Market Entry Assessment
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Executive summary
Many companies are seeking to establish their business internationally. Among these businesses is the Aquila Shoe company. This paper aims to determine how this company can build its business in an international market, specifically Malaysia. Malaysia is a nation located in Southeast Asia. The country is a federal constitutional monarch with three federal territories and thirteen states. It is divided into two regions by the South China Sea, Borneo’s East Malaysia, and Peninsular Malaysia. There is a growing demand for comfortable, fashionable, and trendy shoes among all age groups because there is increased spending among customers for footwear and clothing.
There is an examination of different factors, including socio-cultural, political, and economic factors. There was also utilization of Porter’s Diamond model used to analyze why some countries are more competitive than others. It determines that the home base of a corporation plays a critical role in determining how an organization can be successful at the global level. Similarly, Porter’s Five Forces Model, an essential tool in analyzing the competition between companies is used. In the Malaysian market, is it evident that consumers are demanding higher quality products at lower prices. A SWOT analysis was also dome on the Malaysian market with an entry mode plan suggested to make Aquila shoe company successful in Malaysia.
Introduction
Malaysia is a nation located in Southeast Asia. The country is a federal constitutional monarch with three federal territories and thirteen states. It is divided into two regions by the South China Sea, which is Borneo’s East Malaysia and Peninsular Malaysia (Salahuddin et al. 2011, 84). Peninsular Malaysia shares maritime borders with Singapore and Thailand, Indonesia, and Brunei (Salahuddin et al. 2011, 84). The national city of Malaysia is Kuala Lumpur, while the largest city is Putrajaya, where most federal offices are located (Salahuddin et al. 2011, 84). The nation is estimated to have a population of 32 million and is considered the 43rd most populated city globally (Taskinsoy 2020).
The country is considered multicultural and multi-ethnic, which has considerable effects on the country’s politics. Around half of the people are ethnically Malay accompanied by large minorities of Indian and Chinese indigenous people (Salahuddin et al. 2011, 83). The official language is Malaysian, a standard type of Malay language, while English is the second most popular language. Malaysian GDP grew by about 6.5% per annum for around 50 years after gaining independence (Koen et al. 2017). The country’s economy is driven by its natural resources but has recently expanded to other sectors, including tourism, medical tourism, science, and commerce. Malaysia has recently adopted an industrialized economy, which is thought to be the third biggest in Southeast Asia and the 33rd biggest globally (Koen et al. 2017). The country is also one of the founding fathers of EAS, OIC, and ASEAN. Malaysia is also a member of the Non-Aligned Movement and the commonwealth.
The Australian Footwear market is expected to peak around 3.86 billion dollars by 2025, attributed to the athleisure trend being witnessed, especially among women (Nossar 2017, 21). The increasing influence of fashion is one of the primary factors contributing to the increase in revenue in Australia’s footwear industry (Nossar 2017, 21). The modern trends of matching outfits and shoes are thought to drive the demand for footwear. During the past few years, the growing utilization of shoe knitting technology is becoming popular in the footwear industry. Shoe knitting technologies are attributed to generating minimal waste, therefore, reducing material cost and reducing labor (Jiang 2019, 81). The technology helps shoe manufacturers minimize shipping costs and time since shoes can be converted into finished products in the same location. Footwear is made from raw materials like rubber, plastic, leather, and many others.
The growing demand for comfortable, fashionable, and trendy shoes among all age groups is the main reason there is increased spending among customers for footwear and clothing. Changing lifestyles accompanied by increased participation in sports has also led to elevated demands for sports footwear (Janssen et al. 2017). Existing footwear companies in Australia sell their products via offline and online distribution. The most notable footwear companies in Australia include Adidas Australia, Nike Inc, PUMA SE, Kickstarter, Aquila Shoes, and H&M Hennes. The chosen company for discussion in this paper was Aquila Shoes. Aquila shoes is a shoe company established by Tony Longo in Melbourne in 1958 (Aquila 2020). The company began manufacturing children’s footwear but later expanded to supplying men’s shoes. In 1964, Aquila Company opened a new manufacturing company and factory. After opening the factory, the business was able to make around 100000 pairs of shoes annually (Aquila 2020). Aquilla was considered the manufacture and wholesaler of its products. The business officially entered the retail market in 1975 when it opened its first retail store in Melbourne (Aquila 2020). Over the next years, Aquila expanded its business across Australia and New Zealand.
