Macro Environment
The macro environment factors play a significant role in determining the success of an internationalization strategy, as they provide a broader context for a company's entry and operations in a foreign market (Cavusgil et al., 2017). Entering a foreign market requires careful consideration of the country's political environment. Portugal has a stable political system and a pro-business government, as exemplified by its consistent improvement in the World Bank's Ease of Doing Business ranking, making the region conducive to foreign investment (World Bank, 2021). In addition, Portugal is well-known for its strong relationships with European Union (EU) nations, which makes it a strategic location for Bombardier to access the EU market, as Prazeres (2018) also notes.

Portugal has shown a consistent economic recovery since the 2008 financial crisis, with stable GDP growth and falling unemployment rates (European Commission, 2021). In addition, as a member of the EU, the country has access to funds for infrastructure development and investment incentives (Santos, 2020). These factors suggest a favorable economic environment for Bombardier's internationalization endeavors. However, it is also important to consider potential hazards, such as the effect of the ongoing COVID-19 pandemic on the economy, which could threaten both the global and local aerospace industries (Airbus, 2020). The technological environment in Portugal offers Bombardier opportunities to capitalize on the country's increasing emphasis on innovation and technological development. For instance, the government's Industry 4.0 initiative seeks to promote the modernization and digitalization of industries, which aligns with Bombardier's emphasis on incorporating advanced technology into its products (PwC, 2018). In addition, according to Bain's (2019) report, Portugal has a skilled workforce, notably in the engineering and information technology fields, which could be advantageous to Bombardier's internationalization efforts.

The legal and regulatory environment is a crucial component of the macroenvironment analysis. In this regard, Portugal provides foreign investors with an accessible and transparent legal framework (Pereira et al., 2020). Nonetheless, Bombardier should pay close regard to industry-specific regulations, including those pertaining to aerospace and transportation, as well as EU rules governing competition and incentives (European Commission, 2021). Also, Portugal's sociocultural environment is characterized by a high level of social cohesion and few cultural barriers for foreign investors (Hofstede, 2011). This factor, along with the widespread adoption of English as the business vernacular, could facilitate Bombardier's adaptation to the cultural context of the country (World Bank, 2021).

In conclusion, the macroenvironment analysis indicates that Portugal is an appropriate target market for Bombardier's internationalization strategy. Nonetheless, it is essential to keep in mind that, due to their dynamic nature and potential impact on strategic decisions and implementation, the company must constantly monitor these factors (Cavusgil et al., 2017).











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