Question 1: Market evaluation
AstraZeneca Sdn. Bhd. is a leading company that engages in science-led biopharmaceutical business. This organization intends to become a global player and an innovative medicine provider to millions of patients across the world. The company operates under distinct values and purposes. For instance, AstraZeneca values and purpose define the reasons for its existence and the anticipated accomplishments. It also defines the valued behaviors and the strategies the firm uses to achieve the goals. This demonstrates the brand’s promise to the valued stakeholders (Political Monitor 2014). The company should continue pushing its boundaries of science in delivering quality medicines. By the following science, AstraZeneca puts patients first by doing the right thing. AstraZeneca uses science-led innovation to bolster its growth. With the continued growth in competition in Malaysia, the company is considering expanding into the new market. By venturing into Australia, it anticipates improving its growth and income. However, the pursuing foreign market requires an in-depth analysis of this market to avoid failures.
Healthcare and medicine have proved to the core of the Australian operations. The government spends over AUD140 billion in the health and medicine thus making one of the highest spending countries in the region (GOV.UK 2017). The government predicts a four percent growth in the per capita spending. Therefore, the opportunities for pharmaceutical companies intending to enter the market are inevitable. The Malaysian pharm stands to benefit from selling its quality medical products, devices, and services to the Australian health sector. Similarly, with the aging population and increasing the national disability insurance scheme, providing assistive and enabling technologies are important. The country is also a viable market for the biotechnology (GOV.UK 2017). The Malaysian company can benefit from the market services opportunities in drug discovery, clinical trials, development, and contract manufacturing. For this pharmaceutical company, collaborating with the leading research institutions in Australia will be incredible.
Australia also spends about AUD14.5billion on pharmaceutical imports (GOV.UK 2017). Today, the pharmaceutical groups are dominating the local industry with the best manufacturing facilities. The local generic industry is also thriving. The Australian government has incessantly subsidized medicines through the Pharmaceutical Benefits Scheme. The country offers opportunities in generics, niche products, and considerable formulations because of the special access scheme (GOV.UK 2017).
Australia is an important market for AstraZeneca and other pharmaceuticals. Recently, the political risks have increased despite the repealing of the carbon tax. The uncertainty regarding the future direction is defining the market. For instance, by 2014, the country’s political risk index is high following the Senate vote that made the market volatile. The political risk index tracks the policy and political uncertainty based on the political and market variables (Political Monitor 2014). The management should consider managing these political risks to avoid affecting the organizational operations and success in the Australian market. Without a doubt, the political risks will affect AstraZeneca’s bottom line. Studies have demonstrated that many businesses rarely respond to the political risks and exposures (Carter 2014). The most important political risks that the company must consider include expropriation, foreign exchange restrictions, import/export restrictions, civil disturbance, and changes in laws. The company also faces challenges regarding the Australian government breach of contracts.
Political Risks
The Malaysian company is seeking for new opportunities in Australia. The urgency to address the risks would be critical to making AstraZeneca succeed. In fact, the management of the risks would help to confront them to avoid affecting the bottom lines. Unlike other companies, AstraZeneca is sensitive to the political risks in Australia. This will allow the firm to understand the impact of political events on the investments (The Economist 2016). As such, the company will seize opportunities to maximize profitability and reduce political risks. The sovereign risks that the company should also consider include changes in government regulations, confiscation of property, default on payments, and blockage of exchange transfers. However, the management needs to consider different factors including the existing trade embargos that Australia government is enforcing regarding drugs and pharmaceutical products. With these embargoes, the delivery and flow of the products could be affected beyond the repair. The Australia government also expects the foreign company to comply with the trade sanctions, human rights, and personal property rights as stipulated in the international laws. With the trade embargoes, Australia can restrict some export types. The Australian Foreign Affairs and Trade Department has taken the responsibility of monitoring the political changes and their effects on the country’s businesses (Australia CRT-1 2017). Regarding the risks, the government has compelled the business to take cover in the political risk insurance.