Economic Environment Analysis
Malaysia is considered to be the third biggest economy of South East Asia, and it continuously performs actively because of the strong worldwide demand for electronic products, an improved labor market, enough infrastructure spending, and increased demand for products like gas and oil (Liu and Lim 2019, 216). However, the decline rates of government expenditure accompanied by decreased private and public investments decreased the economic growth to around 4.3% in 2019 (Liu and Lim 2019, 216). According to recent IMF forecasts due to the COVID19 pandemic, the GDP of Malaysia is expected to drop to around -1.7% in 2020 and pick up later in 2021 to about 9% depending on how the world recovers to the COVID-19 pandemic (Khalid et al. 2020, 317).
In recent times, low commodity and oil export prices and political tensions accompanied by the slowdown in China have significantly affected the Malaysian economy, putting significant pressure on their finances (Liu and Lim 2019, 218). According to recent data, Malaysia’s debt levels are the highest in the region, with 56.3% of the total GDP in 2019, while spending was higher than the GDP (Lea 2019). However, the current boost in oil prices and previous policies implemented by the government to reduce expenditure by reducing subsidies has led to reduced fiscal deficits of around 2.6% in 2019 (Lea 2019). It is projected that this will remain stable in the coming years. The Malaysian government has also started a fiscal reform initiative that aims at balancing budgets by 2020, including subsidies rationalization (Khalid et al. 2020, 318).
The budget in 2019 was characterized by government transformation efforts to create new opportunities that lead to wealth generation by ensuring that the country adequately prepares itself for the digital economy (Lea 2019). Budgetary measures include more cash support for low-income people, an inclusive economy for the people, increased entrepreneurship activities, increased Malaysian competitiveness, and affordable housing opportunities. The government is faced with different challenges, including a weakening Malaysian currency, a drop in global oil prices, and a decrease in product export prices (Liu and Lim 2019, 218). Inflation rates in 2019 were at 0.7%, and in 2020 the rates are expected to decrease to approximately .1% and increase in 2021 by 2.8% (Lea 2019).
Malaysia is in the process of being a high-income economy by 2024. The country is widely regarded to have the highest standard of living in Southeast Asia, while the unemployment rate was low at 3.3% in 2019 (Jamaluddin et al. 2020, 98). A new economic initiative presented by Najib, the former Prime Minister, sought to boost the economy through doubling the capita income in 2020(Jamaluddin et al. 2020, 98). The country’s plan establishes a path leading to a higher economic status and better inclusion through different development issues like inclusiveness, infrastructure development, equity, human capital development, and environmental sustainability. It is estimated that less than 1% of Malaysian families experience extreme poverty (Ravallion 2019). However, it is expected that unemployment will be affected by the negative economic consequences of the COVID-19 pandemic, which is estimated to increase in 2020 by 4.9% and due to pre-pandemic levels to decrease in 2021 by 3.42% (Khalid et al. 2020, 318).
After gaining independence in 1957, Malaysia has been prosperous in diversifying its economy from commodity-based and agriculture to service sectors and reliable manufacturing (Khalid et al. 2020, 318). The country has a labor force of around 15.7 million people from a population of 32.8 million people (Schneider 2019). The agricultural sector is credited to employ about 10.9% of the total population while contributing to 7.5 % of the total GDP (Jomo 2016). Malaysia is also the second-biggest producer of tropical wood and palm oil and the fifth-biggest exporter of rubber. The country has successfully built its economy on raw materials with significant reserves of gas, oil, bauxite, and copper. This industry contributes approximately 38.3% of the total GDP while employing around 27.2% of the total population (Jomo 2016). Malaysia is also considered one of the world’s biggest exporters of electrical goods and semi-conductor devices. The government also has plans on making the country a vital developer and producer of high-tech items. Malaysia is also a big outsourcing destination in component manufacturing following Indian and China (Tham 2017, 730). The country has also managed to attract different foreign investments that have played a significant role in the transformation of its economy.
