MARKETING PLAN – WOOD’S INTERNATIONAL
TO BE COMPLETED
TO BE COMPLETED
ENVIRONMENTAL & INTERNAL ANALYSIS
Economic statistics and activity - ERIC
* Q1: Is the market economically viable and sustainable?
Political System – CHEN – REFERENCES!
* Q 2: Is the political environment supportive of the venture?
a) Political structure: the government of Malaysia comprises the federal, state and local government. Malaysia is a federation of 13 states operating within a constitutional monarchy using the Westminster parliamentary system and is categorized as representative democracy. The federal government adopts the principle of separation of ...view middle of the document...
f) Risk assessment: From the reactions the Malaysia government has taken from its airlines incident, i.e. no reaction, furthermore, no tends to fix any of its systems, we could say that the government proceeding speed is pretty slow, therefore, slow changes would make better stability and lower the risk from policy changes for western traders.
Legal Forces – CHEN – REFERENCES!
* Q 3: Are there any significant legal and/or regulatory impediments to the venture?
Malaysia is a common law system country, which is same with Australian legal system, which will provide a better understanding for Australian companies to operating in there. The same legal system would also make better protections furthermore, easy adaption for Australia traders and lower the risk of legally injustice in there.
Cultural environment – EMILY
* Q.4: Is the product culturally acceptable?
a) Values and belief systems
Malaysian values are deep-rooted and are quite different from the Western values. Malaysian values involve respecting the elders, group orientation of 'we more than I' or emphasis on belonging to an in-group, a harmonious relationship, a concern for face saving, and a religious orientation.
From an international perspective, some characteristics that distinguish Malaysian and other Asians from dominant Western culture are the importance of extended family, shame and face-saving reactions, pressure for academic achievement, authoritarian and patriarchal family structures. However, the most important dimension is individualism versus collectivism. Generally, the collectivist prefers relationship-based activity as compared to the task-oriented approach. Clearly, another important value of Malaysians is trust and relationship-building as there is a strong preference for a relationship-based orientation rather than a task-oriented approach in performing tasks. Developing trust and understanding are far more important than the obligation of getting the task done.
Another important trademark of Malaysians is their value of harmony. The viewpoint of superior is less likely to be conflicting, as conflict is often not expressed verbally. Personal conflict is often apparent and attempt is made to preserve the 'face' of the others especially seniors or the elderly, especially those with authority figures. Open public criticism and outspokenness are to be stayed away from at all costs because they undermine harmonious relationships (Talib, 2010).
Understanding Malaysian culture and traditions is also helpful in approach market and practise in Malaysia. Hofstede (2001) concluded that Malaysia could be considered an Alpha culture with a key characteristics of large power distance societies as in family, school and workplace.
Although Islam is the official religion, it has a multiethnic, multi-religious society, which affects its consumer market. Malaysia's total population in 2000 consisted of 94.1 percent citizens, of...