Words: 1850
Get into groups for your feasibility study assignment! Make sure you all have compatible availabilities and similar goals for the assignment to achieve the best results. 2. Swap contact details with your group members. This includes email addresses and phone numbers if you do not check your emails regularly! You must be in contact with each other! List these details below: Group Member 1: Sharon Lau Bern Hui Group Member 2: Alicia Frankie Chong Group Member 3: Lizzie Chin Ming Hwan Group Member 4: Khai ling Group Member 5: Ming Yuan 1 .
You should now brainstorm ideas for a client that you will select in your easibility study. Please list your suggestions below. You should also list a small number of ‘pros’ and ‘cons’ for each proposed client and a brief sentence about why this client may be appropriate in entering the new overseas country of your choice (e. g. Does their current business plan need improvements? Is there opportunity for economies of scale? Can they explore a new target market? ). You may want to use a SWOT analysis for this exercise. 2.
Your tutor will be available to discuss your ideas before you leave the tutorial. You will need to decide on the client and overseas country by next eek, so you may as well start now! Although you will need to do some external research, a decision must be made by next week, so use this time wisely! Use additional pages if needed. Possible Clients with Pros and Cons Client Name and Overseas Country: Quirky Malaysia Pros Cons 1 . produce products based on ideas and designs submitted by inventors 2. public has a huge influence on Quirky products 3.
Quirky produce products that are more appealing and attractive to the market’s preference. 4. access for consumers to purchase Quirky products 5. delivering their products worldwide and acceptance of products purchase ia online banking 6. Quirkys quick delivery service worldwide 1 . does not provide pre-testing of products before shipping to customers that ordered through the company’s website 2. the shipping fees for Quirky products will be relatively high because the distance between New York and Malaysia is very far. . Quirky only offer a short 30 days of product’s Return Policy if customers received a damaged product 4. Quirky does not state clear corporate goals in their website. Brief on why: Malaysia is the world’s 10th most attractive foreign direct investment desti nation the best results. 2. If you have not done so already, swap contact details with your group members. This includes email addresses and phone numbers if you do not check your emails regularly! You must be in contact with each other!
List these details below: Group Member 1: Yii Ang Nee Group Member 2: Vada Chow Yee Lee Group Member 3: Denny Ting Lee Fan Group Member 4: Kwong poh Hui 3. By now, you would have decided on the client and new overseas country for your feasibility study. You should now brainstorm for cultural/social issues that can potentially impact on the unique needs and wants of consumers in your client’s new market (e. g. Are there cross-cultural similarities in entering the new market? Is an individualistic or collectivistic approach adopted? What traditions and activities are practiced?
Are heroes, icons or symbols held in high regard? ). Please list your identified issues below. Then, write a brief sentence on the implications of each issue on your client’s business in the new market. 4. Your tutor will be available to discuss your ideas before you leave the tutorial. Although you will need to do more external research, the majority of this section should be completed by next week, so use this time Culture and Society Cultural/Social Issue: Religion Consumer Needs/Wants Impact Knows the religions in Malaysia It can help T.
Marzetti aim a bigger area of customer and Quirky can design their product that is able to meet the needs of the Malaysian Implications: The company will not do any mistake which disrespect the people with different religions. Cultural/Social Issue: Language employee to have ability to speak multilingual languages it can create a good impression towards salesman and can also build a good relationship with customers Implications: By having good communication with customers, it will eventually boost up the reputation of the company and lso increase the satisfaction level of the customers.
Cultural/SociaI Issue: Individualism VS Collectivism Malaysia is more to collectivist so Malaysia normally purchase goods and services not only for themselves, but also for their relative and friends. For instance, when they intended to purchase some goods and services, they normally gather information and collect some feedback from their family and friends Increase the sales and the image of the company Implications: The recommend of collectivism customer is a powerful way as it will help to build up brighter future for Quirky. . By now, you should have decided on the client and new overseas country for your feasibility study. You would have also considered the cultural/social issues that impact on consumer needs and wants in your client’s new market and the implications these issues have on your client’s business. 2. You should now brainstorm for economic/financial issues that can potentially impact on the unique needs and wants of consumers in your client’s new market (e. g. What economic system is adopted in the new market?
