INTERNATIONAL MARKETING OPPORTUNITIES
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.
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.
From this perspective, it can be stated that, it becomes possible for the concerned organization to export in the market with the help of these agreements (Bounce Fitness, 2018). Thus, Bounce Fitness becomes able to gain business growth in terms of productivity in the selected market.
3a) The economic, cultural, political and social factors directly influence the growth of Bounce Fitness in the market of Malaysia. For this reason, it is essential to gain knowledge regarding this to understand how much the concerned organization will be benefits from this market.
It is worth noting that, corruption does not exist in this country and for this reason, it performs as a barrier for the foreign business. This is because it adds more costs to the firms and can cause several issues.
From the past 3 years, the company faces average 7% economic growth per year significantly. Further, the introduction of FTA helps the country to improve the economic condition (Bounce Fitness, 2018). Hence, it becomes helpful for the Bounce Fitness to export in this market.
The mix of the population provides Malaysia a vibrant and rich culture and therefore, the people are more tending to accept the companies such as Bounce Fitness.
Further, the market encompasses mix culture and their different business practices suit the needs of the population.
3b As mentioned above, Malaysia is chosen as the market trends in relation to the fitness industry are beneficial for the company. The citizens of Malaysia are the potential target customers since the country is the potential target market. In the investigation, it is evident that the people out there have inculcated the habit of getting to fitness centers. The global trend of fitness bug is also evident from here. The emergence of the fitness clubs from the past few years are evident in the local market as well in the national level of this country. This inclination of the common people towards the fitness is going to provide positioning to Bounce Fitness (Thestar.com.my. 2018). Another factor for which the, this company must export its products and services of fitness and health clubs in this country is that, no other big brand has yet entered market in Malaysia except for the local ones (Thestar.com.my. 2018).
3c The need to enter the market of Malaysia includes the legal compliances in registering to the business associations of the country at the initial stage. In order to enter the market, the selling of the products of Bounce Fitness may provide the outfit, accessories, and equipment for health and Fitness. Here is no such brand selling this entire sort under one brand name, this new business s going to be beneficial for the company. The ways of entering the market will be through the advertisement of the products and services of health and fitness clubs in different cross-media social sites. The selling of the products through e-commerce website is going to be very successful since, the new trend of getting this delivered at one's own place will make the customers highly satisfied. This is because Malaysia is still a developing country, where new services and products will be supportive of the expansion that is the organisational goal of the country that is 20th among fastest growing Asian countries (Www3.weforum.org. (2018).
4a The level of political acceptability in Malaysia is a not risky as evident from the fact it has been challenging for the UK companies in entering the market of Malaysia (Gov.uk. 2018). A major portion of the population of Malaysia constitutes of the Malays and other indigenous peoples (bumiputra) that is of 62.3 % where as Chinese and Indians constitute of the 22% and 6.7 % respectively (Gov.uk.2018). This reveals that immigrants are there and therefore, the company may not face issues regarding its business. The risk related to the chances of corruption and bribery in the new country that is Malaysia is lees since, there are manual PETRONAS and legislation in tackling the corruption in Malaysia through which the company can seek help if any corruption related risks appear (Gov.uk.2018).
4b The first step if entering the market of Malaysia is to use the local distributor or any agent. This is because, the local distributor here handles the customs clearance, marketing of the products and services directly to the major corporations and the government as well as dealing with wholesalers or retailers. The partnership with the Bumiputra companies that is the companies that are ethically Malay is another mode of entry (Export.gov. 2018). The Malaysian government is famous for its easy mode of entering the market in the international comparison, although it is totally not free (Gov.uk. 2018). There is an export license system in Malaysia and tax programs are maintained for which often the US companies are seen to face issues. These taxes are aimed at providing subsidies for exports. However, the tariffs are specified in restricting the export of few products. The IPR or Intellectual Property Right must be considered while entering the market (Export.gov. 2018).
