2016), the levels of disposable incomes of people is rising and will continue doing so in the future. Additionally, Mexico has an unemployment rate of 3.5 %, and it is expected to reduce shortly (OECD, and EC-D., 2014). Businesses and consumers in the country have access to credit; this will increase our sales because many consumers would be able to buy our appliances even though they do not have money at the moment. Our organization will also be able to borrow money for expanding the business at competitive interest rates (Oxford Business Group, 2016). Globalization has led to the rich people in Mexico investing while the poor remain exploited despite creating opportunities for economic growth. Another factor to consider is the inflation rate which is at 2.7%.

Socio-Cultural Factors to Consider

Mexico has a population growth rate of 1.2 % with a total life expectancy of 75.4 years. A majority of the populace in the country is composed of the young people. Additionally, it is predicted that the population would reduce in future (World Population Review, 2017). Many people have access to health services, education, and clean water. Additionally, there are no social attitudes and taboos that could affect our business. Most Mexicans are Catholics; this can lead to a good number of them opting for the priesthood, resulting in low population growth (Donoso, 2014). On the other hand, most Catholics do not support the use of artificial birth control measures. Therefore, this helps in increasing the rate of population growth which forms part of the consumers of the organization. Additionally, there are no other social factors that will affect our business.

Technological Factors to Consider

I would be using new technology to increase output and save on cost. Currently, there are no new technologies that would radically affect our industry. Additionally, most competitors do not have access to those technologies that would adversely affect our operations. Governments and institutions mostly focus their research on the oil and hydrocarbons industries. Therefore, I will not be able to take advantage of this. Other technological factors that I would consider is the cost of installation and training workers on the new equipment.

References

Amadeo, K. (July 5, 2017). Mexico’s economy: facts, opportunities, challenges: fewer Mexicans immigrate to America than vice versa. The Balance. Retrieved October 15, 2017 from https://www.thebalance.com/mexico-s-economy-facts-opportunites-challenges-3306351https://www.thebalance.com/mexico-s-economy-facts-opportunites-challenges-3306351

Donoso, J. C. (December 8, 2014). On religion, Mexicans are more Catholic and often more traditional than Mexican Americans. Pew Research Center. Retrieved October 15, 2017 from http://www.pewresearch.org/fact-tank/2014/12/08/on-religion-mexicans-are-more-catholic-and-often-more-traditional-than-mexican-americans/

OECD, and E. C.-D. (2014). Education at a glance 2014: OECD indicators. Paris: OECD Publishing.

OECD. (2016). How’s Life in Mexico? OECD. Retrieved October 15, 2017 from https://www.oecd.org/statistics/Better-Life-Initiative-country-note-Mexico.pdf

Oxford Business Group. (2016). The report: Mexico 2015. UK: Oxford Business Group.

The International Trade Administration (ITA) (September 19, 2017). Mexico - 1-openness to and restriction on foreign investment. Retrieved October 15, 2017 from https://www.export.gov/article?id=Mexico-Openness-to-and-Restriction-on-Foreign-Investment

World Population Review (2017). Mexico population 2017 (Demographics, maps, graphs). Retrieved October 15, 2017 from http://worldpopulationreview.com/countries/mexico-population/

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