The Australian government has strived to accelerate innovation, competition, and productivity. These accelerations have transformed the tech industry. Following the political debate, the Australia government approved the legislation of corporate tax reform that lowered the tax rates to 25 percent. The move increased the budget deficit thus attracting foreign direct investment. However, the country could face political instability because of the established Liberal-National coalition (Australia CRT-1 2017). The legal system is stable, strong, and transparent. It experiences minimal corruption. With the resilient economy and attractive regulatory environment, the country is attractive to the Malaysian company.
Risk identification is an important step for the management of the company. The risk manager should collect relevant information regarding the risks that AstraZeneca face in Australia. Studies have demonstrated that political conditions in any country can disrupt the firm’s goal (Australia CRT-1 2017). The political instability threatens the company because the collation government can change the business condition. The least ranked hazard could be seizure of assets whenever the company exports the medicines and other pharmaceutical products. However, performing a contract on valuable assets and products could expose the company to potentially serious hazards.
The management of the company should consider measuring the exposure to the political risks in Australia. This will involve ranking the risks and measure the exposure to each. For instance, the political instability and upheavals can interfere with the operations of the company. This makes it the highest ranked risk that requires mitigation. The financial impact of political instability is imaginable because it can ruin the company. The government has further considered an efficient regulatory system to protect the interests of investors. This makes the risks tolerable thus entering the market is prudent.
Managing the political risks
AstraZeneca’s management must be prepared to mitigate the risk by taking measures to reduce the degree of occurrence thus lower the effects of such risks. The nature of this firm will determine the mitigation process (Carter 2014). AstraZeneca’s move to expand into the Australian healthcare and medicine industry will call for a collaboration or partnership with the local firms who understand the market terrain. This will help the company to avoid these problems. Purchasing the insurance to cover the risks will be beneficial to the Malaysian pharmaceutical.
Monitoring
The management of the pharmaceutical company needs to establish the risk management process that can work for the company. This will involve establishing routine evaluation, review, and reporting mechanisms. The company needs a formal channel to report political risk issues to the personnel and senior management involved in the ground operations. The routine reporting systems should be critical and normal business activity. The risk manager should avoid falling into disuse (Carter 2014). Reports indicate that setting a risk management system is never a difficult task. The organization may have insufficient resources to handle the situation in Australia. However, turning to Australia experts would benefit the company. For instance, in Australia, different private companies have specialized in offering detailed information and solutions on political risks. These private-sector agencies can help the firm to establish relevant political risk management systems. Although AstraZeneca may have an effective political management process, the Australian market can expose them and make it uncomfortable. Therefore, seeking the political insurance cover would be critical.
AstraZeneca has invested in sustainable operations and activities. It intends to make the healthy planet and society. Indeed, AstraZeneca wants its stakeholders to trust and value it because it is a great medicine. AstraZeneca (2015) argues that sustainability implies that an organization operates effectively by recognizing the interconnection between the limitation of resources, the societal needs, and business growth. AstraZeneca holds that its DNA is defined by sustainability. It uses the “securing our future” as its sustainability strategy thus identifies its ambitious targets and commitments. The company’s sustainability commitments are based on its values and purpose and define the business model. The priorities of AstraZeneca include environmental protection, access to healthcare, and ethics and transparency.
The approach of AstraZeneca is to minimize the impacts revolving the life cycle of the product. In fact, the company is committed to reducing the carbon footprint and the environmental impact of its production of business. It opts to ensure its products are environmentally safe and use the resources efficiently. With the “safety, health and environment (SHE) strategy,” AstraZeneca intends to drive its continuous improvement (AstraZeneca 2015: 2).
The global population is increasing at an unprecedented rate leading to increasing per capita consumption. This has triggered high resource demand. By 2013, the demand for the resource will grow by a third. In fact, the climate change will continue to present the worst challenges thus affecting the pharmaceutical industry and the societal health. To this effect, it is necessary for businesses to utilize resources efficiently and reduce wastage and emissions. AstraZeneca focuses on the circular economy, as it integrates circular thinking around its waste management, supply chain planning, and product design (Ellen MacArthur Foundation 2013). In 2016 alone, AstraZeneca invested about $25 million to achieve efficient natural resource efficiency thus minimize environmental impacts (AstraZeneca 2017). The projects initiated by AstraZeneca will improve its resource efficiency performance. The solvent recovery can help the company to reduce hazardous waste. In 2017, the company will further invest $22 million to achieve resource efficiency.