Socio-Cultural Environment
A modern business should understand the culture that their business is operating in. A framework designed by Geert Hofstede with different cultural aspects is one of the most useful frameworks available for companies. The first aspect is Power Distance, which deals with the fact that all people in society are not equal (Nakata 2009). Power distance is also defined as the point that less powerful individuals in organizations and institutions within a particular nation accept and expect that powers are mostly distributed unequally (Nakata 2009). In this dimension, Malaysia scores 100, which means that individuals are receptive of a hierarchical order where everybody has a specific place (Harada 2017). The hierarchy in an organization is thought to be a reflection of the inherent inequalities. At the same time, subordinates expect to be explained what to do, and the boss is expected to be an autocrat.
The next aspect is individualism, a dimension that measures the amount of interdependence in a society (Nakata 2009). It is related to whether individuals’ self-image is defined by either “We” or “I”. In individualistic cultures, people are expected to take care of themselves and their immediate families (Nakata 2009). In collectivist societies, individuals belong to a community that demands loyalty in exchange for being taken care of. In this aspect, Malaysia scores 26 and is considered a collectivistic nation (Harada 2017). This is demonstrated by an intimate long-term commitment to a group that can be family, extended family, or extended friendships. In a collectivistic culture, loyalty is essential and overrides all other societal regulations and rules (Harada 2017). In such communities, healthy relationships are nurtured, and all people take responsibility for all members of a group. In collectivistic societies, committing an offense leads to shame or loss of face (Harada 2017).
The next aspect is masculinity, and a high score in this aspect demonstrates that a particular society is driven by achievement, competition, and success (Nakata 2009). Success is defined by a winner is the best system, which usually begins in school and continues in organizational life (Nakata 2009). A low score, which is defined as being feminine, translates to mean that the dominant values in a community are caring for others and their quality of life (Harada 2017). In a feminine society, the quality of life signals success, and standing out from a crowd is not admired. Malaysia scores 50, so a preference in this dimension cannot be decided (Harada 2017).
The next dimension in this framework is uncertainty avoidance. This aspect deals with how society deals with the uncertainties of the future. This ambiguity comes with anxiety, and diverse cultures have learned to deal with these emotions in different ways. The point at which members of a particular culture feel threatened by unknown situations creates institutions and beliefs in an attempt to avoid these feelings reflected in Uncertainty Avoidance (Nakata 2009). In this dimension, Malaysia scores 36, which translates to mean that there is a low preference in avoiding uncertainty (Harada 2017). Countries that score low in this aspect maintain attitudes that are more relaxed where the practice is more valuable than principles, and deviance from the normal is tolerated easily (Harada 2017).
The next dimension examined is long term orientation, which describes how each society has links with its past when dealing with the problems of today and the future (Nakata 2009). Societies that score low in this aspect prefer to maintain past norms and traditions while viewing changes in a community with suspicion. Cultures scoring high in this dimension are said to take a more pragmatic approach, where they encourage efforts and thrifts in the current education as a means of preparing for the future (Nakata 2009). In this dimension, Malaysia scores 41, translating to mean that Malaysian people have a normative culture (Harada 2017). Individuals in such societies are driven by knowing a complete truth and are normative in how they think. There is an exhibition of respect towards traditions accompanied by a small preference for saving for the future while focusing on fulfilling quick results (Harada 2017).
Lastly, there is the indulgence aspect. One of the challenges facing society today and the past is the extent to which little children become socialized (Nakata 2009). If there is no socialization, we cannot become human (Nakata 2009). This aspect is the extent that individuals try to maintain their impulses and desires. Indulgence is used to describe relatively weak control, while Restraint is used to describe relatively strong control. Therefore, cultures can be defined as either being restrained or indulgent. In this dimension, Malaysia scores 57, which is a high score and demonstrates that the culture is indulgent. Individuals in these societies show a willingness to realize their desires and impulses by having fun and enjoying life. They have a positive attitude and are prone to be optimistic (Harada 2017).
Political and Legal Environment
Malaysia’s system is mostly based on the English Common law form, with some aspects being codified, while many laws are similar to those in the commonwealth (Ahmad 2012, 175). Malaysia has thirteen states with three federal territories (Ahmad 2012, 175). State legislatures possess the power to enact specific legislation, as stated by state constitutions and federal constitution. In case there is a conflict between federal law and state law, federal law mostly prevails (Ahmad 2012, 175). Laws related to the business are mostly the same in East Malaysia and Peninsular Malaysia, with the main difference being land laws.