How did it perform in terms of its GDP, CPI, per capita income and unemployment in the last quarter? Who are its trading partners and what trade agreements exist? ). Please list your identified issues below. Then, write a brief sentence on the implications of each issue on your clients business in the new market. 3. Your tutor will be available to discuss your ideas before you leave the tutorial. Although you will need to do more external research, the majority of this section should be completed by next week, so use this time wisely!
Use additional pages if needed. Economics and Finance EconomidFinanaaI Issue: GST 2015 6% GST plays a big role in terms of pricing of a product or services sell by a company. Malaysia will be implementing 6% GST on April 2015. Hence, Quirky need to be aware of the Malaysia GST system while developing their pricing strategies because the GST system may weaken the consumers purchasing power. Implications: Quirky pricing strategies can be affordable to the consumers in Malaysia and also not at the expanse of compromising much of the company’s profit.
Economic/FinanciaI Issue: Malaysia is mix economic system (Government tax intervention) Consumer Needs/Wants Consumers desire the freedom to purchase goods and services that they preferred without any interference from the government Therefore, the penetration strategy of Quirky into Malaysia’s market will be determined by the market systems that are associates to some kind of government influences such as taxes Implications: Malaysia is functioning as mixed economy system, hence the government will still have some limits and restriction particularly on goods that are considered to be harmful and illegal such as drug medicines.
Economic/Financial Issue: Exchange rate It is vital for international business to be familiar with the exchange rates in the country where it planned to penetrate Currently, the USA exchangeable rate is MYR3. 8 to $1 USD which means Malaysian has a lower currency rate as compared to the I-ISA currency exchange rate. Implications: Quirky need to come out with a pricing strategies that are suitable and reasonable without losing much of its profits; so that it can be accepted by the consumers in Malaysia who desire pricing that are affordable.
Economic/FinanciaI Issue: Malaysia economic growth is in Healthy Stage high purchasing power where they can afford to purchase quality products Malaysia’s healthy economic growth serve as an advantage for Quirky as its business can be well maintained Implications: Since Malaysian economy is in healthy stage, it can be presume that Malaysian is still earning an adequate amount of income with a slightly high purchasing power where they can afford to purchase quality products. nd economic/financial issues that impact on consumer needs and wants in your client’s new market and the implications these issues have on your client’s business. 2. You should now brainstorm for political/legal issues that can potentially impact on the unique needs and wants of consumers in your client’s new market (e. g. What type of government is in power and what is its track record? Does the government play an active or passive role in the usiness environment?
Are there provisions for grants and subsidies? What legislation relating to social and environmental practices exists? )- Please list your identified issues below. Then, write a brief sentence on the implications of each issue on your client’s business in the new market. 3. Your tutor will be available to discuss your ideas before you leave the tutorial. Although you will need to do more external research, the majority of this section should be completed by next week, so use this time wisely!
Use additional pages if needed. Politics and Legislation Political Issue: Political Stability itizens feel safe in their living environment to fulfil their wants and needs Malaysia has a stable political environment which provides a safe and highly secured import transaction Implications: Since the political is stable in Malaysia, it can be considered as a good investment country for foreigners in import transaction and easier to sell their products.
Political Issue: Political System People want freedom of choice to elect their own representatives. In Malaysia, there have three levels of partition of governing power in federal constitution which are Executive, Judicial and Legislative Authorities. These powers take place at both federal and state level.
It also is reflected on the values religious acceptance, freedom of speech and connotation rule of law Implications: make sure destruction Of the people and to the country will not take place although the prime minister and parliament holds the administrative power Political Issue: Government’s policy Malaysian trade union request for minimum wage’s policy to be introduced fulfil the need Of the customer to buy affordable yet trendy kitchen appliances.
Implications: labour cost due to the minimum wage policy to nsure its business remain profitable in Malaysia Political Issue: Taxes Reduction of taxes Quirky considered the GST where the implementation of GST new rules had been imposed to product as well Implications: the price of Quirky products might cost higher than the local products in Malaysia, which in turn will lower the demand of Quirky products.
Legal Issue: Trade Mark Law registering trade mark is to protect their intellectual property and prevents other traders apply their brand which affect our honorary register a trade mark which granted by government in order to provide a tatutory monopoly for the exclusive rights in applying certain mark to trade since the mark had registered Implications: It enables customer to recognize our product of particular brand, Quirky which create trust to our customers and important for business long-term growth.