They use advanced technology to have a secured system to avoid online theft or cons. There are laws to ensure the safety of the money of the general public. These factors affect multiple industries and are as follows. Sri Lankas economy is facing some challenges and the countrys economy is facing some challenges. Instead of keeping money at home, many people are choosing banking services to save it. PESTLE is a business tool that used by companies to track and analyse the macro environment in which the company operate. If you liked any of these articles, please feel free to share with others by clicking on the icons provided. Sri Lanka has realized the significance of science and technology. Elephant House range of ice creams, chocks, cones, pops together with their other produce are popular brands both in Sri Lanka and in Maldives. In analyzing the macro-environment, it is important to identify the factors that might in turn affect a number of vital variables that are likely to influence the organizationssupply and demandlevels and its costs (Kotter and Schlesinger, 1991; Johnson and Scholes, 1993). Files are delivered directly into your account soon after payment is received and any tax is certification is verified (where applicable). This detailed PESTEL analysis of Sri Lanka aims to explore some of the powerful macro factors that impact on Sri Lanka today and may continue doing so in the future. From changing the background to adding content, you can customize the diagram in any way you desire. The use of credit cards and debit cards is increasing in place of paper currency notes. The journey of KP began in 2001 as an independent . With the identification of above criteria, company decided to enter for the modern trade industry of Sri Lanka with retail supermarket chain. To examine the external environment, the researchers employed the PEST analysis method which evaluates the political, economic, social and technological environment in which industry. If not buyers will not see the extra quality as worth the extra cost. The second international airport also will be set up in the south Hambanthota district which would facilitate international trade. EdrawMax has thousands of free templates. 5 GAP Analysis Tools to Help a Business Analyst in Strategic Management GAP analysis tools include SWOT and PEST analysis, the Fishbone diagram, McKinsey 7S, and the Nadler-Tushman Congruence Model. Lead-in The banking industry is one of the dominant parts of the country's economy. New budget proposal indicates tax relief for year at hand. The Democratic Socialist Republic of Sri Lanka or Ceylon is a South Asian island country. the retail shops have faced major threat from the huge discount store like Big Bazar, D-Mart or Wall Mart. Our premier, award-winning syndicated market research database provides detailed data and analysis on industries, economies, countries and consumers across 781 cities, 210 countries.. Efforts to reduce energy consumptions and carbon foot print. The commodities overview in. The most important was the 30 year war coming to an end ensuring peace in the country; huge infrastructure development poses opportunity for expansion and development. The banking sector and economy are tied to each other intricately. Sri Lanka is an agriculture base country primarily it has 2 million hectares or 30% agricultural land, and almost 75% of the agricultural land is under small holdings and the balance is under estates. Here you can choose which regional hub you wish to view, providing you with the most relevant information we have for your specific region. The people and their buying habits and preferences influence the banking industry. Looking for a flexible role? If you're in the Commodities industry in Sri Lanka, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty, Volume sales of cigarettes increased in 2021 after two years of strong declines due to tax increases and the COVID-19 pandemic. There are strict laws for banking dealing with local and international customers. Threats of substitute products. Pratap, A., 2022. Buddhism is the majority religion, and roundabout70.2%of the people believe in Buddhism. If you purchase a report that isupdated in the next 60 days, we will send you thenew edition and data extraction Free! Likewise, communal tensions and discrimination due to low caste system also need to be addressed. You can start customizing the PESTEL analysis diagram as per your requirements. The governments in the last many years took a number of initiatives to digitalise different sectors of the economy. Buyers will not be encourage to produce FMCG as they are freely available and lot of substitutes would also will be there. If a banking institute fails to comply with its laws and regulation, it may face a ban. If you need assistance with writing your essay, our professional essay writing service is here to help! (KS 2010), (Figure 02) (JKH Sustainability Report 2009, 2010). Major political instability and distressed government finances have blighted Sri Lanka, which is mostly unfree for economic freedom. Weakness Customer perceived image of premium pricing, high quality requirements, complex vertical decision-making, high plant depreciation, maintenance cost, Limited supplier base, limited distribution in other parts of the country apart from western province, concentration on domestic market segment alone. EdrawMax gives you ample options to customize your PESTEL Analysis diagram. The hospitality industry needs to worry about . As Sri Lanka has ended a thirty year old ethnic conflict with liberating the north and east of the country from the rebel activities, country is spear heading to a rapid development of infrastructure with, adding more kilometers to the road network and expanding them, with new second international harbor in Magampura Hambanthota District south of the country commencing its operation last august. Copyright 2003 - 2023 - UKEssays is a trading name of Business Bliss Consultants FZE, a company registered in United Arab Emirates. The laws see that NPA does not have an enormous effect on the banking industry. Strengths Companies quality policies GRI global reposting initiative will help improve capacity of the company and encourage investors. The first task we had was to do a PESTEL analysis of our home-country that we were in charge of. Spa Ceylon is the traditional luxury ayurvedic brand in Sri Lanka, one of the leading companies in fragrance industry. Tea and womens undergarments are the two