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BSBMKG605 Evaluate International Marketing Opportunities

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BSBMKG605 Evaluate International Marketing Opportunities

Task 1

 

1a) Marketing codes of practice and relevant legislation influence the marketing options significantly. A code of practice can be perceived as the set of written rules that helps to explain how people need to behave in a particular set of the profession. There are different codes of practice that need to maintain in the business environment for promoting good ethics and culture among the people (Diehl and Frederking, 2015). With the help of these marketing codes of practice, it becomes possible for the organizations to develop significant culture between consumers and business which in turn helps to develop confidence between both the entities.

Along with the marketing codes of practice, organizations need to comply relevant legislations such as anti discrimination act, health and safety act; equality act and some other to ensure both the business and consumers are able to get adequate information on the offered services and products. Further, the provision of relevant legislation helps to minimize the risks of businesses from breaching Australian Consumer Law (ACL), Spam Act of the year 2003, and Privacy act of the year 1988. For this reason, it becomes possible for the organizations to perform in the market by avoiding any kind of political obstacles significantly.

1.b) The role of the Bounce Fitness for Economic Corporation and development is in providing information, recommendation, and analysis in order to facilitate efficient environmental policy making in the business economy. According to the viewpoint of Burstein and Vogel (2017), the organization for Economic Cooperation and development is a forum that helps to support sustainable economic growth, boost significant employment, maintai9n financial stability, assist some of the other countries for economic development, raise living standards and contribute to the growth of entire economic condition of the country. This kind of measure helps to sustain the entire economic growth and rate of employment in the country.

Task 2

 

2.a) The concerned organization Bounce Fitness selects Malaysia to export their products and for this purpose, the study demonstrates the international trade pattern for Malaysia so that, it becomes possible to understand how much the export business will be effective for the concerned organization. The international trade of Malaysia has been experiencing tremendous growth throughout the last few years and for this reason, the government of the country welcomes export the oriented business industries in order to develop positive investment environment in the aforementioned country (Goldberg and Tille, 2016).

As a result of this, it becomes beneficial for Bounce Fitness to export their business in the chosen market so as to have business growth in terms of financial profitability. Further, it becomes possible for the company to develop a healthy relationship with the government in the significant market. 

2b) Malaysia is one of the countries that are expanding in the business economy worldwide with the help of electronic commerce factors. The Electronic Commerce Act of 2006 is the fundamental source of electronic commerce for the private sector in this business entity. According to the viewpoint of Kurnia et al. (2015), Malaysia's e-commerce laws are entirely based on the combination of electronic commerce act of the year 2006 and the electronic government activities act of the year 2007. Further, this act is combined with the personal data protection act of the year 2010 and with the help of this act, the concerned organization Malaysia becomes of the one of the first ASEAN member countries to pass this effective privacy legislation (Gov.uk, 2018).

Moreover, in the year 2016, the Malaysian Ministry of International Trade and industry has launched a new e-commerce initiative and with the help of this initiative, Bounce Fitness becomes able to expand market access for more than 87 million digital customers.  

2c) The concerned organization Bounce Fitness selects Malaysia to expand and thus, it is important to understand the free trade agreements for Malaysia so that, it becomes ease for the company to expand in the market significantly. Malaysia is an open economy along with the small and domestic market. However, it is essential for the company to go beyond their borders to expand and explore the business opportunities. From this perspective, the aforementioned country encompasses free trade agreements (FTA) which the government of the country signed with (Export.gov, 2018). With the help of this treaty, it becomes possible for the country to export and import in the global market effectively. Because of these facilities of FTA, the concerned company Bounce Fitness becomes able to export likely to have more business opportunities.

2d) International trade can be perceived as the essential contributor towards Malaysia's economic growth and development. As mentioned by Export.gov. (2018), Malaysia's trade policy is to pursue different efforts for creating a more liberalizing and fair global trading environment. Along with this, the aforementioned country is also pursuing bilateral and regional trading arrangements for complementing the multilateral approach towards the trade liberalization. In relation to this, it can be stated that, the countries such as Australia and the United States are in favor of bilateral trade agreements over the effective multilateral trade agreements and for this reason, it becomes possible for the companies in these countries to engage with the Asia-Pacific Economic Cooperation countries significantly.

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