4c Malaysia is one of the most successful and is also one of the UK and Investment’s High Growth markets. There was a financial crisis but the economical growth of the country has been growing drastically that was recorded 501% in the year 2011 (Gov.uk. (2018). This reveals that risk factors related to the international business cycle are low in relation to this country for Bounce Fitness. After the Asian financial crisis, Malaysia is one such country that has witnessed growth and has developed into Asian Pacific Region. The only risk is that of the performance of the Government Linked Companies. The GDP growth per capita in the recent year has risen up to US$10,058 which is luring for Bounce Fitness to export its products and services to Malaysia. Therefore, it is apt that the company may go for t export of its products and cycle since the Malaysian government is also supportive of new business organization for the growth of their economy as well.
5a The organisational goal of Bounce Fitness is export its gods outside Australia and the four branches there form where it operates. In the international market, there are huge competitions that are gong impact the company a little negatively.ver, with the choice of expanding the business within the developing countries that possess a developed and growing economy, is going to be beneficial for the company, the As per the international market for fitness business, the trend of taking healthy has taken the shape of the global trend that positively impacted the Bounce Fitness (Diehl et al. 2015). The first opportunity is this inclination of the customers towards joining some clubs or centres for staying fit. Another opportunity for Bounce Fitness is that, outfit and the equipment are required for staying healthy and fit for which the customers joining specifically these centres will opt for buying the outfit or equipment form the same. The trend of wearing proper outfit for fitness activities is yet another global trend that is an opportunity for Bounce Fitness. The brand image of this company in Australia and other countries is that of established as innovative fitness clubs and centres (Diehl et al. 2015).
5b The opportunities that are mentioned above are crucial for the sustainability of the business in Malaysia. The strategies of the company must be well aligned with the political and the economical environment of the country. This includes the proper pricing of the product so that these are affordable for the customers. This brand image is going to attract the customers being an opportunity for the company. The need for the targeting and segmenting the customers before the expansion is required so that the variety of products as per the demand of the customers can be provided in the country. This is going to be impactful in the organisation since the priority of the customers has to be carried out. Moreover, the e-commerce sites and reviews through that are needed to be done for understanding the customers' needs (Diehl et al. 2015). The base of the customers in relation to the inclination towards the fitness services and products is an inevitable opportunity that bounce Fitness needs to utilize.
Currently, people are aware of the importance of the fitness training. Thus, this business has the opportunity to earn more. The cost must be logical and reasonable according to the provided facilities.
5c The students must get some extra discounts. According to the other competitor, those who also provide same facilities they are the main risk factor for this sector. The bounce Fitness has the good opportunity to give the tough competition because they have designed their price chart rationally and after thinking about the fact that people will visit only those places that can provide better facilities in lower price. There are opportunities to earn more if Bounce introduces the exclusive trainer and instructor. The risk factor is also there as the people might not like the ambiance and the area and that can be a risk factor for starting a new business (Hutson, 2016).
5d The return on investment counts on the profit from an investment at the end of the month or year depends on the plan or program. In this context, the promotional investment will also consider as an investment. The promotional cost must provide some valuable customer to the fitness club to make a profit. The competition will be there with the other fitness clubs like Atlanta training club etc. The investment into the fitness club must be done by some fitness and financial experts, to know and understand the market risk and the potential opportunities to earn more in the same sector. The Bounce Fitness club can introduce a different type of fitness methods like, Yoga and dancing to attract more people.
5e There are opportunities to get the successful business from any health or fitness clubs. However, the investor must identify the area first to open a gym or fitness club. The area can determine the opportunities of earning as the place will reflect their awareness about the health and fitness. The gross income will also conclude the awareness about these entire additional requirements in someone's life. Thus, before stepping into any kind of business the thorough market research is an important factor in life. The opportunities are there and additionally, the centre must include one professional medical assistance to earn the trust of the potential customers. The contribution will be profitable if these things are an investor keep in mind (Suwono and Sihombing, 2016).
marketing assignment, marketing management assignment, marketing management assignment help, digital marketing assignment help, marketing assignment help online, marketing homework help, marketing assignment writing, online marketing assignment help, strategic marketing assignment help, online marketing assignment, marketing assignment writing service, international marketing assignment help, marketing mix assignment help, marketing homework assignment