top exports of Sri Lanka that mostly go to countries such as the USA, the UK, India, Germany, and Italy. And also others medium scale competitors like Laughs and Arpico who are rapidly adding capacity and expanding number of competitors for this industry could be high. PESTEL Analysis, SWOT Analysis and Risk Analysis of Sri Lanka Sri Lanka, officially the Democratic Socialist Republic of Sri Lanka, is an island country in the northern Indian Ocean off the southern coast of the Indian subcontinent in South Asia. Use the PEST symbols from the left side and add the content to your PESTEL analysis diagram. Technological forces. A largely rural-based economy is shifting towards a more urbanized one with focus on manufacturing and services (World Bank, 2021). A State-of-the-Industry Analysis Studocu. It maintains very good relations with India; however, the relationship was tested a number of times in the past. The Conventional Oil Market size was valued at USD 2687.32 Billion in 2022 and the total Conventional Oil revenue is expected to grow at a CAGR of 3.8% from 2023 to 2029, reaching nearly USD 3493.71 Billion. The banking industry is a worldwide organized sector that regulates the money flow in the nation's economy to keep a stable system and act as the reservoir of money for the people. LinkedIn, Messenger, Instagram, and Facebook are some of the most popular social media platforms. The banking industry is one of the sectors serving a high number of customers. 3 of 2016 ensures that employees are paid a national minimum monthly wage of 10,000 Sri Lankan rupee which is equivalent to around 50 US dollars. Kells Supper has 45 retail outlets strategically located in urbanized and semi urbanized around the companies metropolitan cities. Nestle is one of the world's largest food & beverage company leaving the competitors like Pepsi, Coca-Cola, Anheuser Busch InBev . Political - turmoil, Economy - shambles, Social - upheaval, Technology - fallout as no power, Environment - distraction due to poor policy implementation, Legal - politicised hence no consistency. The supermarket chain use advance state of the art systems like Motorola MC3000 mobile computers for maintaining inventory with time saving and efficient stock reconciliation. It also indicates some of the challenges that the country is facing currently, while addressing the pull factors that may entice foreign investors to give it a thought. Online banking is gaining popularity, making the banking system highly dependent on technology. The use of solar ATMs with rechargeable lithium-polymer batteries is increasing rapidly. Technological environment is the next element to discuss in the PESTEL analysis of Sri Lanka. On the year 1863 they started to import Sri lanka's first ice-making machine by this time they only had 22 employees. For example, the US economy has laws like the Dodd-Frank act, Glass Steagall act, etcetera. Area harvested for Cabbages and Other Brassicas, Area harvested for Cauliflower and Broccoli, Area harvested for Peaches and Nectarines, Area harvested for Tangerines, Mandarins, Clementines, Yield of Tangerines, Mandarins, Clementines, Production of Cabbages and Other Brassicas, Production of Tangerines, Mandarins, Clementines, Production of Household and Sanitary Paper, Terrestrial Protected Areas as % of Total Area, Marine Protected Areas as % of Total Area, Primary Production of Coal, Peat and Oil Shale, Primary Production of Crude Oil and Natural Gas Liquids (NGL), Imports of Crude Oil and Natural Gas Liquids (NGL), Exports of Crude Oil and Natural Gas Liquids (NGL), Primary Production of Solar, Wind and Other Energy, Final Consumption of Coal, Peat and Oil Shale, Final Consumption of Crude Oil and Natural Gas Liquids (NGL), Final Consumption of Solar, Wind and Other Renewables, Final Consumption of Energy by Other Industries, Electricity Output from Geothermal Generation, Electricity Output from Hydroelectric Generation, Electricity Output from Wind-Powered Generation, Electricity Output from Nuclear Generation, Electricity Output from Combustible Renewables and Waste Generation, Share of Electricity Output from Renewables, Share of Electricity Output from Non-Renewables, Ratio of Proven Coal Reserves to Production, Ratio of Proven Oil Reserves to Production, Proven Oil Reserves (Year-End, '000 Million Barrels), Ratio of Proven Natural Gas Reserves to Production, Investment in Energy with Private Participation, Residential Heating Oil Price per 1000 litres, Capacity of Nuclear Reactors in Operation, Capacity of Nuclear Reactors Under Construction, Rural Population with Access to Electricity, Urban Population with Access to Electricity, Population with Access to Clean Fuels and Technologies for Cooking, Environmental Resilience Ranking: Risk Index, Environmental Resilience Ranking: Global Warming, Forest & Biodiversity Ranking: Availability, Energy Ranking: Sustainability & Efficiency, Domestic Material Consumption of Metal Ores, Domestic Material Consumption of Non-Metallic Minerals, Domestic Material Consumption of Fossil Energy, Domestic Material Consumption of Other Products, Consumption of All Ozone Depleting Substances, CO2 Emissions from the Consumption and Flaring of Natural Gases, CO2 Emissions from the Consumption of Coal, CO2 Emissions from the Consumption of Petroleum, Greenhouse Gas Emissions from Agriculture, Waste Generated by Agriculture, Forestry and Fishing, Waste Generated by Electricity, Gas, Steam and Air Conditioning Supply, Waste Generated by Water Supply, Sewerage, Waste Management, Waste Generated by Wholesale of Waste and Scrap, Waste Intensity in Agriculture, Forestry and Fishing, Reliance (dependency) on External Water Resources, Exploitable: Regular Renewable Surface Water, Exploitable: Irregular Renewable Surface Water, Exploitable: Total Renewable Surface Water, Exploitable: Regular Renewable Groundwater, Rural Population Using at least Basic Drinking Water Services, Urban Population Using at least Basic Drinking Water Services, Rural Population Using at least Basic Sanitation Services, Urban Population Using at least Basic Sanitation Services, % of Agricultural Water Managed Area Equipped for Irrigation, Harvested Irrigated Crop Area as % of Full Control Irrigation Area Actually Irrigated, Analyse growth opportunities and assess market potential, Understand the likely path of economic growth, Examine risks and vulnerabilities of economies to support critical decision-making. 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