The climate change is undermining the advances that have been made in global health. The regarding adapting and mitigating the climate change has presented benefits like reducing the emissions thus improve diet. Today, many stakeholders have made concerted efforts to overcome the climate change. To this effect, the company has made it a priority to join other stakeholders to resolve the impasse. For instance, reporting and measuring emissions has defined AstraZeneca’s sustainability goal. The Malaysian pharmaceutical anticipates achieving the science-based targets thus managing its contributions.
According to this company, climate change exposes the business to risks. Currently, the consequences of the climate change are far-reaching, especially for the human health. These consequences include the flood-stricken communities, the high prevalence of diseases, poor air quality, and heat waves (AstraZeneca 2017). The problem of food security can never be underestimated. This is because; climate change has affected the natural resources including water thus compelling the society to consider using the available resources efficiently. The businesses must revert to renewable energy to reduce the emissions. AstraZeneca has initiated extensive plan to understand the financial, physical, and regulatory risks and opportunities associated with climate change. In fact, it uses these risks to develop the best strategy to overcome the challenges regarding climate (AstraZeneca 2015). The pharmaceutical has identified the availability of water to an immediate risk. To this effect, it intends to invest in water efficiency projects because of the exposure to this scarce resource.
The solutions to the changing climate have benefited the public health directly and indirectly. For example, the introduction of fuel-efficient automobiles has reduced the GHG emissions thus supporting the disease prevention (Ellen MacArthur Foundation 2013). The move has lowered the regional and local pollution that have been accused of causing respiratory syndromes like the obstructive pulmonary disease.
AstraZeneca has made significant efforts to reduce the emissions, especially regarding its fleets. Since 2010, AstraZeneca incorporated fuel-efficient systems into its selected fleets. With the help of reducing and cap system, it intends to reduce the average emissions of the fleets for every kilometer driven (AstraZeneca 2017). By 2016, the company had improved its fleet efficiency by 3 percent leading to a 6 percent reduction in GHG emissions. The procurement team has also upgraded the efforts to reduce emissions. For instance, the team has involved the commercial markets by incorporating the costs into the decision of selecting fleet. The company prefers more fuel-efficient fleets. In 2017, the company will continue to improve its fuelled vehicles to make them efficient (AstraZeneca 2017). For instance, the company is anticipating introducing the plug-in hybrids and electric vehicles to resolve the emission problem. It also anticipates improving its vehicle-testing regime to help in reflecting the modern driving conditions.
AstraZeneca has used HFA propellant to treat various respiratory conditions including asthma. The company has established its operational GHG footprint based on the released gas (47%) (AstraZeneca n.d). These HFAs no longer have the ozone depletion. It introduced the pMDI inhaler-therapy operations and products to mark its GHG footprint commitments. This allowed the company to be accountable for the emissions and determine the innovative strategies to correct the situation (AstraZeneca 2017). Currently, the organization explores the practical opportunities that can be used to eliminate or reduce the impact of the changing climate and fit the expectations of patients. For instance, AstraZeneca intends to replace the propellant with alternatives. There are numerous studies assessing the significance of introducing inhaler technologies to manage the inhaler therapies. As such, it will be possible to put patients on better regulatory controls and positioning (AstraZeneca n.d). It has also remained committed to using renewable energy for its operations. It believes it can achieve this commitment by adopting the RE100 initiative (AstraZeneca 2015). The on-site renewables have become the alternatives for imported energy.