United Mays National Organization, the country’s governing political party, was power in a coalition referred to as the Barisan Nasional from 1958 to 2018 (Moniruzzaman 2018, 201). In a typical environment, organizations are run by professionals, and business and politics do not mix. However, in Malaysia, business and politics often intertwine (Moniruzzaman 2018, 201). This is not a healthy mix since there can be suppression of competition and innovation in the economy. The country’s politics have been relatively stable in the last few years. However, for the first time in history, it lost its hold of parliament in the 2018 elections. The former Prime Minister Mahatir Mohamad returned as the official opposition leader.
There were hopes of a speedy return, but 2019 witnessed many defeats and backslides in political rivalries that fall on ethic lines (Xia 2019, 163). Malaysian head of state is the ultimate leader, also called the King. He is chosen from specific hereditary rulers to serve a five-year term (Ahmad 2012, 175). After legislative elections, the party leader who successfully takes the most seats in the lower house of parliament is appointed the Prime minister to a five-year term after the approval of the King. This Prime Minister is also head of government and has executive powers that include implementing laws and overseeing the day to day activities of the nation. Generally, power is vested by the executive branch more than the legislative branch.
Competitive Advantage through Porter’s Diamond Model
The model by Michael Porter was introduced to analyze why some countries are more competitive than others. It determines that the home base of a corporation plays a critical role in determining how an organization can be successful at the global level (Kharub and Sharma 2017, 70). There are conditions in a nation that determine how businesses are established, organized, and managed. Since it is considered a business hub of South East Asia, the country attracts significant investments across the globe (Holroyd 2019, 16). The country has an extensive transport network and is well connected and is, therefore, an accessible base to conduct business, particularly those in service, export industry, and manufacturing (Holroyd 2019, 16). Most foreign companies prefer setting up their operational bases in Kuala Lumpur, but there are different government initiatives throughout the country designed to attract foreign investments. The government has also made it their aim of attracting foreign investment in the service and manufacturing sector with the New Economic Model, which is designed to move the country’s economy from a middle-income country to a high income (Holroyd 2019, 16).
The Malaysian government has a target that 35 percent of the country’s total workforce will be skilled (Marouani and Nilsson 2019, 220). In 2019, the Malaysian labor force was estimated to be around 15 million, while the labor participation rates were at 65.5 percent (Marouani and Nilsson 2019, 220). The demand for shoes in the country has been unstable for the past few years. Footwear exports have been reported to decline in the last few years, except for sports shoes that have grown in demand (Nossar 2017, 21).
Competitive Advantage Through Porter’s Five Forces Model
This model made by Porter is a vital tool in analyzing the competition between companies. The first aspect of the model is User power, and from the Malaysian market, it is evident that consumers are demanding higher quality products at lower prices (Lee et al. 2012). Since footwear is an essential tool for humans, there might be high sales turnovers (Nossar 2017, 21). Due to the emergence and growth of different fashion trends and the increased variety of footwear, there has emerged a significant degree of differentiation in this industry. The distinction permits every company to take advantage of their competitive advantage while gaining market shares in their specific niches (Lee et al. 2012).
In supplier power research conducted, determined that most footwear sold in the country originates from low-cost footwear manufacturers, especially products from Southeast Asia. In new entrants, Malaysia is in the limelight for presenting different microeconomics and macroeconomics features that portray the country as a potential destination for Australian companies (Vasudevan and Ray 2018, 20). This ease of entry, according to partnerships made between Malaysia and European countries, is essential and attractive to businesses looking to expand their client portfolio (Vasudevan and Ray 2018, 20).
In the threat of substitutes market, research has determined that there is a varied and vast range of international and national industries targeting the lifestyle industry in Malaysia (Michaela and O’Reilly 2018). However, the Malaysian market has expensive brands that are mostly foreign and cheaper brands that are primarily from Asia. Middle of the range shoes are considered the most used and are present in chains that also focus on clothing like Inditex and H&M. The most recognizable brands in the Malaysian market include Prada and Gucci and Charles & Keith. The fact that there are so many brands in the Malaysian industry signifies that it is much easier for consumers to switch brands.