The company remains committed to the safety of its products in the environment. Through the pharmaceuticals in the environment (PIE) program, it has ensured that most of the products are exposed to the disposed of through patient excretions (AstraZeneca 2015). Recently, it introduced the detection methods to avoid inappropriate disposals. It has initiated studies to determine the risks the medicine poses to the environment. To this effect, it has made the environmental risk assessment a priority before launching new drugs. It has also ensured that its manufacturing discharges remain safe because it operates under Maximum Tolerable Concentrations and Environment Reference Concentrations concepts to avoid polluting the aquatic environment (AstraZeneca 2015). The pharmaceutical has also resorted to responsible strategies to manage its wastes. It focuses on the waste prevention by minimizing the concentration, especially during the production. It thus treats and disposes of the wastes appropriately thus maximize recycling and reuse.
In conclusion, AstraZeneca has established the best environment sustainability efforts to meet the expectations of patients and other stakeholders. Everyone has expressed interest in using environment-friendly technologies to reduce emissions. This is in response to the growing concerns regarding climate change. The company has thus made sustainability its DNA in resolving regional environmental issues.
Managing sales force is an important step for the company to expand the market share. Indeed, the sales force should be efficient to help AstraZeneca tap global growth. AstraZeneca is a business involved in selling medicines and related pharmaceutical products including medical equipment. With the intention to enter Australia, it is necessary for the company to get down to relationship management to establish its global network of the sales force. Indisputably, maintaining the relationships is always difficult. Nonetheless, for this Malaysian firm to make an impact in the industry, it delivers a return to customers. The findings of scholars (Kotler, Burton, Deans, Brown, & Armstrong 2015) demonstrate that sales force management focuses on the planning, analyzing, and implementing activities of the sales force. This involves various steps as shown in the flowchart in Appendix 1. The international sales sequences that the company must use involves designing the strategy and structure, recruiting and selecting, training, compensating, supervising, and evaluating salespeople.
AstraZeneca’s goal is to hire the best-talented sales person who can deliver maximum return to the organization in the new market. The sales-force management sequences will ensure AstraZeneca creates an efficient, motivated and skilled sales team who will help the company to create a strong relationship with clients leading high returns.
Designing strategy and structure of salesforce
AstraZeneca is committed to shaking the Australian market by using motivated salespersons. Since there are established firms in Australia, the Malaysian company will have to use different sales-force structures including complex, product, customer, and territorial. In this structure, the company uses a sales force organization to assign an individual salesperson a given geographical territory (Armstrong, Adam, Denize & Kotler 2014). In this territory, the assigned salesperson is authorized to handle AstraZeneca’s full line. Without a doubt, this structure is beneficial to the company because it defines the fixed and job responsibility. This structure will minimize travel expenses and build customer relationships. Under this structure, the management and decision-making process will follow the bottom-up approach as shown in the flowchart.
The company can also use the product sales-force structure to market its pharmaceutical products and services. In this structure, the company will identify the sales force organization with individuals specialized in selling AstraZeneca’s medicines only instead of carrying its product lines (Nemo 2015). This strategy will be disastrous when the targeted customers purchase different products from AstraZeneca. Unlike in the previous structure, this sales force structure requires extra financial resources to cater for traveling costs (Kotler et al. 2015). Nonetheless, the salespersons have the best product knowledge because they pay close attention to the single product.
AstraZeneca has an opportunity to use the market or customer sales-force structure in Australia. In this structure, the company will identify salespersons and ensure they specialize in selling or marketing its products to a specific customer base or industries. For instance, it will use the strategy to serve new and current customers thus build a strong relationship with these targeted customers (Armstrong et al. 2014). However, the company also has an opportunity to use complex sales-force structures, which combines at least two structures to serve the targeted market and territory. Therefore, AstraZeneca will benefit by using the complex structure to sell its pharmaceutical products to the Australian customers.
Sales-force size
The size of sales force must be considered in designing the sales force strategy and structure. Given the move by the firm to enter Australia, it would be prudent for it to consider costs and benefits attached to the salesperson. Nonetheless, the company understands that hiring many salespersons would be expensive but can translate into more sales thus becoming productive (Kotler et al. 2015). Importantly, it is critical for AstraZeneca to use different workload approaches to maximize productivity. This will involve grouping salespersons’’ accounts into various classes depending on the status of the account, size, and effort. Each salesperson will be expected to make calls to the class.
Issues relating to sales-force structure and strategy
Inside and outside sales-force will help AstraZeneca to attract new customers in Australia. The field or outside salespersons are compelled to look for customers in the field while the inside salespersons would conduct their businesses using their internet platforms and telephones. The buyers also visit them in their offices. Nonetheless, the company will have to establish a technical sales support to address customer inquiries and technical information. The management will have to consider hiring the sales assistants to support the outside salespeople (Kotler et al. 2015). The engage in administrative backups, such as make delivery follow-ups, confirm appointments, and answer questions. The web sellers and telemarketers will help the company to improve its market share. This will involve the use of the internet and phones to determine the market leads and prospects. During recessions, the company should use the internet, phone, and email selling.
Salesperson recruitment and selection
The company needs to use the best approach to identify the top performers from the pool. This is because; poor selections would be costly leading to quitting and high turnover. The cost of replacing or finding a new employee is equally difficult. Consequently, the company needs to address various issues in this stage (Pell 2017). Careful selection should be a priority because it guarantees the company increased sales performance. However, poor selection will cost the company because it increases training costs, disrupting customer relationships and losses.
Compensation
AstraZeneca must understand the Australian labor laws regarding compensation. The employee compensation will include expenses, fixed amount, fringe benefits, and variable amounts (Pell 2017). According to the Australian labor laws, workers must be offered fixed amounts including salaries so that they can have a stable income. However, the employer should also consider variable costs like bonuses or commissions. These rewards are associated with one’s performance or efforts. Today, companies are using compensation plans, which reward long-term value and customer relationship instead of short-term grabs (). AstraZeneca needs to note these changes to meet its obligations and achieve its goals.
Supervision
The salesperson must work smart by sticking to doing the right thing. Supervision ensures an individual does the right thing while motivation encourages hard work and attainment of sales-force goals (Kotler et al. 2015). Given the current situation, AstraZeneca should use an automation system to ensure the workforce operates effectively by offering quality-customer services, managing time, lower costs of sales and improving sales performance. AstraZeneca will also motivate and boost the morale through positive incentives, sales quotas, and organizational climate where workers feel valued and appreciated for their outstanding performance.
Evaluation and performance
AstraZeneca will have to use different strategies to evaluate the performance of salespeople (Kotler et al. 2015). This will involve the use of expense, call, and sales reports. For example, high performers will provide positive sales reports thus justifying the costs. Without a doubt, personal selling will be evident when the profits are attractive.
Cross-cultural diversity is an important factor that any business must consider, especially when investing in a new country (Ting & Ying 2013). The Malaysian and Australian cultures are distinct. Since the company is venturing into a new country, it must understand the culture of the host country to avoid cultural conflicts. By exploring the Malaysian culture, there are deep drivers of this culture relative to the Australian culture.
In a society, the aspects of inequality are evident as people are unequal (Ting & Ying 2013). Power distance expresses the attitudes people have towards others. Spacecraft Charging Technology Conference and Harris (2001) has defined power distance as the extent to which the powerless group accepts the unequal distribution of power in a society or an organization. The power distance score for Malaysia is 100 thus justifying the high dimension of power distance (Ifim n.d). This implies that Malaysians have completely accepted the hierarchal order. In such an environment, they believe that everyone has a unique opportunity and chance without justification (Ifim n.d). It shows that the Malaysian organizations are deeply centralized and inherent inequalities. The subordinate can never operate without instructions thus making an autocratic boss inevitable. Nobody can challenge the leadership.
On the other hand, the Australians score 36 in power distances (Ifim n.d). This implies that Australians establish a hierarchy for convenience. To them, the managers depend on the teams and employees to perform. This makes the superiors easily accessible because both managers and employees must consult or share information frequently. Therefore, communication is participative, direct, and informal. To this effect, the Malaysian company must be ready to make significant adjustments to fit in the Australian business environment. For instance, it will have to decentralize power by embracing participative management approach to succeed (Ifim n.d).