In the degree of rivalry, there is a great deal of diversity in vendors accompanied by footwear retailers competing with supermarket chains and clothing retailers (Michaela and O’Reilly 2018). Although there are different retailers in this footwear industry, they satisfy different markets. The high-end market is targeted mainly by Prada and Gucci and LVMH, while Asian brands dominate the low-end market while Nike and Adidas target the sports market. Generally, the rivalry in the footwear industry is thought to be moderate.
SWOT Analysis
The strength of this initiative lies in the fact that Australia has a positive image in Asian countries. There is also viability in quality leather, which is essential in the footwear industry. Malaysia has robust industry experience. Malaysia is also characterized by flexibility in production activities. The Market in Asia is booming and becoming prominent in the world. Due to the availability of a cheap workforce, most Asian countries are perfect locations for setting up production. In this context, Aquilla shoes considering their target audience, Asian brands won’t be much threat to the business since there is a probability of shifting consumer allegiances. However, Malaysian consumers are known to be price-sensitive, and it ise, essential to study the changes in the market and study Aquila shoe’s main competitors.
The weaknesses of the Malaysian market can be that the Asian market is errantly experiencing a leather shortage. There is also low brand awareness of Aquila shoes, which would make it hard for the company to penetrate the Malaysian market. There is also limited press exposure, which would make it difficult for households to recognize that the Aquila company has expanded its activities in Malaysia. There is also a lack of enough skilled labor, which would make it hard to run the day-to-day operations of Aquila shoes.
Some of the opportunities possible are that Malaysian consumers have high incomes, and there is a possibility of maintaining a loyal fan base of Aquila shoes. There is also a viable yearning for novelties accompanied by the availability of potential market niches. Malaysia is also considered a platform for Asian countries, and success would promote the expansion of Aquila shoes in other Southeast Asia countries. There are also recommendable logistics conditions accompanied by favorable infrastructures and an accommodative tax environment. Malaysia is also an essential destination for leisure, shopping, and business, and thus the exposure of Aquila shoes would be recommendable. There are also opportunities for partnerships with local companies.
Some of the possible threats are brand and product competition from famous European brands from France, Italy, and the USA. There is also price competition from other footwear industries in Asia. Brand marketing for Aquila shoes would also be difficult because of the proliferation of different brands in the Malaysian market, including Pallas, Rong Hua shoes, and the recent entry of Red Wing Shoe Company. The products’ life cycle is short since consumers are more demanding in terms of variety and innovation. There is also increased competitiveness in the Malaysian market, which would make it difficult for Aquila shoes to be successful.
Mode of Entry
The mode of entry into a foreign market can be in different forms since many activities accompany international business. Therefore, the mode of entry into global markets can be vital in determining success and failure. With this in mind, Aquila shoe company entry into the Malaysian market should be planned extensively to minimize the risk and possibility of failure. Due to different factors like Aquila’s objectives and available resources, it is recommended that the entry mode for the business be direct export mode. This mode of entry is also deemed suitable because Malaysia has an existing free trade agreement with Australia. Malaysia has continuously aimed to liberalize its customs regulations and concurrently improve the ease of exporting and importing.
Therefore, Aquila shoes can opt to enter the Malaysian market via an agent. The agent will be responsible for visiting Malaysia and looking for any potential distributors. In the long term, after Aquila shoes gain some familiarity in the market, the company should arrange meetings with retailers so they can arrange how to deal with these retailers directly. Aquila shoes should market their portfolios with shoes that match the needs and tastes of Malaysian consumers and other consumers from Southeast Asia generally. Aquila shoe company should enter the market with diverse shapes to catch the attention of potential customers and the media. This collection created would consider the country’s hot and humid environment.
Aquila shoes can also sell to a wholesaler importer or distributor who would then sell to retailers in Malaysia. Wholesalers and importers should take up responsibility and ownership of the products bought from Aquila shoes. Aquila shoe products can also be directly sold to the Malaysian consumer. These consumers are open to this option. There is a recognition that the internet decreases the distance between the manufacturer and the consumer. E-commerce is a good help in this initiative.
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