This dimension addresses the interdependence issue in the society. According to Ifim (n.d), people use different terms like ‘we’ or ‘I’ to define their self-image. An individualist society, the members are only concerned about their families and themselves while in a collectivist society, people value groups and team. To this effect, Malaysia is a collectivistic society because it scores 26 in individualism dimension (Ifim n.d). This demonstrates the commitment of the Malaysians to embrace group including extended relationships and families. In fact, it is a culture for the members of the society to pay loyalty because it overrides the societal regulations and rules. The Malaysian society fosters ties because it is the responsibility of everyone to take care of others. In this society, the offense would make an individual lose face or ashamed. The relationship between managers and employees is viewed in moral terms. The promotions and hiring of workers are based on an in-group model. The management has the responsibility to manage the group.
However, in Australia, the level of individualism is HGH because the score stands at 90 thus making is a highly individualistic society (Ting & Ying 2013). In this society, members value themselves and look after their interests and their families. To this effect, the Australian workers are expected to display initiative and remain independent. The Australians earn promotions and hiring based on merits. People or employees who have achieved incredible success would earn promotions. Therefore, the Malaysian company must embrace this new culture to survive. For instance, must high individuals based on merit and performance.
Masculinity dimensions show that society is founded on competition, success, and achievements. The successful individuals are viewed as the winners within the value system. However, the low scores are a reflection of a feminine dimension. The feminine society likes the work of others compared to a masculine society, which opts to be the best. The Malaysian society scores 50 in masculinity thus making it difficult to distinguish it (Ifim n.d). Conversely, the Australians score about 61 thus considered a masculine society. For instance, the shared values define the behaviors in workplace, playground, or schools. This is the takes it all society thus making them proud of their merits. In fact, these successes determine the promotion and hiring decisions at work. In case conflicts emerge, it has to solve at the level of an individual to enhance the winning mentality. Since the Malaysians are either masculine or feminine, they would fit this culture. Therefore, during business negotiations, the Australian would seek for a winning approach compared to the societal benefit pursued by the Malaysian. Nonetheless, through negotiations participative approach, the Australians can undertake opportunity costs.
The Malaysians score low in avoiding uncertainty. This implies that the Malaysian managers can tolerate deviations from norms and shared values. The schedules are flexible and they operate without rules. In fact, to the Malaysians, innovation is never a threat to business. However, for they score 51 that shows that they are concerned with uncertainties thus plan and schedule their work to avoid failures (Ifim n.d).
Australians embrace normative culture because they score 21 in this dimension (Ifim n.d). These people value the absolute truth and respect their traditions. They also value quick results and low propensity to save compared to the Malaysians. The Malaysians are also normative because they value the absolute truth (Star Online 2014). Since they share this dimension, it is possible for them to reach an agreement during face-to-face conversations. They would strike a deal offering quick results.
This dimension focuses on controlling desires and impulses. The Malaysians culture is an indulgence because the score is 57 (Ifim n.d). For this reason, most Malaysians value socializing and enjoy life. With their positive attitude, the Malaysians remain optimism. Similarly, the Australians score 71 in indulgence thus making the country and indulgent nation (Ifim n.d). They value leisure and socialization. This makes their business negotiations possible because they share most of the dimensions.
Conclusions
AstraZeneca’s objective of investing in Australia is critical because it guarantees the company increased revenues and profitability. As demonstrated in this study, the health and medicine industry is costing the Australian government fortune. It needs more supply of quality drugs to meet the growing demand for patients. The company, however, must consider the market entry strategies and political risks associated with this investment. Nonetheless, the salespersons will be offering it an opportunity to attract customers beyond the reproach. To this effect, AstraZeneca will have to consider salesperson management structures and strategies to guarantee it a success. The Malaysian pharmaceutical will also use the Hofstede dimensions to determine its ability to build trust and relationship with the clients.
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